Central Bank of Samoa Achieves Strong Economic Performance

The Central Bank of Samoa has achieved a strong economic performance, thanks in part to its prudent monetary policy.

The bank has maintained a stable exchange rate, which has helped to boost investor confidence and attract foreign investment.

The Central Bank of Samoa has also played a key role in promoting financial inclusion, particularly in rural areas.

This has led to a significant increase in the number of people with access to financial services, and has helped to reduce poverty and inequality.

The Central Bank of Samoa plays a crucial role in maintaining the country's economic stability. It has a mandate to promote economic growth and development.

The bank has been successful in maintaining a stable financial system, thanks to its prudent monetary policy framework. This framework has helped to keep inflation under control, with an average annual inflation rate of around 2%.

The Central Bank of Samoa also has a strong focus on financial inclusion, with a goal of increasing access to financial services for all Samoans.

The Central Bank of Samoa recorded a net profit of $4 million for the financial year 2021. This is a significant increase from the previous year.

The bank's net profit rose by $3.8 million tala, a substantial gain that reflects the bank's successful financial management.

The Central Bank of Samoa was established under the Central Bank of Samoa Act 1984, with a clear mandate to formulate and implement monetary policy.

The Central Bank of Samoa made a profit of $3 million at the end of the 2018 financial year.

This was a decrease of $3 million compared to the previous year, according to the bank's 73-page report.

The bank's total assets stood at $630.3 million, consisting of $451.4 million in foreign assets and $178.9 million in local assets.

Total liabilities were $610.9 million, with foreign liabilities totaling $199.0 million and $411.8 million in local currency.

The bank's net assets increased to $19.5 million, mainly due to unrealised gains from the revaluation of foreign currency assets.

The $3 million profit was converted into reserves by the Board of the Central Bank.

The bank's budget position is influenced by global developments, such as volatile exchange rate movements and low interest rates worldwide.

The bank recorded a total net profit of $3 million tala in 2017/2018 compared to $6 million tala in the previous year.

The Central Bank of Samoa is committed to continuing its operations during the extended State of Emergency period.

The Central Bank's business hours from Monday, 6th April to Friday, 1st May will remain from 9am to 2pm.

Face-to-face meetings with stakeholders will be limited as much as possible to support the government's efforts and precautionary measures.

Exchange Control will continue to process foreign currency payment and export permit applications, and you can submit these through email with supporting documents attached.

The Financial Intelligence Unit will also be available to receive requests and enquiries via email with supporting documents attached.

If you need to replace damaged banknotes, you can do so on Tuesday and Thursday from 9:30am to 1pm.

The Central Bank will closely monitor Covid19 developments and its impact on Samoa's economy.

In the event of expected financial difficulties relating to Covid-19, you should approach your bank or financial institution for assistance.

The Central Bank remains committed to ensuring the stability of the financial system and providing necessary financial services in the country during these unprecedented times.