Solomons farewells central bank chief Rick Hou

Updated August 21, 2008 16:19:56

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The Solomon Islands has farewelled its central bank governor Rick Hou who leaves for a job with the World Bank in Washington on Monday. Mr Hou has been with the central bank for a quarter of a century, and 15 years ago became the first Solomon Islander to take up the position of governor.

Presenter:Barbara Heggen
Speaker: Rick Hou, outgoing Governor of the Solomon Islands Central Bank

HEGGEN: Rick Hou says his fifteen years as Governor of the Solomon Islands Central Bank have been challenging but rewarding. In that time he's seen his country go through some tumultuous times, but says one of the toughest aspects of his job has been having to deal with the high turnover of economic ministers.

HOU: One of the difficulties I have experienced is just dealing with the high turnover of ministers. It's difficult to manage if you have a boss every so often. The period of 2000 was in terms of the economy was the toughest for us, 2000-2003. We had a drastic economic recession and there was, it was all bleak, but I guess in terms of economic management that has been the toughest time for us.

HEGGEN: Mr Hou says that the best aspect of his job has been his colleagues.

HOU: I think the other thing also is that we despite the problems, the economic problems we've had over the years, there's a lot of people in the country and those who are dealing with the economy and outside of the economy as it were, generally wanting to do the best thing for the country. And this I also want to say that my own staff have been excellent, so that has been the best part and rewarding part of my time.

HEGGEN: Mr Hou says that while he can see light at the end of the economic tunnel for the Solomons, the country is by no means out of the woods yet. He says that international economic factors will not present the toughest challenges for his homeland?

HOU: I think what's happening on the international scene definitely is going to be a very big challenge for the bank namely food prices and fuel prices. Solomon Islands is a very, very heavily dependent importing country and a large chunk of our imports bill is accounted for fuel. Everything we do here, import, export or whatever you do here, there is a fuel component in it. So that's going to feed into prices already, if not already, but that's going to make a difficult sort of situation even more difficult. So looking for alternatives and trying to cut back on costs will be a very, very big challenge for the country.