Financial Secretary Office News

Financial Secretary Office News

Minister of Finance Launches new Five Dollar Coin

The Cook Islands Minister for Finance, the Honourable Mark Brown proudly launched the new Cook Islands five dollar coin in Rarotonga on Tuesday 26 May 2015 which celebrated the voyagers who are in Rarotonga for the Te Manava Vaka festival.

The Te Manava Vaka festival has seen five vaka moana converge in Rarotonga from all parts of the Pacific as part of the annual celebrations of the Cook Islands 50 years of self governance.

The new $5 coin which will be circulating currency features the Ian Rank Broadley effigy of her Majesty, Queen Elizabeth II on the obverse.  

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Lowering Interest Rates

The Bank of the Cook Islands has lowered their standard household mortgage interest rate down from 8.99 per cent per annum to 8.49 per cent and business loan base rates from 8.2 per cent per annum to 7.7 per cent per annum effective from 1 June 2015.

The Cook Islands Minister of Finance, the Honourable Mark Brown, welcomed the announcement by the BCI to lower interest rates on existing and new loans for households and businesses by 0.5 per cent per annum.

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12.7m signed over for Te Mato Vai

MEDIA RELEASE

15 May 2015

12.7m signed over for Te Mato Vai

The Governments of the Cook Islands and New Zealand today signed a new grant of NZD 12.7 million dollars towards the costs of the Te Mato Vai Water project, taking New Zealand’s contribution to $15 million.

New Zealand’s commitment to the water partnership was made by the Prime Minister of New Zealand John Key at the Pacific Islands Forum Leaders Meeting in the Cook Islands in 2012.

Te Mato Vai is being funded through various sources including a loan from the Peoples’ Republic of China, the Cook Islands own resources and the New Zealand Aid Programme.  This unique trilateral partnership is led by the Cook Islands and is on track to achieve the Government’s policy outcomes for water in Rarotonga.

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