Samoa Central Bank relaxes remittance policy

The Central Bank of Samoa. Picture: SAMOA OBSERVER

APIA, (SAMOA OBSERVER) – The Central Bank of Samoa (CBS) has relaxed its remittance policy effective August 1.

The bank advised in a media release issued last Friday that the changes include new and increased delegations of authority issued to commercial banks and money transfer operators.

According to the bank the easing of the exchange controls rules is consistent with the country’s current economic conditions and the positive outlook of Samoa’s economy and foreign reserves.

These increased or new delegation of authority to the authorized commercial banks and money transfer operators are subject to the availability of relevant supporting documents.

The bank also asked the general public to cooperate and ensure that proper supporting documentations are submitted to the authorised commercial banks and money transfer operators when processing payments overseas.  Approval of overseas payments may not be granted unless appropriate requested documents are sighted.

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