BY NED GAGAHE
Prime Minister Matthew Wale has praised the Central Bank of Solomon Islands (CBSI) for its resilience and contribution to the country’s development over the past 50 years.
Speaking during CBSI’s Golden Jubilee celebrations at Heritage Park Hotel in Honiara, Mr Wale said the institution has played a vital role to safeguard the economy and maintain confidence in the financial system.
“Fifty years ago, before our flag had been raised and before the ink had dried on our Constitution, a small group of Solomon Islanders made a decision that would shape the economic life of every generation that followed.
“They chose to build an institution to guide our monetary future,” he said.
Mr Wale said CBSI’s story is closely linked to the story of Solomon Islands and its people.
He said the bank’s work benefits farmers, families, businesses and all Solomon Islanders who depend on a stable financial system.
“For five decades, this institution has helped safeguard the stability of our economy, protect confidence in our financial system and create the conditions for growth and opportunity,” he said.
The Prime Minister described the Central Bank as the heart of the nation’s financial system.
He said while the bank does not directly create jobs or build infrastructure, it provides the monetary and financial stability needed for businesses to invest and economies to grow.
“Monetary and financial stability are not ends in themselves. They are the foundation upon which businesses grow, investment flows and jobs are created,” he said.
Mr Wale also acknowledged the challenges CBSI has faced over the years, including natural disasters, global economic shocks and the ethnic tensions between 1999 and 2003.
During that period, he said, the financial system came under immense pressure, but the Central Bank remained steadfast in carrying out its mandate.
“The Central Bank held its position when holding it was most difficult,” he said.
He paid tribute to former governors, deputy governors, board members and staff who helped steer the institution through difficult periods.
“The scars of that period are very real. But so is what was built through them.
“That resilience is visible today in our stable currency, in the trust placed in our banking institutions and in the steady development of our financial system,” Mr Wale said.
The Prime Minister said the Golden Jubilee is an opportunity to honour the dedication and service of those who have contributed to the institution over the past five decades.
“This celebration belongs to them and to the values they lived out, often under very difficult circumstances,” he said.
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