About Central Bank of Samoa
Samoa did not always have a Central Bank. Before independence in 1962, Samoa used the currency (British pounds, shilling and pense) issued by the Bank of New Zealand, which was owned by the New Zealand Government.
After independence, the currency was initially issued by the Bank of Western Samoa. Like the Bank of New Zealand, this was a commercial bank, but it was partially owned by the Samoan Government, and carried out currency operations and foreign exchange policy on behalf of the Government.
In the early 1970’s, the Government decided that it needed to take more formal control of the currency issue. However, at that time the Government saw little need for a central bank, believing that the other duties we now take for granted could be handled in other ways. So the issue of the new currency was put under the control of the new organization, the Monetary Board of Western Samoa. This was established by the Monetary Board of Western Samoa Act of 1974, and came into being in early 1975… Continue reading about Central Bank of Samoa here.