Financial Secretary Office News

Financial Secretary Office News

Cook Islands' New Circulating Coins (Press Release 2015.03.02)

The Minister of Finance, the Hon Mark Brown, will shortly be arriving in Australia to officially strike the Cook Islands’ new circulating coins to be released later this year.

In August 2013, Minister Brown announced that the Government will launch a set of new coins to celebrate the 50th anniversary of Cook Islands self government on 4 August 2015.

On 4 March 2015, Minister Brown will officially start production of each of the six denominations of the Cook Islands’ new coins in a ceremony at the Royal Australian Mint in Canberra.

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Standard and Poors Re-affirms Cook Islands Credit Rating at B+/B

Today, Standard and Poors re-affirmed its credit ratings for the Cook Islands at 'B+/B' with a stable outlook.

In describing the outlook for the Cook Islands Standard and Poors balanced the Cook Islands' sound economic growth prospects and low level of government debt, against the challenges it faces in overcoming weak political and institutional settings and fostering more robust economic growth.

In describing the Cook Islands debt position Standard and Poors outlined that the government's sizable infrastructure programme which is currently underway is leading to rising, albeit still modest, debt levels.

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PRESS RELEASE - Business Environment Reforms Commence

PRESS RELEASE - Business Environment Reforms Commence

The Government with the assistance of the Asian Development Bank (ADB), Pacific Private Sector Development Initiative’s technical support has commenced work on important business environment reforms. The reforms consist of drafting of a new modernised Companies Act and a Personal Property Securities Act tailored to meet the local conditions. Once the Companies Act has been passed, NZ Aid Programme funding will allow the implementation of a new on-line company registry. ADB together with the NZ Companies Office will support the full implementation of the new law and on-line registry.

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