What is the Solomon dollar (SBD)?
Credit Ratings & Outlook
Sovereign credit ratings play an important part in determining a country’s access to international capital markets, and the terms of that access. Sovereign ratings help to foster dramatic growth, stability, and efficiency of international and domestic markets.
In 2010 the total GDP was $678,625,481 in US Dollars, while the per capita GDP was $1,261. It grew by 7.00% over the previous year.
The latest unemployment rate for 1999 is 9.99%.
Consumer Price Index
The latest consumer price index for 2010 is 152.03.
The current head of the government is Prime Minister Gordon Darcy Lilo, and the head of state is Queen Elizabeth IIGovernor-General Sir Frank Kabui (in a ceremonial role).
The Solomon dollar, denoted by SBD, is the official currency of the Solomon Islands. The SBD was introduced in 1975 to replace the Australian Dollar after the Solomon Islands gained its independence. In the decades following its issuance, the SBD experienced great devaluation; the exchange rate became so bad at one point that one Solomon dollar was equal to 20 Australian cents. Banknotes come 2, 5, 10, 20 and 50 dollar denominations. Coins come in denominations of 5, 10, 20 and 50 cents, as well as 1 dollar. 5 cent, 10 cent, 20 cent, 50 cent, and 1 dollar denominations.
Sovereign Ratings for Solomon Islands
Solomon Islands is not rated.
What does it look like?
The political structure of the Solomon Islands is a parliamentary democracy. The chief of state is the reining monarch at the time. There are no elections to the monarch as it is hereditary. The head of government is the prime minister and elected by Parliament, and the cabinet is appointed by the governor general on the advice of the prime minister from among the members of Parliament. The legislative branch is made up of a unicameral National Parliament made up of 50 members serving four-year terms. The judicial branch is made up by the Court of Appeal.
Chief of State Queen ELIZABETH II (since 6 February 1952); represented by Governor General Frank KABUI (since 7 July 2009) Head of Government Prime Minister Derek SIKUA (since 20 December 2007); note – Prime Minister Manasseh SOGAVARE defeated in a no confidence vote in parliament on 13 December 2007; SIKUA elected on 20 December 2007 Cabinet Cabinet consists of 20 members appointed by the governor general on the advice of the prime minister from among the members of parliament Elections the monarch is hereditary; governor general appointed by the monarch on the advice of parliament for up to five years (eligible for a second term); following legislative elections, the leader of the majority party or the leader of a majority coalition is usually elected prime minister by parliament; deputy prime minister appointed by the governor general on the advice of the prime minister from among the members of parliament
Key Economic Factors
A majority of the population on the Solomon Islands is highly dependent on agriculture, fishing and forestry to make a living. Manufactured goods and petroleum products are scarce and must be imported. The islands are rich in mineral resources including lead, zinc, nickel, and gold. Due to severe ethnic violence, closing of key businesses, and an empty government treasury, the economy of the Solomon Islands collapsed. Intervention was made by the Regional Assistance Mission to the Solomon Islands (RAMSI). RAMSI has enabled a return to law and order, a new period of economic stability, and modest growth as the economy rebuilds.
Food, plant and equipment, manufactured goods, fuels and chemicals.
Timber, fish, copra, palm oil and cocoa.
Major Trading Partners:
China, Thailand, South Korea, Australia and Singapore.
Cocoa beans, coconuts, palm kernels, rice, potatoes, vegetables, fruit, cattle, pigs, timber and fish.
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- Other Currencies Accepted: None
- Currency Peg:No
- Black Market for Currency:Probable
- Currency Volatility:unknown
- Estimated GDP Per Capita:1,700 USD (2002) .57 billion (2009 est.) 1,700 USD (2002) .564 billion (2008 est.) 1,700 USD (2002) .458 billion (2007 est.) note: data are in 2009 US dollars
- Languages Spoken:Melanesian pidgin in much of the country is lingua franca; English (official but spoken by only 1%-2% of the population); 120 indigenous languages