The Central Bank of Samoa is the nation's reserve bank and, as such, it acts as a bank to the Government and the commercial banks.
What's New
The Central Bank of Samoa (CBS) in partnership with the
United Nations Economic and Social Commission for Asia and
the Pacific (ESCAP) and the United Nations Capital
Development Fund (UNCDF), will be co-hosting a workshop on
the 18th Aug 2020, at the Lava Hotel to launch and discuss
the report on Micro, Small and Medium-sized Enterprises
(MSME) Access to Finance in Samoa. This report is the
culmination of an assessment conducted by Mr. John Harding
which was initiated in late 2019. Due to the COVID-19 global
pandemic the opportunity to conduct a further assessment on
MSME impacts from the COVID-19 pandemic was also undertaken.
As such, an additional COVID-19 supplementary report and
recommendations was commissioned and will also be released
and discussed at the workshop. Both reports will be
available on the CBS and ESCAP websites following the
workshop. These studies were undertaken with financial
support from the Government of Canada, through Global
Affairs Canada.
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In these extraordinary times as the loss of lives from the
Coronavirus (Covid-19) pandemic continues to rise globally,
the necessary measures undertaken to protect human lives and
contain the further widespread of this greatest health
crisis of our time, will also have a severe impact on the
global economy. According to the International Monetary
Fund’s latest World Economic Outlook (WEO) released on 16
April 2020, the world economy is predicted to contract
sharply by -3.0 percent in 2020, a major downward revision
from the 3.3 percent real growth for 2020 that was projected
in their January 2020 WEO Update. This notable turnaround
reflects the immediate impact of weakened global demand and
the adverse effects of the Covid-19 pandemic on the global
economy as various containment measures and subsequent
disruptions to international travel and trade were
implemented in February and March.
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Consistent with the Government of Samoa’s extended State
of Emergency (SOE) period effective 5th April to 2nd May
2020, the Central Bank of Sāmoa (CBS) wishes to advise of
the continuation of its business operations and services to
the general public and financial sector. Our operating
hours from Monday, 6th April to Friday, 1st May will remain
from 9am to 2pm. In support of the Government’s efforts
during this time and as precautionary measures, CBS will
continue to limit face-to-face meetings with its
stakeholders as much as possible.
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