MONEY VALUE DEPENDS ON ECONOMIC ACTIVITIES: CBSI

The new $20 bank note. Photo credit: SIBC.

The new $20 bank note. Photo credit: SIBC.

The value of our money depends entirely on the economic activities in the country and not newly introduced banknotes.

Public Relations and Communication officer of the Central Bank of Solomon Islands, Uriel Matanani made the clarification over the weekend.

He explains, our money value depends on economic activities in the country and not the introduction of new notes.

Mr Matanani says people should understand the work of the Central Bank to avoid confusion.

“A lot of people have made note of this and comment on this as well like we’ve already had $100, $50 and $20, what about the value of the money? It’s two different things so let’s separate it and understand that the work of the Central Bank is to manage and look after our money and one of the issues with regards to bringing this new currency is to fight counterfeiting and also to increase the life of our banknotes so that they can be used within the economy. In terms of value, that’s another question that can be dealt with later but it’s more to do with the economic activities within the country. If economic activities within the country are good then it will also increase the value of our money.”

SIBC News understands, CBSI has been mandated under the CBSI Act 2012 to look after and manage our money system.

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