SOLOMON ISLANDS CURRENCY NOTES FACING REJECTION

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HONIARA, Solomon Islands (March 5, 2002 – Radio Australia)---Commercial banks and foreign currency exchange agencies outside the Solomon Islands have stopped buying Solomon Islands currency notes.

The deputy governor of the Central Bank of Solomon Islands, Denton Arawa, said overseas banks would be taking a big risk if they bought the Solomon Islands dollar and tried to sell it.

"The value of Solomon Islands dollar at the moment is declining. That is a reflection of what is happening in the economy and I think is one of the reasons the banks are not accepting the currency," he said.

However, Mr. Rarawa said that by not accepting Solomon Islands currency notes, the overseas banks are actually helping the country’s foreign exchange control system.

For additional reports from Radio Australia, go to PACIFIC ISLANDS REPORT News/Information Links: Radio/TV News/Radio Australia.

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