Samoa, formerly known as ‘Western Samoa’ is a small nation located in the South Pacific, Oceania half way between Hawaii and New Zealand. Current population is 177,000, national independence obtained in 1962. The mainstay of the economy consists of remittances from Samoans living abroad, foreign aid, fishing, agriculture and tourism which itself represents 25 percent of GDP.
Total GDP as measured by purchasing power parity stands at $1 billion USD (2002) with corresponding GDP/Capita at $5,600 USD. GDP growth rate is at 5 percent (2002). Inflation rate is at 4 percent (2001). The trade deficit came in at $185 million USD (2004). No oil & gas production.
CURRENCY: ISO Symbol ‘WST’, tala. At time of currency review on June 20, 2006, the Samoan tala had an exchange valuation of 2.7816 WST to the US-dollar (USD) and / or 3.5176 WST to the Euroland euro (EUR). As released by Samoa’s Central Bank: ‘the exchange rate of the tala is determined on the basis of a trade-weighted basket of currencies. The currency basket is reviewed periodically to reflect changes in trade and payment patterns between Samoa and its major trading partners. As a result of the last review carried out in 1999, the currency basket now comprises the currencies of New Zealand, United States of America, Australia, Fiji, Japan and Euro countries. The weightings are based on Samoa’s distribution of trade, private remittances, travel transactions and debt servicing.’ Currency regime: composite.
CURRENCY HISTORY: the tala was introduced in 1967. Historical exchange valuations include: year 2005 at 2.71 WST to the USD, 2004 at 2.78, 2003 at 2.97, 2002 at 3.37 and 2001 at 3.47, 1997 at 2.55, 1996 at 2.46, 1995 at 2.47, 1994 at 2.53, 1993 at 2.56, from 1967 - 1975 the tala traded at par to the New Zealand dollar.
CURRENCY FORECAST: the economy and soundness of the currency can be damaged by powerful typhoons. If you are interested in a detailed currency opinion as presented by BankINTRO.com on the tala or any other currency listed in this currency index, please contact us by clicking the banner below. We will be happy to provide you with a quote for currency consulting services.