25 May 2005

Solomons bank eases currency restrictions

4:01 pm on 25 May 2005

The Governor of the Solomon Islands Central Bank, Rick Hou, says new limits for buying foreign currency should encourage more business activity.

From the end of the month, Solomon Islanders can buy foreign currency worth 50,000 Solomon Islands dollars from commercial banks for trade imports, capital and services, which has increased significantly from 25,000 dollars.

The ceiling for foreign currencies for personal remittance, travel and immigration has increased from 25,000 to 30,000 dollars per transaction per customer, and up to 15,000 dollars per customer per week.

Rick Hou says it is a positive move.

"That's the objective, because of the volume of activity that is happening in terms of the foreign exchange market. This is going to be more liberalisation...to that market, and hopefully induce more activity there."

The Governor of the Solomons Central Bank, Rick Hou.