Samoa Commitment for the Pacific Islands

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The Central Bank Governors of the South Pacific region met in Samoa on the occasion of the 33rd Pacific Central Bank Governors’ meeting on the 14th and 15th November 2018. The meeting’s theme was “Strengthening Collaboration”, with the objective of promoting the prosperity and economic welfare of our member nations. At the conclusion of the meeting the Governors stated:

“We the Pacific Central Bank Governors affirm our intention to leverage information technology to deepen and enhance the efficiency of our financial systems, so as to best support economic development and inclusion in our region.

The specific strategic initiative agreed to at the meeting is to lead the development of a regional ‘know your customer’ facility and associated regionally-linked payment and settlement arrangements.

We believe leadership from the Governors is necessary to bring a timely solution to a critical component of regional infrastructure. We will be looking to coordinate relevant international agencies, and private sector banks and service providers, to partner in this important initiative. “

Furthermore, the Central Bank of Samoa is bilaterally exploring ways and options with both the Reserve Bank of Australia and the Reserve Bank of New Zealand to effectively cooperate and collaborate to address the risks and challenges currently faced by the respective jurisdictions.