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Central Bank of Samoa

 

Central Bank of Samoa Logo

The Central Bank of Samoa (Samoan: Faletupe Tutotonu o Samoa) is the central bank of Samoa. Situated in the capital Apia beside the main government buildings, the bank issues the Samoan currency, the Samoan tālā as well as regulating and managing the exchange rate with foreign currencies. Its official name in the Samoan language, Faletupe Tutotonu o Samoa, means 'House of Money in Samoa'.

 
 

In its role as the central bank for the government and the country, it is also responsible for the registration and supervision of commercial banks. The Central Bank of Samoa is the nation's reserve bank and, as such, it acts as banker to the Government and the commercial banks. The Central Bank undertakes the formulation and implementation of monetary policy and related measures, which include open market operations in Central Bank Securities to influence the level of interest rates and the availability of credit in the financial system. It is also responsible for the management of the rate at which Samoa's Tala is exchanged with currencies of other countries and, when necessary, administers exchange control measures with regard to monitoring foreign currency transactions.


Pursuant to its mandate under the Central Bank of Samoa Act 1984, the Financial Institutions Act 1996 and the Money Laundering Prevention Act 2000, the Central Bank has the following main functions:

 
  regulating the issue supply availability and international exchange of money;
 
  advising the Government on banking and monetary matter;
 
  promoting internal and external monetary stability;
 
  promoting a sound financial structure;
 
  promoting credit and exchange conditions conducive to the orderly and balanced economic development of Samoa;
 
  supervising and regulating banking business and the extension of credit; and
 
  implementing counter measures against money laundering such as to deter, detect and criminalized money laundering activities.

The Bank in addition, is responsible for the custody and management of Samoa's reserves of international currencies for the payments of goods and services. The issue of currency notes and coins to meet the needs of the business community and the general public is a critical role for which the Central Bank is widely known.

Central Bank of Samoa HQ Location Map

Central Bank of Samoa
HQ Address: Apia
Samoa
Tel: +685 34 100
Fax: +685 20 293
Website: www.cbs.gov.ws
Swift Code: CBSAWSWS
Currency: Tala
Banking Hours:
Monday - Friday : 9.00am - 3.00pm
 

 

There are currently 4 commercial banks registered in Samoa. All commercial banks operating in Samoa must be registered with the Central Bank of Samoa and are required by law to disclose their financial condition each quarter. The Central Bank of Samoa accepts that the credibility of its policy and actions is a prerequisite for the attainment of its goals and that such credibility can only be achieved and maintained through independent action, firmness of principle, resoluteness and fixed intent.
 
 

List of banks governed by the Central Bank of Samoa
» ANZ Bank Samoa Limited » National Bank of Samoa » Samoa Commercial Bank
» Westpac Bank Samoa Limited

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