17 Sep 2004

Samoa central bank reports surplus in balance of payments

9:49 am on 17 September 2004

The Central Bank in Samoa says it reached a surplus in balance of payments in July after a record US$6.5 million deficit.

The surplus, of just over US$1 million, resulted from an increase in remittances, an increase in tourism revenue, improved exports and capital inflows.

But the bank says inflation has risen to nine percent, up from 7.9 per cent in July.

It attributes the rise in the annual rate of inflation to Cyclone Heta on food prices and the global price of oil.

The bank says agricultural products improved in July as the recovery from January's cyclone continues.

It says prices at Fugalei Market have edged up one per cent owing to consumer demand.