24 Sep 2008

Samoa Reserve Bank says country's financial system secure

10:07 am on 24 September 2008

Samoa's Central Bank yesterday issued an assurance that Samoa's financial system is safe from the crisis shaking financial institutions in the United States.

The Bank says it has been monitoring the international situation very closely with a view to taking the necessary policy actions to safeguard the Samoan financial system.

It adds that Samoa's financial system remains secured, having no credit exposure and therefore no direct connection to the crisis.

In addition, Samoa's foreign exchange reserves are well secured, being invested in major overseas reserve banks, government securities and highly rated commercial bank deposits.

So far, only the investment banks and similar types of financial institutions are affected by the crises, not the commercial banks.