In May 2023, the country’s official foreign reserve level was recorded at Samoa Tala $1.01
billion, a historical high and reflecting a healthy external position for the Samoan economy to
date.
At this level, it was equivalent to 10.3 months of import cover, well above the minimum of 4.0
months of imports of goods that is considered sufficient and adequate for the viability of
Samoa's foreign reserves.
The country’s foreign exchange reserves are largely sourced from the inflow of official aid from
Samoa’s development partners as well private sector inflows from tourism receipts,
remittances and export earnings to name a few.
The valuable and ongoing assistance from Samoa’s development partners over the years, and
particularly the last three years to assist with the Government’s COVID-19 response, the re-
opening of Samoa’s international borders since August 2022 and the steady rebuilding of the
tourism industry in addition to high private remittances, have contributed notably to the
current level of official foreign reserves.
At the same time, given the high global downside risks, uncertainties relating to the pandemic
and increasing challenges from external factors (such as the high costs of international
commodity prices for imported fuel and food), the Central Bank of Samoa also maintained an
adequate administration of Exchange Control measures to cushion significant payment
outflows over the last few years.
Approximately 93 percent of the country’s official foreign exchange reserves remain well-
diversified across the major reserve currencies, highly liquid and safely secured in various
overseas banks, including other major central banks.
The other 7 percent represent the country’s holdings of Special Drawing Rights (SDR) and
Reserve Fund Position with the International Monetary Fund. Consistent with its mandate, the
Central Bank will continue to prudently manage these holdings of foreign exchange reserves
and ensure it is maintained at an adequate level to facilitate the country’s international
obligations.