New Solomon Islands minister reverses devaluation

SOLOMON ISLANDS - The new minister of finance, Laurie Chan, has revoked the 25 per cent devaluation of the Solomon Islands dollar announced by now sacked Finance Minister Michael Maina on 26 March.

Mr Chan is yet to announce the revocation but SIBC [Solomon Islands Broadcasting Corporation] confirmed with banks in Honiara this morning that they have received instructions from the Central Bank to revoke the devaluation.

The banks explain what this means is that the exchange rate of the Solomon I

To continue reading...