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?
Political Structure
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.
Prominent Figures
Governor General: Nathaniel Waena
Prime Minister: Snyder Rini
Governor of the Central Bank of the Solomon Islands: Rick Hou
Key Economic Factors
Economic Overview: 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.
Import Commodities: Food, plant and equipment, manufactured goods, fuels and chemicals.
Export Commodities: Timber, fish, copra, palm oil and cocoa.
Major Trading Partners: China, Thailand, South Korea, Australia and Singapore.
Agriculture Products: Cocoa beans, coconuts, palm kernels, rice, potatoes, vegetables, fruit, cattle, pigs, timber and fish.
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