Monday, May 27, 2024

Solomon Islands Dollar (SBD)

The Solomon Islands Dollar (SBD) is the official currency of the South Pacific island nation of Solomon Islands.

The currency is managed by the Central Bank of Solomon Islands, which is responsible for issuing and managing the national currency supply.

The currency code of the Solomon Islands dollar is SBD, and the common symbol is “SI$”.

History of the Solomon Islands Dollar

The Solomon Islands Dollar was introduced on 24 January 1977, replacing the Australian Dollar (AUD) at face value, meaning that at that time 1 Solomon Islands Dollar was equal to 1 Australian Dollar.

Prior to the introduction of the Solomon Islands dollar, the Australian dollar was used as the official currency of the Solomon Islands, as the country was a British protectorate from 1893 until it gained independence in 1978.

Denominations and Breakdowns

The

Solomon Islands dollar is divided into 100 smaller units called cents.

Coins are available in denominations of 10, 20 and 50 cents, and 1 and 2 Solomon Islands dollars.

Banknotes are available in denominations of 5, 10, 20, 50 and 100 Solomon Islands dollars.

The designs on Solomon Islands dollar coins and banknotes often depict local wildlife, cultural symbols and important historical figures and events, reflecting the country’s rich heritage and natural environment.

Exchange rate and economy

The exchange rate for the Solomon Islands Dollar may fluctuate based on a variety of factors, such as the country’s economic performance, inflation, and the supply and demand for the currency in international markets.

To find current exchange rates between the Solomon Islands Dollar and other currencies, you can consult a financial source or use a currency converter tool.

Solomon Islands’ economy is mainly based on agriculture, forestry and fishery. The export of raw materials such as timber, palm oil and fish has made an important contribution to the country’s GDP.

Tourism is also a growing industry in the Solomon Islands, attracting visitors with its pristine beaches, rich cultural heritage and World War II historical sites.

Summary

The Solomon Islands dollar is the official currency of the Solomon Islands and is administered by the Central Bank of the Solomon Islands. It was introduced in 1977 to replace the Australian dollar at face value.

Currency is broken down into 100 cents, with coins and banknotes issued in various denominations.

The Solomon Islands’ economy is primarily based on agriculture, forestry and fishing, with tourism being a growing sector.

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