Category: Banks. Country: Samoa.
The Central Bank of Samoa is the nations's reserve bank and, as such, it acts as banker to the Government and the commercial banks and operates under the following main functions: - regulating the issue supply availability and international exchange of money; advising the government on banking and monetary matters; promoting internal and external monetary stability; promoting a sound financial structure; promote credit and exchange conditions conducive to the orderly and balanced economic development of Samoa; supervising and regulating banking business and the extension of credit; and implementing counter measures against money laundering such as to deter, detect and criminalized money laundering activities. 1970s early 80s, the Samoa economy was in a critical financial state. The inflation rate was close to 30 percent, interest rates were very high, foreign exchange reserves were almost depleted and the Government budgets were producing large deficits. There was a need for a separate and more independent institution to administer monetary policy functions. So in 1984, the Government passed the Central Bank of Samoa Act to establish the Central Bank to do these things and to take over the role of advising on, and implementing, monetary policy. Later, the Financial Institutions Act 1996 added the licensing and supervision of financial institutions to the Central Bank's responsibilities. More recently again, the Money Laundering Act 2000 has made the Central Bank the Money Laundering Authority for Samoa. The Bank also has some involvement with the Offshore Finance Centre which is expected to become an independent statutory corporation.
Address: Private Mail Bag, Apia, Phone: 685 34100 Fax: 685 20293
