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Solomon Islands Financial System Remains Resilient Amid Global Risks, Says Central Bank Report

The Central Bank of Solomon Islands (CBSI) has released its Financial Stability Report for the second half of 2022, providing a positive assessment of the nation’s financial system during this period.

Financial System Remains Resilient

Despite being exposed to negative developments overseas, including global shocks such as inflation and the ongoing war in Ukraine, the Solomon Islands financial system remained resilient throughout the second half of 2022. The CBSI assessment highlights that:

  • The financial system is well capitalized
  • Adequate income has been generated to absorb operating expenses
  • Common vulnerabilities and risks are present within the system, but were managed to levels that did not affect profitability or solvency of Licensed Financial Institutions (LFIs) in the country

Supervisory Framework Strengthened

The report also reveals that CBSI strengthened its supervisory framework over the course of this period, ensuring the overall financial system remained stable.

Summary

In summary, the Solomon Islands financial system remained stable despite the impact of global risks, with CBSI acknowledging that current risks are well managed thanks to strong collaboration between the Central Bank and LFIs.