Solomon Islands will maintain uninterrupted access to the global financial system through its participation in a World Bank project to strengthen correspondent banking relationships in the Pacific region.
Solomon Islands joins Fiji, Kiribati, Republic of the Marshall Islands, Samoa, Tonga, Tuvalu, and Vanuatu, and the Pacific Islands Forum, in this regional project.
With this expansion, Solomon Islands will now benefit from both temporary correspondent banking support in the event of access loss and technical assistance to improve compliance, payment systems, and financial infrastructure.
It safeguards the ability for countries like Solomon Islands to send and receive money internationally which is essential for trade, investment, disaster relief, and remittances.
Between 2011 and 2022, Solomon Islands saw a 57 per centreduction in available correspondent banking services, putting it at risk of financial disconnection.