The Central Bank of Samoa has increased the limit for money transfers by commercial banks and money transfer offices from $30,000 tālā to $50,000 tālā, effective August 1st.
According to a CBS statement, any amount in excess of $50,000 tālā is referred to CBS.
The new changes, according to the statement, were the outcome of a review of foreign exchange control policies and general reminders on foreign exchange control.
“The easing of exchange control policies reflects the prevailing economic environment whilst ensuring the country’s foreign exchange reserves remain at sustainable levels and all foreign exchange transactions out of Samoa are consistent with a safe and sound financial system,” the statement says.
The CBS has also decided to authorize banks and MTOs for transfer amounts of up to $50,000 tālā as emigration allowance.
Again any amount over $50,000 tālā will need approval from the CBS.
People wanting to send funds overseas are reminded to cooperate and ensure that proper and related supporting documentation for these types of foreign payments is submitted to the authorized commercial banks and money transfer operators when processing payments overseas.
Exporters of locally produced goods, like taro and fish, also need clearance from the local authorities before they can export.
The statement also noted that “only licensed commercial banks and foreign exchange dealers” authorized by CBS are allowed to buy or sell foreign currency exchange for Samoan tālā within Samoa.
