What's New

CBS Invites Feedback to “Sustainable Finance” Online Survey

This is the second press release that the CBS has issued since last year regarding sustainable finance.  Sustainable finance simply means the provision of any financial service or product for investment purposes that takes into account the impacts of that investment on our environment, social and governance structures. The rationale is to avoid financing projects that would damage our environment, or would have any negative impact on our social or governance structures.

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CBS Operations during State of Emergency

Given the Government of Samoa’s State of Emergency (SOE) declaration effective 21st March 2020 in response to the global Coronavirus (Covid19) Pandemic, 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. However, in support of the Government’s efforts during this time and as precautionary measures, CBS will limit face-to-face meetings with its stakeholders as much as possible.

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CBS is committed to ensure the stability of the Financial System

The Central Bank of Samoa recognizes the unprecedented times ahead emanating from the global effects of the Coronavirus (COVID-19) pandemic and expects this to be much larger than the adverse effects of the 2019 measles outbreak on the Samoan economy. The trickle-down adverse effects of the COVID-19 through the cessation of the tourism activities and the adverse impact on the associated support services has substantial implications on the broader economy and the general public. Although the precautionary measures undertaken so far in Sāmoa and those of our main trading partner countries will have a significant effect on our economy, these are appropriate and necessary to ensure the long term economic sustainability and health of the country.

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CBS Continued Operating Hours during extended SOE period

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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Economic Consequences of Covid-19: The outlook so far

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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