The Central Bank of Samoa published the outcome of its annual review of foreign exchange control policies and procedures, confirming that exchange control policies remain unchanged while introducing administrative procedural updates effective from 1 August 2025. The procedural changes include having commercial banks and money transfer operators retain the original CBS BOP2 form used for foreign payment processing, and removing the requirement for resident individuals and businesses to report foreign currency deposit accounts. The notice also reiterates key exchange control reminders, including that exports of goods valued over SAT 500 require a Central Bank export permit, domestically produced goods must be reported and cleared through the Ministry for Customs and Revenue Customs Division, and exporters must provide business licences annually, with additional Ministry of Agriculture and Fisheries documentation for agricultural exports and fish shipments. It restates that only licensed commercial banks and authorised foreign exchange dealers may buy or sell foreign currency for Samoan Tala in Samoa, overseas capital transfers continue to require prior Central Bank approval, and applications are generally processed within three business days when documentation is complete, with exemptions considered on a case-by-case basis.
Central Bank of Samoa 2025-07-29
Central Bank of Samoa keeps exchange control policies unchanged and streamlines BOP2 and foreign currency deposit account procedures
The Central Bank of Samoa's annual review confirmed no changes to exchange control policies but introduced procedural updates effective 1 August 2025. Key changes include retaining the original CBS BOP2 form for foreign payments and removing the reporting requirement for foreign currency deposit accounts. The notice reiterates existing controls, such as export permits for goods over SAT 500 and restrictions on foreign currency transactions to licensed entities.