Exchange Control Notice 02/2025 – EXPORT OF SEAWEED PRODUCT/COMMODITY UNDER EXCHANGE CONTROL ‘SPECIFIC AUTHORITY’

The Central Bank of Solomon Islands (Comptroller of Foreign Exchange), pursuant to Regulation 13 of the Exchange Control (Foreign Exchange) Regulation 1977 and Gazette Notice No:44, 01st May 2025 hereby notifies that all Seaweed products are now subject to assessment and exportation under the Exchange Control “Specific Authority (SA) to Export” policy framework.

1. COMPLIANCE REQUIREMENTS
All licensed Seaweed Exporters MUST comply with the following assessment processes prior to export of any seaweed commodity:

(i) Submission to the Ministry of Fisheries and Marine Resources (MFMR):
Exporters must submit the following documents to MFMR:
a. All seaweed export documentation as per MFMR requirements
b. Market Price Certificate Form
c. CBSI Exchange Control Form Ex. 4 (Application for Specific Authority to Export from Solomon Islands)
d. Export Consignment Details
e. Signed Sales Contract between Overseas Buyer and Local Exporter

(ii) MFMR Review and Endorsement:
Upon satisfaction with the submitted documents under item (i), MFMR will approve and issue the Market Price Certificate Form for CBSI purposes.

(iii) Submission to CBSI:
Exporters must submit the following to CBSI for assessment and issuance of the Specific Authority to Export Permit:
a. All documents listed in section (i) above (a – e)
b. Form of Payment arrangements (e.g., Letter of Credit from commercial banks, Documentary Credit, Direct Telegraphic Transfer [TT], or other payment forms via Authorized Dealers)

(iv) CBSI Assessment and Permit Issuance:
CBSI will assess the application and, if satisfied, will issue the “Specific Authority to Export Permit”.

(v) Submission to SIG Customs:
Exporters must present the approved CBSI SA to Export Permit to SIG Customs. Customs will facilitate the export shipment and duty collections.

PLEASE TAKE NOTE:
No export of seaweed products is permitted without an approved “Specific Authority to Export Permit” issued by CBSI.
Seaweed Exporters are strongly advised to consult with the Ministry of Fisheries and Marine Resources (MFMR) and the CBSI Exchange Control Division for further details on required forms and procedural guidelines supporting the implementation of this policy change.

Dated at Honiara this 08th day of May 2025
Financial Markets and Exchange Control Department Central Bank of Solomon Islands