CBSI records $199.4 million net profit in 2023

BY NED GAGAHE

THE Cental Bank of Solomon Islands (CBSI) has recorded a net operating profit of $199.4 million, reversing the $12.8 million loss incurred in 2022.

Governor Dr Luke Forau revealed this during the launching of CBSI’s annual report for 2023 at Heritage Park Hotel on Monday.

He said of the total profit, $129 million is in the form of unrealized revaluation gains and $70 million is operational profit.

“Overall, CBSI’s net equity position improved significantly, rising by 64% to $531 million. Total assets stood at $6.60 billion at the end of 2023, the majority (90%) are foreign reserves, which we aim to maintain at a comfortable level to support the country’s international trading and transaction requirements.

“In terms of governance, the Bank was able to leverage the oversight and expertise of its full nine-member Board of Directors.

Governor Forau said last year, the Board endorsed the Bank’s Strategic Plan 2024-2027, which charts CBSI’s direction for the next four years.

“In it, 11 we aligned our shared vision of CBSI as “A Modern Central Bank Empowering Development of Solomon Islands” with the key mandates stipulated in the CBSI Act.

“The Bank currently has a dedicated workforce of 165 staff, up from 148 in 2022. We strive to be an equal-opportunities employer, with females comprising 41 percent of the workforce.

“We also continued to actively encourage capacity-development and wellbeing programmes for our staff, with the goal of enhancing skills, enriching knowledge, and promoting overall staff health throughout the year.

He added that the Bank has also made good progress reviewing the laws that govern its roles and contribution to the development of the country.

“In October, the National Parliament approved an amendment of the CBSI Act 2012, following extensive consultations in Honiara and the Provinces.

“We also made progress towards the implementation of the National Payment System, with the establishment of a dedicated Department to spearhead its implementation.

“The Bank further progressed policy papers to review the Money Laundering and Proceeds of Crime (Amendment) Act, the Financial Institutions (Amendment) Act, the Insurance Act, and the Exchange Control Act.

“These documents have now been rendered to the Ministry of Finance and Treasury for Cabinet approval.” CBSI Governor Dr Luke Forau said.

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