Friday, June 10, 2011

Solomons currency lift to fight inflation

[ABC Radio Australia, 10 June 2011] - The Solomon Islands finance minister, Gordon Darcy Lilo, has announced a 5 per cent appreciation in the country's dollar.

Mr Lilo says the government and the Central Bank agreed to appreciate the Solomon dollar because of rising inflation.

He says while the economy is relatively stable, strengthening the currency will help communities cope with the ever-increasing cost of imported food and fuel.

"We believe the strengthening of the Solomon Islands dollar will help to alleviate pressures and adversities," he said.

"If not addressed, [they] will affect rural consumers in the country.

"The main beneficiaries of this will have to be our rural people."

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