". real sector the largest impact that the global economic crisis has had on solomon islands has been the reduction in our log exports. 2008 saw record levels of production from the forestry sector with 1. 5 million cubic meters of timber being exported. this accounted for around 16 % of gdp. the global economic crisis led to reduced demand for raw materials particularly in asia. the slowdown in china, the destination for around half of solomon islands'logs resulted in a decline in our timber industry. for solomon islands, logging has not only been a major contributor to growth but has also been our major export earner, an important source of employment and a crucial contributor to government revenues. the decline in logging that the crisis provoked has hurt the country. as the global economic situation recovers so we see a clear upturn in log exports. second quarter results are up and the bank predicts further increases in the third quarter. it must be remembered however, that the contribution of forestry to the solomon islands economy are numbered. we are destined to see a terminal decline in the industry due to the unsustainable rate of harvesting that has occurred. it is predicted that non - plantation logging will be fully exhausted in 4 - 5 years. in spite of any action we can take, the country will experience severe economic challenges as this industry declines unless new sources of growth can be found to take its place and take its place quickly. another industry that has declined in the first half of 2009 is copra. copra is an important industry in solomon islands because it is the major cash crop in many rural areas. strong world prices in 2008 generated record production in solomon islands. since the third quarter of 2008 however, world prices for copra have sharply declined resulting in substantial falls in production. second quarter output was 45 % lower than that recorded in the same period last year. the flooding that solomon islands experienced in the first half of the year has further affected copra production. one major constraint on the growth of the copra industry in solomon islands has been infrastructure weaknesses. problems in shipping and storage mean that even during the peak last year copra export levels have remained well below potential. the fishing industry has also seen a subdued start to the year. this probably has more to do with domestic factors than with the global economic crisis. the first half of the year has seen one company cease fishing activities as part of its strategy to restructure and focus on processing. poor fishing conditions have compounded this problem and magnified the

, i wish to also assure the public that the development of the $ 100 bank note has ensured security features that effectively reduce any chance for counterfeiting. the new note carries added visible security features that can be easily seen without the need for a machine. it incorporates additional security to both the paper and print specifications. as noted already, all our currency denominations have different themes. the bank notes portray various themes and features of solomon islands. this time the new $ 100 bank note carries the theme of the rural sector and its contribution to the national economy. portrayed by the coconut, this signifies rural livelihood, social and economic activities. the central bank is thrilled that today ’ s launching coincides with the world coconut day event. the $ 100 bank note is a commemoration of the labour and contribution by all our farmers, fishermen, men, women and children in rural villages through our country. despite all odds, you have demonstrated resilience and commitment year in year out just getting on with life. we salute you! finally, before i forget, the central bank has also revised the $ 2 bank note back to paper note. this is due to the disappointing experience we have with the polymer, a polypropylene plastic. while the plastic is durable, as you will all have experienced, the colour does not survive its expected life in circulation, which is costly to the economy. the cbsi board has therefore decided to revert back to the old paper note. so this morning we also have the revised $ 2 bank note, which has all the normal features except the addition of the national flag, for re - launching. ladies and gentlemen, let me say again that i am very grateful that are able to come – and we at the bank are especially honoured by your presence of the hon minister for this morning ’ s event. thank you and may god bless you.