Samoa Banking System
Samoa Investment Service
Hotline: 86-755-82143348, Email:firstname.lastname@example.org
The Central Bank of Samoa
The Central Bank of Samoa is the nation’s reserve bank and, as such, it acts as banker to the Government and the commercial banks.
Pursuant to its mandate under the Central Bank of Samoa Act 1984, the Financial Institutions Act 1996 and the Money Laundering Prevention Act 2000, the Central Bank has the following main functions:
- regulating the issue supply availability and international exchange of money;
- advising the Government on banking and monetary matter;
- promoting internal and external monetary stability;
- promoting a sound financial structure;
- promoting credit and exchange conditions conducive to the orderly and balanced economic development of Samoa;
- supervising and regulating banking business and the extension of credit; and
- implementing counter measures against money laundering such as to deter, detect and criminalized money laundering activities.
The Central Bank undertakes the formulation and implementation of monetary policy and related measures, which include open market operations in Central Bank Securities to influence the level of interest rates and the availability of credit in the financial system.
It is also responsible for the management of the rate at which Samoa’s Tala is exchanged with currencies of other countries and, when necessary, administers exchange control measures with regard to monitoring foreign currency transactions.
The Bank in addition, is responsible for the custody and management of Samoa’s reserves of international currencies for the payments of goods and services.
The issue of currency notes and coins to meet the needs of the business community and the general public is a critical role for which the Central Bank is widely known. As fiscal agent of Government, the Central Bank undertakes, when required, the issue and administration of Treasury Bills and other Government securities. Moreover, it issues it own Central Bank Securities to the commercial banks and non-banks and maintains a registry service and rediscount facilities.
The Central Bank is responsible for the registration and prudential supervision of commercial banks. It also acts as banker for the commercial banks, provides a facility for the clearing and settlement of inter-bank payments, and is also custodian of the commercial banks’ statutory minimum cash reserves.
The Financial Institutions Act 1996 appoints the Central Bank as the authority that issues licenses to financial institutions and, shall undertake further scrutiny of any information suggesting money laundering taking place.
Commercial Banks in Samoa
There are currently 5 banks registered in Samoa. All banks operating here must be registered with the Central Bank of Samoa and are required by law to disclose their financial condition each quarter. Financial Institutions Operating:
ANZ Bank (Samoa) Limited
National Bank of Samoa
Samoa Commercial Bank
Westpac Bank (Samoa) Limited
Development Bank of Samoa
If you have further queries, don’t hesitate to contact Tannet anytime, anywhere by simply visiting Tannet’s website www.tannet-group.net or www.shenzhen-company.net , or calling Hong Kong hotline at 852-27826888 or China hotline at 86-755-82143422 or 86-755-82143181 or emailing to email@example.com.
Tannet is pleased to keep you posted anytime and anywhere. Therefore, we launched a series of mobile applications (Apps) for you. You can download our Apps via the following link or contact with us.