17 Aug 2007

ANZ Bank in Samoa says market stable amid international turmoil

3:34 pm on 17 August 2007

The ANZ Bank in Samoa says the worldwide financial instability has not affected Samoa yet.

The world's markets were subject to another day of volatility, with equities nosediving.

The New Zealand dollar plunged yesterday but has made some recovery today.

The managing Director of the ANZ Bank in Samoa, Peter Johnson, says the instability has not reached Samoa.

"I don't believe it has, Samoa has a robust economy, we don't have a sharemarket in this country, so the sharemarket impact does not apply here. What's happening in the international markets, of course it is going to impact everywhere, but on what level, I think it is too soon to say for a country like Samoa."

Peter Johnson however emphasises that the fall in the Australian and New Zealand dollars is beneficial for Samoan importers.