Central Bank of Samoa
Encyclopedia
The Central Bank of Samoa (Samoan
: Faletupe Tutotonu o Samoa) is the central bank
of Samoa
. Situated in the capital Apia beside the main government buildings, the bank issues the Samoan currency, the Samoan tālā
as well as regulating and managing the exchange rate with foreign currencies. In its role as the central bank for the government and the country, it is also responsible for the registration and supervision of commercial bank
s.
Legally, the bank follows a mandate pursuant to the Central Bank of Samoa Act 1984, the Financial Institutions Act 1996 and the Money Laundering Prevention Act 2000.
Its official name in the Samoan language, Faletupe Tutotonu o Samoa, means 'House of Money in Samoa'.
Samoan language
Samoan Samoan Samoan (Gagana Sāmoa, is the language of the Samoan Islands, comprising the independent country of Samoa and the United States territory of American Samoa. It is an official language—alongside English—in both jurisdictions. Samoan, a Polynesian language, is the first language for most...
: Faletupe Tutotonu o Samoa) is the central bank
Central bank
A central bank, reserve bank, or monetary authority is a public institution that usually issues the currency, regulates the money supply, and controls the interest rates in a country. Central banks often also oversee the commercial banking system of their respective countries...
of Samoa
Samoa
Samoa , officially the Independent State of Samoa, formerly known as Western Samoa is a country encompassing the western part of the Samoan Islands in the South Pacific Ocean. It became independent from New Zealand in 1962. The two main islands of Samoa are Upolu and one of the biggest islands in...
. Situated in the capital Apia beside the main government buildings, the bank issues the Samoan currency, the Samoan tālā
Samoan tala
The tālā is the currency of Samoa. It is divided into 100 sene. The terms tālā and sene are the equivalents or transliteration of the English words dollar and cent, in the Samoan language....
as well as regulating and managing the exchange rate with foreign currencies. In its role as the central bank for the government and the country, it is also responsible for the registration and supervision of commercial bank
Commercial bank
After the implementation of the Glass–Steagall Act, the U.S. Congress required that banks engage only in banking activities, whereas investment banks were limited to capital market activities. As the two no longer have to be under separate ownership under U.S...
s.
Legally, the bank follows a mandate pursuant to the Central Bank of Samoa Act 1984, the Financial Institutions Act 1996 and the Money Laundering Prevention Act 2000.
Its official name in the Samoan language, Faletupe Tutotonu o Samoa, means 'House of Money in Samoa'.