Solomon Islands Dollar (SBD)

Basic Concepts of the Solomon Islands Dollar

The Solomon Islands Dollar (SI$) is the legal tender of the Solomon Islands, with the international standard code SBD, and the symbol is usually written as "$" or "SI$" to differentiate it from other dollar currencies. The currency is issued and managed by the Central Bank of the Solomon Islands and is based on the decimal system, where one dollar equals 100 cents.

Country Area of Use

The Solomon Islands Dollar (SI$) is the sole legal tender of the sovereign state of Solomon Islands. This island nation in the South Pacific consists of nearly 1,000 islands and its capital is Honiara. All transactions within the territory are settled in this currency, with the exception of a few tourist areas where Australian or US dollars may be accepted.

Units and denominations

Coins in circulation include denominations of 5, 10, 20, 50 cents and $1 and $2; while banknotes are available in five main denominations of $5, $10, $20, $50 and $100. All currencies are imprinted with characteristic Solomon Islands flora and fauna, traditional motifs, and portraits of important historical figures, and security features include watermarks, security lines, and fluorescent patterns.

Historical Background

The Solomon Islands used the Australian dollar until 1977, when it was officially introduced as a national currency the following year after independence. Initially pegged to the Australian dollar, the currency has undergone exchange rate adjustments, and in 2023 the exchange rate was maintained at 1 SBD ≈ 0.16 USD. The currency design has been revamped three times, with the latest series launching in 2019, utilizing more advanced polymer materials to enhance durability.