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| Dr Biman Prasad, NFP. pn358 |
Why is this protest illegal? There is no threat to national security. The law should be changed to allow legitimate protests by trade unionists. Its existence gives credibility to accusations that some government legislation is repressive. Daniel Urai says the May 3rd protest will go ahead.
LARGE FINES A DETERRENT, NOT NECESSARILY FOR USE
Some overseas journalists have pointed to the large fines local journalists can face for breaking the law.
The fines on fishermen who take turtle illegally, and those who sell or eat the turtles, shows that large fines are not confined to journalists. They are intended as a deterrent. not necessarily for use at the top end of the fine. Journalists are not singled out for sole attention,
THE ONGOING RELIGiOUS SCHOOL ISSUE. Seventh Day Adventists are not heeding ministry on not changing tuition fees
EVEN MORE EVIDENCE OF SPLITs WITHIN SODELPA. Mere Samisoni claims she was "kicked out"
BIMAN PRASAD SAYS RBF REMARKS DISLEADING
April
16, 2019
RBF
Governor shouldn’t mislead the nation: NFP
The
National Federation Party says the Governor of the Reserve Bank of
Fiji must realise that the Fiji First government’s reckless and
unsustainable spending is ruining real economic growth as evidenced
by several factors instead of politicising the issue.
NFP
Leader Professor Biman Prasad says recent remarks made by the
Governor of the Reserve Bank of Fiji in defence of liquidity levels
and economic growth are misleading and far from the reality.
“The
RBF Governor is reported to have told both an economics workshop at
University of the South Pacific last Friday and the Fiji Chamber of
Commerce economic summit on Monday that there was no liquidity
crisis”.
“The
Governor said RBF had the authority to reduce its statutory deposits
to zero (0) percent to allow liquidity to jump from the current level
of $347 million to $1 billion if the need arises”.
“This
is a highly irresponsible and illogical statement, similar to the
Governor’s earlier statement of last month that there was enough
money on RBF vaults to last for 5 years”.
“The
Governor’s loose political talk is camouflaging the reality. He
knows that his statements in defence of liquidity and the economy are
illusory”.
“And
he knows that the truth is that commercial banks are offering
interest rates of as high as 6% to attract term deposits to boost
liquidity levels. He also knows that because of this reason,
commercial banks have increased lending rates”.
“The
RBF Governor knows that it is impractical to reduce the requirement
for statutory deposits to zero percent. It is a ridiculous
proposition. Any financial institution, most importantly commercial
banks are statutorily required to maintain a certain level of
deposits”.
“The
Reserve Bank of Fiji’s Economic Review for February 2019 paints a
bleak picture of lack of growth in key economic sectors. Therefore,
instead of realistic growth, the economy is consumption-driven and
not leading to sustained and real growth”.
“The
RBF Governor must know that he has put himself under the spotlight
for being economical with the truth. Despite saying key economic
sectors that generate real growth have declined, both the RBF and
Government continue to forecast positive economic outlook”.
“This
raises questions yet again about RBF’s independence and
impartiality”.
“The
RBF Governor is obviously parroting a political view despite the
harsh reality staring directly at us”.
“The
RBF Governor should maintain neutrality and independence of his
office and refrain from parroting government’s political position
on the state of our economy. Right now, we seem to be going through
a crisis of confidence in the country”.
“What
we need is more confidence building measures in all sectors of our
economy and this can only be done by a properly constituted economic
summit to address some of the fundamental concerns that the business
community and indeed the general population has”.
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