SOLOMON ISLANDS CENTRAL BANK REPORTS SURPLUS

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$23 million more than double last year’s surplus

HONIARA, Solomon Islands (SIBC, Jan. 7, 2009) - The Central Bank of Solomon Islands has reported that the government has achieved a recurrent surplus of more than SB$59 million [US$ 22.9 million ] in the third quarter of last year.

This is compared to the previous quarter's budget surplus of just under SB$23 million [US$10 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 SB$1,387 million [US$199 million] in response to a rise in the domestic credit to SB$1,238 dollars.

It says excess liquidity also increased to SB$87 million.

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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