Country Details

There is no stock exchange in Solomon Island

Global Crisis

Solomon Islands had walked down the aisle of democracy as an independent country some thirty three years ago. Although in most instances it got tripped over itself, perhaps she has learned that one has to suffer when she walks down the road of democracy in pursuit of economic independence, economic growth and development and improving the livelihood of all Solomon Islanders. What the country needs now is to work toward advancement in terms of economic development and a well-established democracy supported by a government with a clear designated role to help minimize the effect of the global financial crisis, prepare for the threat of climate change and ensure all citizens are able to benefit from all essential basic services. This is what most people in Solomon Islanders refer to as: " Government of the People, By the People and For the People"

The islands have been inhabited for thousands of years. In 1568, the Spanish navigator Álvaro de Mendaña was the first European to visit them, naming them the Islas Salomón.[4] Britain defined its area of interest in the Solomon Islands archipelago in June 1893, when Captain Gibson R.N., of HMS  Curacoa, declared the southern Solomon Islands as a British protectorate.[5] During World War II, the Solomon Islands campaign (1942–1945) saw fierce fighting between the United States and the Empire of Japan, such as in the Battle of Guadalcanal.

The official name of the then British overseas territory was changed from "the British Solomon Islands Protectorate" to "Solomon Islands" in 1975. Self-government was achieved in 1976; independence was obtained two years later. Today, Solomon Islands is a constitutional monarchy with the Queen of Solomon Islands, currently Queen Elizabeth II, as its head of state. Manasseh Sogavare is the current prime minister.

Famous People

When Solomon Islands fell under the control of Imperial Japan during the Second World War, the Oceanian pound, a so-called "Japanese Invasion Currency", became the official currency until after the war ended and the Pound was restored. In 1966 the Australian dollar replaced the pound and was circulated in the Solomon Islands until 1976, shortly before independence. The Solomon Islands dollar was introduced in 1977, replacing the Australian dollar at par, following independence. Until 1979, the two dollars remained equal, then for five months the SI$ was pegged at SI$1.05 = A$1, and later floated. Economic stagnation ensued, so over the next 28 years, and especially during the civil war of 2000–2003, inflationary pressure reduced the Solomon Islands dollar to be worth 15 Australian cents. In 2008, due to the low valuation in the currency, many Islanders took to hoarding coins and giving them to children as souvenirs, causing a coin shortage.

Some more traditional monetary forms, such as dolphin teeth, have in a few areas taken the place of coins. A public awareness campaign was launched to encourage people to cash in excess coins at the bank to help alleviate the shortfall.