Governors Official Statement: Launching of the 2019 Annual Report

Statement by CBSI Governor, Dr Luke Forau at the launch of the 2019 CBSI Annual Report on 13th May 2020.  Dr. Luke Forau Governor Central Bank of Solomon Islands Official launching of the ceremony CBSI 2019 Annual Report -CBSI Board Room Honiara – 13th May, 2020 Download PDF Statement by CBSI Governor, Dr. Luke Forau at the launch of the 2019 CBSI Annual Report, on 13th May 2020 ___________________________________________________________________ Fellow Solomon Islanders, ladies and gentlemen, welcome to the soft-launch of the Central Bank of Solomon Islands Annual Report for 2019. Due to the coronavirus (or for short COVID-19) containment measures, it is regrettable that we won’t be launching this report in the normal way we used to do. Instead, we are launching this report in this virtual space. The CBSI Annual Report is one of the key events in the Bank’s calendar, where we highlight the economic performance of the country, and outline last year’s operations of the Bank. Also, I will share some insights into how we may need to move forward in terms of developing our economy. But first, at the outset, I would like to add that this is my first annual report launch as Governor of the Central Bank of Solomon Islands (CBSI). As such, I would like to acknowledge my predecessor, Mr. Denton Rarawa for his great leadership of the institution over the past...

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CBSI 2019 Annual Report

CBSI 2019 ANNUAL REPORT The 2019 Annual Report that was launched today by the Governor of the Central Bank of Solomon Islands is now available for download....

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Immediate Release: Impact of COVID 19 on the Solomon Islands Economy – REVISED

Impact of COVID 19 on the Solomon Islands Economy – REVISED  The speed and extent of the Coronavirus (Covid-19) pandemic around the world has necessitated a revision to the Central Bank of Solomon Islands’ near-term growth outlook for the Solomon Islands economy. The downward movement in the global economy, as well ensuing public health measures and business closures could see a significant decline in real GDP of between minus 3% to minus 5% in 2020. The current information at hand indicates that the economy is moving into a recession starting in second quarter of 2020. The impact of Covid-19 will affect almost all sectors of the Solomon Islands economy. On the supply side, travel has been limited, some supply chains have been affected and there has been disruption to business activity. While on the demand side of the economy, there has been uncertainties on global demand for the country’s exports, along with a significant restraint in consumer spending in the domestic market. Furthermore, industrial sectors most impacted include tourism, transport, manufacturing, distribution, government services and forestry. The Central Bank of Solomon Islands is closely monitoring the situation and is working closely with the government to mitigate the impact of Covid-19 on the country. The Bank notes that at this current stage, containment is important to limit and prevent any incidence of the pandemic. Moreover, planning for the recovery period...

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Press Release: CBSI COVID-19-Public Notice

CBSI COVID-19: Public Notice  The Central Bank of Solomon Islands (CBSI) has imposed new measures for the public to limit the exposure and risk related to COVID-19. From March 30th 2020, the public must adhere to the following measures....

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Public Notice: CBSI COVID -19 Precautionary Measures

PUBLIC NOTICE: CBSI COVID -19 Precautionary Measures  The Central Bank of Solomon Islands (CBSI) wish to inform the general public, clients/customers and stakeholders that the following precautionary actions listed below will be implemented in order to limit the exposure and risks related to COVID-1 Effective as of Monday 30th of March 2020, the following measures must be adhered to: All visitors (customers, clients, consultants etc.) including staff shall go through a mandatory body temperature screening outside of the building before entering the main door. Visitors or customers who have failed their temperature screening tests shall be denied entry/access into the building. All inbound external customers or consultants shall be prohibited from entering the building unless they have satisfied the minimum health requirements set down by MHMS and have duly completed their 14 days of isolation requirement. All bilateral face to face meetings with domestic stakeholders shall be through a virtual platform until such time the WHO announces a complete eradication of the COVID-19 pandemic. All Exchange Control Applications, Currency Requisition Forms, SIG Payment Advices for local and external creditors, Small Business Finance Guarantee Scheme Applications or any other applications or forms of similar nature for assessment must be submitted to CBSI through electronic means or via an online platform. These measures are subjected to review by the CBSI. _____________________________________________________________________________________  For more information, please contact Central Bank of Solomon Islands...

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Monetary Policy Statement for March 2020

Monetary Policy Statement for March 2020  The Central Bank of Solomon Islands (CBSI) Board at its meeting held on March 12th 2020 adopted an expansionary monetary policy stance for the next six months, and aims to support growth in the economy, as inflation is expected to remain within its desired level.  This decision was taken considering the expected slowdown in global growth than previously anticipated, moderate growth prospects for 2020 and, risks around this outlook. Download Press...

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CBSI Reiterates Position on ONE LINK PACIFICA

CBSI Reiterates Position on ONE LINK PACIFICA The Central Bank of Solomon Islands (CBSI) wish to clearly state that its position on the ONE LINK PACIFICA (OLP) issue remains unchanged and that people should refrain from investing in the scheme....

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Key Statistics

(March, 2020) 7.8%
GDP (2017)
Actual (source: SINSO)
Constant 2012 prices
Real GDP
SBD$ 10,547m
Nominal GDP
SBD$ 11,703m
Real GDP Growth5.3%
Foreign Reserves
(May 27, 2020)SBD $4,981m
Interest Rates
(March, 2020)
Deposit Rate0.49%
Lending Rate11.56%
Money Supply
(May 27, 2020)SBD $5,026m

Exchange Rates

Last Week
CNY0.8559 0.8539

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