Tuesday, 14 June 2011 9:36 AM

Solomon Islands Strengthens Currency

The Minister of Finance and Treasury announced a five percent appreciation of the Solomon Islands dollar.

Announcing the appreciation, Finance Minister Gordon Darcy Lilo said this action was necessary given the spiraling inflation in the country. Mr Lilo also stated that the government has had extensive consultations with the Central Bank on the matter.

Mr Lilo said strengthening the Solomon Islands dollars will help to alleviate the pressures and adverse situation that inflation is causing the country. He said this action is historic and necessary for the overall advancement of the country's economic development.

He also said the change will benefit the rural people as there should be a marked decrease in the cost of basic goods. Mr Lilo also calls on business houses to observe the change.

The Finance Minister said this change will be effective as of today morning.