The Central Bank of Samoa will host the 33rd Annual Pacific Central Bank Governors’ Meeting on 14-15 November 2018 under the theme “Strengthening Collaboration”.
The two-day meeting will be officially opened by the Honourable Minister of Finance, Sili Epa Tuioti and will be attended by Regional Central Bank Governors and their respective delegations namely Fiji, Papua New Guinea, Solomon Islands, Tonga, Timor Leste, Vanuatu, Australia, New Zealand and Samoa. The International Monetary Fund (IMF), World Bank, Asian Development Bank (ADB), Pacific Financial and Technical Assistance Cooperation (PFTAC) and Pacific Financial Inclusion Program have all been invited to provide technical support to this meeting.
The Pacific Central Bank Governors are expected to engage in dialogue on various issues of risks and challenges faced by small island developing states (SIDS) like Samoa and the Pacific region. The most pressing of these issues include:
- Financial Technology (FinTech) Innovations – opportunities and challenges;
- International standards for regional commercial banks compliance and improved monetary policy developments;
- The closure of Money Transfer Operators Bank Accounts in Australia and New Zealand making remittances difficult and possible solutions to resolve this issue;
- withdrawal or loss of correspondent banking relations for local banks (especially USD bank accounts with commercial banks abroad) which is vital for trade opportunities and possible regional solutions;
- Fostering collaboration and cooperation among Pacific central banks and development partners.
The official opening ceremony is on Tuesday, 13 November 2018 at 6-30pm at the Return to Paradise Hotel, Matautu, Lefaga.