Press Release: CBSI warns Public to be vigilant against Emerging Fast Money Schemes

CBSI warns public to be vigilant against Emerging Fast Money Schemes The Central Bank of Solomon Islands (CBSI) along with the Solomon Islands Financial Intelligence Unit (SIFIU) is again warning the general public to avoid investing in any new and emerging fraudulent fast money-making schemes.  Promoters of these emerging schemes are now desperate to lure new members into joining their pyramid and Ponzi schemes solely to get more money from people....

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CBSI Partners with Stakeholders to Initiate Solomon Islands Digital Marketplace (COVID-19 Response & Recovery) Project

CBSI Partners with  Stakeholders to Initiate Solomon Islands Digital Marketplace (Covid-19) Response & Recovery Project. Honiara 07.29.20 – The Central Bank of Solomon Islands (CBSI) along with the United Nations Development Programme (UNDP) and the United Nations Capital Development Fund – Pacific Financial Inclusion Programme (UNCDF-PFIP) have partnered with Bulk shop to initiate The Solomon Islands Digital Marketplace (COVID-19 Response & Recovery) Project....

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Where you can save your money

Where you can save your money By CBSI Media  Article No. : 10/2020 Welcome back to another feature length article from the Central Bank of Solomon Islands (CBSI). Last week we looked at the differences between commercial banks and CBSI. This week, we take it a bit further by introducing the topic of SAVINGS in banks. Here we look at SAVINGS directly and answer how best people can save their money with banks, and why it is important.  ...

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CBSI $5 Banknote Won Gold Medal

CBSI $5 Banknote won Gold Medal  By CBSI Media  Article No. : 08/2020 The Central Bank of Solomon Islands (CBSI) is thrilled to learn that the newly launched $5 polymer note has won a Gold Medal in the 2020 Print Industry Craftmanship Awards (PICA), an Australian Print & Visual Communication Association industry competition. This award was in the Specialty category for printers applying new innovative and current technologies in unique ways. Entries included promotional printing, 3D printing, letterpress, architectural printing, glass printing, screen printing, laser etching and textile printing.  ...

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Central Bank as Banker and Advisor to the Government

Central Bank as Banker and Advisor to the Government  By CBSI Media  Article No. : 06/2020 All central banks act as banker and adviser to their respective governments. Section 27 (1) of Central Bank of Solomon Islands Act 1976, amended in 1985 provides that CBSI shall act as banker and adviser to the government. This section also stipulates that the Bank shall act as adviser to the Minister of Finance on monetary and banking matters. Before describing these functions in detail, it would be useful to explain why it is necessary to give the Central Bank these particular responsibilities. The main reason is that the execution of these duties will help the Bank in its main task of formulating and implementing policies to maintain monetary stability.  ...

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What is NPS and why is it important?

What is NPS and why is it important?  By CBSI Media  Article No. : 07/2020 This week, in our weekly features article, we look at the National Payments System (NPS) This is currently one of the major undertakings the Solomon Islands Government (SIG) Central Bank of Solomon Islands (CBSI) and other major stakeholders/partners are engaged in. So what is NPS and why is it important? NPS is an acronym for the word National Payment System. Payment & Settlement System plays a crucial role in effective and efficient circulation of money in the economy thus giving boost to trade & business. It is recognized worldwide that an efficient and secure payment system is an enabler of economic activity. It provides the conduit essential for effecting payments and transmission of monetary policy. Role and functionality of Payment systems have been changing gradually with advancement in products & technologies.  ...

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Press Release: CBSI Releases 2019 Financial Stability Report

CBSI Releases 2019 Financial Stability Report  The Central Bank of Solomon Islands, have just released the fourth edition of its Financial Stability Report (FSR) for the year 2019 as pursuant to section 31(4) of the CBSI Act 2012. The FSR report provides insights into the performances of the country’s financial system as well as the vulnerabilities and risks faced by the financial sectors in Solomon Islands. It also highlights the policy responses CBSI undertook across 2019 to maintain stability in the financial system. Governor Dr.Luke Forau officially released the FSR report today at the CBSI Board room with an official statement. Witnessing the event was the Deputy Governor, Raynold Moveni, Chief Manager for Financial System & Regulations Department (FSRD) Daniel Haridi and FSRD staff. Download PR Download...

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Governors Statement – 2019 Financial Stability Report Released

Governors Statement -2019 Financial Stability Report Released. Dr. Luke Forau Governor Central Bank of Solomon Islands Launching of the 2019 Financial Stability Report Honiara – 7th July, 2020 Download PDF Press Conference Statement On the Release of 2019 Financial Stability   CBSI Board Room 30 June 2020 11.00am   Introduction I am pleased to announce the release of the Central Bank of Solomon Islands (CBSI) Financial Stability Report for 2019. This edition is the fourth FSR Report to be released by CBSI. It is released pursuant to section 31(4) of the CBSI Act 2012. In this edition, the report provides insights into the performances as well as vulnerabilities and risks faced by the financial sector in Solomon Islands. It then goes to outline policy responses that CBSI had undertaken across 2019 to maintain stability in the financial system. International Developments Before elaborating further on the above, let me first of all briefly look at developments in the global market, as these developments have had impact on the domestic financial sector. Some changes have occurred since the CBSI released its 2018 FSR. In 2019, the global economy slowed down, with a growth rate of 2.9% compared to 3.9% growth in 2018. Despite the slowed growth, banks are capable to endure economic recession experienced in the global economy. Across Asia, China and Japan had implemented some control measures to mitigate risks...

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Key Statistics

Inflation
(May, 2020) 7.2%
GDP (2017)
Actual (source: SINSO)
Constant 2012 prices
Real GDP
SBD$ 10,547m
Nominal GDP
SBD$ 11,703m
Real GDP Growth5.3%
Foreign Reserves
(July 29, 2020)SBD $5,728m
Interest Rates
(May, 2020)
Deposit Rate0.45%
Lending Rate10.81%
Money Supply
(July 29, 2020)SBD $5,081m

Exchange Rates

per
SBD
Today
05/08/2020
Last Week
29/07/2020
USD0.12140.1214
GBP0.09300.0938
EUR
0.10310.1036
AUD0.16970.1696
NZD
0.18350.1823
JPY12.849612.7519
SDR0.08630.0864
CNY0.8475 0.8502
Index109.7109.6

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