Reserve Bank Relaxes Exchange Controls

Boosting further confidence in the economy, the Reserve Bank of Fiji today announced that it has further relaxed exchange controls.

The bank’s Governor Barry Whiteside highlighted at the post-budget press conference that the increased delegated limits means that’s there is confidence about the outlook on the level of foreign reserves, which is currently around $1.5 billion.

“The measures announced would result in improved efficiency for businesses as they will no longer be required to lodge their applications with the RBF,” he said.

He said apart from increased delegated limits on a range of transactions, the RBF has also allowed commercial banks to write more forward contracts for importers as well as re-introduce offshore investments for individuals up to $10,000 per family per annum.

When pressed on his thoughts on today’s budget address, Governor Whiteside said that the budget presents an opportunity for the private sector to grow and inject revenue into the economy.

The Prime Minister also confirmed today that the Reserve Bank has approved the license application for a European bank to establish operations in the country.

Mr Whiteside, while not revealing the details of the bank, said that they are finalising other details before the bank commences operation. 

--- Friday 25th November 2011, No:2135/MOI) RBF relaxes exchange controls


It's a miracle said…
It's a miracle! under the unelected junta the economy is booming amidst abject poverty and a future loaded with debt. I must be missing something?
Anonymous said…
No you are not! You and others like you are victims of your prejudices. Remove those scales and see the real world for a change. Give credit where it is and there is a lot that the future 'democratically' elected leaders can learn from the unelected.

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