There is no shortage in currency banknotes: CBSI
The Central Bank of Solomon Islands (CBSI) clarifies that there is sufficient cash secured in the CBSI vaults and currency stocks.
Solomon Islands currency banknotes. CBSI Stock Photo
The sufficient cash are being managed to meet business, public and individual demands for trade of goods and services.
CBSI made this clarification after social and mainstream media reports that there is a shortage of currency banknotes, specifically $50 and $100 banknotes in circulation.
In a statement this afternoon, CBSI says there is no shortage of the $50s/$100s notes.
“The issue is to do with the shortage of ATM Fit notes by Commercial banks for their ATM vendor machines.”
It says the shortage is felt in some pockets largely due to the logistical issues faced by the banking sector in replenishing ATMs frequently, and also on the issues of recalibration ATMs.
CBSI wishes to inform the public that it is monitoring these aspects and will work with the commercial banks to improve on their cash management process.
This includes ensuring that the availability of cash at ATM machines is maintained.
It re-assures everyone that it has sufficient currency note and coin stocks available to meet all public and business demands with regards to our currency vault stock holding and management.
“That said, issuing of new banknotes and coins as and when requested by commercial banks is part of the CBSI cash management strategies being conducted to ensure there is always banknotes and coins available for distribution via commercial banks.
“To-date the total value of Currency in circulation stands at around SBD1,159 million and $50/$100 represented 14% and 80% respectively in terms of value,” the statement said.
It adds, this confirms that CBSI has more than sufficient $50s & $100s to support the general needs for trading of goods and services in the domestic market.
Finally, CBSI would also like to remind that publishing of unverified statements leads to misleading perspectives and inaccurate information.
“This is unacceptable and is unprofessional within the media standards itself. CBSI would like to advice in the strongest terms possible, that such critical information must always be verified first before publishing on any media platforms, to avoid misleading the public and impacting business confidence,” it says.
-CBSI