Speaking at the committee stage Prime Minister Gordon Darcy Lilo said the Bill was important for the people of Solomon Islands.
He said it will elevate the function of CBSI to new heights particularly their functions in adopting international standards.
Mr Lilo said the Bill also gives clarity to the functions of Auditor General (AG) to CBSI.
With the passage of the Bill it will give more power for the AG to audit the Central Bank.
Finance Minister Rick Hou said the Bill will bring CBSI legislation in line with international best practise for the central banking legislation and governance.
“Our country integrates more with the global economy so it is critical that the Central Bank one of the key institutions in our country adopts and adheres to international best practises and standards especially in policies, procedures and general governance.
“This is a positive development for the country as it enhances our international reputation and builds public confidence in our institutions.”
The Minister has informed Parliament yesterday that further corrections will be made to the Bill before it gets into the law.
My Elliot Dawea
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