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Results show strong revenue collection

HONIARA, Solomon Islands (Solomon Times, Jan. 6, 2009) -The Central Bank of Solomon Islands has reported that the government has achieved a recurrent surplus of more than 59 million Solomon Islands dollars [US$8.5 million] in the third quarter of last year.

This is compared to the previous quarter's budget surplus of just under 23-million dollars [US$3.3 million].

The Central Bank says the positive outcome had been the strong recurrent revenue collection and lower recurrent expenditures.

The bank says a marginal increase in money supply by two percent to one-thousand-387 million dollars in response to a rise in the domestic credit to one-thousand-238 million dollars.

It says excess liquidity also increased to 87 million dollars.

The Central Bank says inflation remains high at about 24 percent at the end of the third quarter last year.

The bank says with the current inflationary pressures and pressures on the reserves, it will maintain its Monetary Policy, whilst continuously monitoring economic events in the global and domestic economy.

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