Population: 600,000 (2010 est)
Languages: English & Pidgin
Ethnic groups: Melanesian 93%, Polynesian 4%, Micronesian 1.5%, European 0.8%, Chinese 0.3%
The Solomon Islands are located in the northwest Pacific Ocean. The country consists of a scattered archipelago of nine large islands and many smaller ones.
Currency: Solomon Islands Dollar (SBD)
GDP per capita (2009 est): SBD 4,549.6 M
GDP growth (2012 est): 2.2%
Exports: timber, fish, copra, palm oil, cocoa
Government: Parliamentary democracy
Head of State HM Queen, represented by Governor General- Frank Kabui
- Foreign exchange regulations are determined by the Central Bank of Solomon Islands (CBSI)
- Trading banks operating in Solomon Islands act as authorised dealers
- For exchange purposes, CBSI distinguishes between resident and non-resident companies and business, and between permanent residents and temporary residents
- Exchange control approval or referral is required for most outward capital transactions and transfers
- CBSI approval is required for all overseas borrowing
- Payments for imports and conversion of export proceeds can be effected promptly, provided all required documentation or stipulated conditions for the export of good are evidenced
- Foreign currency accounts are generally not allowed.
- Financial institutions in the Solomon Islands are regulated under the Financial Institution Act 1998
- 7.5% of all deposits must be held with the Central Bank in the Call Account for prudential requirements
- There is an inter-banking borrowing/lending market. There are also various government-subsidised funding schemes to commercial banks to enable them to finance business and development projects undertaken by Solomon Islanders in designated priority sectors.
- Resident companies are taxed at 30%.
- Non-resident companies are taxed at 35%.