CBSI Bokolo bills remain intact

Central Bank of Solomon Islands

Central Bank of Solomon Islands. Photo credit: http://www.cbsi.com.sb 

 

THE total Central Bank of Solomon Islands (CBSI) Bokolo bills stock floated in May 2015 continued to remain unchanged at $710 million, of which $620 million worth of Bokolo bills was absorbed.

In its (CBSI) monthly (May) economic bulletin it revealed that the Bokolo bills weighted average yield (WAY) for 28 days remained at 0.62 per cent.

“The WAY of the Government treasury bills for 56 and 91 days maturities continued to remain at 0.34 per cent and 0.46 per cent respectively.

“In contrast, the WAY for 182 days increased from 1.11 per cent in April to 1.15 per cent this month (May).”

Meanwhile, under its (CBSI) External Conditions, the balance on trade in goods recorded a provisional $3 million deficit in May, narrowing from a revised deficit of $10 million in the previous month. This outcome emanated from a lesser fall in exports by 7 per cent to $277 million (f.o.b) combined with a faster 9 per cent decline in imports to $280 million (f.o.b).

“The fall in exports during the month was largely driven by round log and timber exports which dropped by 17 per cent to $183 million on the back of lower export volumes. Fish exports dropped slightly from $29 million to $28 million while all other exports slid from $9 million to $8 million during the month.

“Agricultural commodities grew significantly by 49 per cent to $51 million resulting from higher export volumes during the month. Mineral exports more than doubled from $3 million to $7 million attributing to bauxite ore exports.

“The fall in imports came mainly from lower import payments for fuel and machineries, dropping by 53 per cent to $29 million and down by 22 per cent to $86 million, respectively. This outweighed the increase in food by 18 per cent to $90 million and all other imports by 37 per cent to $57 million during the month,” the bulletin revealed.

It stated for now, basic manufactures remained constant at $52 million during the month.

“Gross foreign reserves slid by 1 per cent to $4,312 million, sufficient to cover 10.9 months of imports of goods and services. This was driven by higher transaction outflow during the month.

“The Solomon Islands dollar (SBD) appreciated against the United States dollar (USD) by 0.71 per cent to $7.75 per USD but depreciated against the Australian dollar (AUD) by 1.49 per cent to $6.12 per AUD during the month.

“The SBD also depreciated against the British Pound and Euro but appreciated against the Japanese Yen and the New Zealand dollar during the period,” the monthly (May) bulletin shown.

By STEPHEN DI’ISANGO