The Central Bank of Samoa recorded a net profit of $4 million for the financial year 2021 an increase of $3.8 million tala from the previous financial year.
This is outlined in the Central Bank Annual report.
The Central Bank was established under the Central Bank of Samoa Act 1984, with mandated objectives to formulate and implement a monetary policy aimed towards achieving and maintaining domestic price stability.
To foster and maintain a stable financial system, subject to achieving price stability in the economy and also to support the general economic policies of the Government whilst ensuring the achievement of price stability and a stable financial system.
The Central Bank also administers the Financial Institution Act which provides for the licensing and supervision of financial institutions in Samoa. The central bank’s primary objective is to maintain confidence in and promote the soundness and stability of the financial system.
The financial year under review 2021 reflected the first full-year extent and impact of the Coronavirus (or COVID-19) health pandemic on our economy.
The report says the economic costs of necessary measures to safeguard the country has seen our small island economy drift to unchartered waters.
At the year-end of June 2021, the Samoan economy contracted by -8.1 per cent as domestic real economic activities continued to be adversely impacted by border restrictions.
This includes the first twelve months of COVID-19 economic consequences, which has resulted in a $207.6 million loss to $1.87 billion in the country’s real gross domestic product up to March 2021.
The absence of inbound tourism travel and their related real-sector contributions and activities for over a year contributed to the lowest annual real GDP level since SAT$1.77 billion in FY2013/2014.