The Governor of the Reserve Bank, Sada Reddy has today revealed that though Fiji did not suffer any major direct effects from the Global Financial Crisis our trade sector was affected.
Speaking at the Bankers Conference on the Economic Indication today, Reddy revealed that the indirect effects have seen our balance of payments affect.
Reddy said in Fiji the financial sector contributes a 9 percent to Fiji's GDP and a total asset of the 180 percent of the Fiji's economy.
Reddy highlighted the importance of the role of the Reserve Bank as they supervise banks, insurance companies, the Fiji National Provident Fund and also the Capital Markets on their performance.
He said Fiji did not suffer any major direct effects from the Global Financial Crisis because we are not dealing with some of the products which led to the demise of large institutions around the world.
However Reddy confirmed that the country was affected.
To name a few major setbacks which affected the country includes the national disasters, cyclones and flood.
However, Reddy said that this year is expected to be good.
Story by: Tokasa Rainima
50% of trade sector loss through global Economic downturn
Related Stories
COMPOL urges Lagalaga Sanatan students to value discipline and education
Students of Lagalaga Sanatan Primary School in Labasa have been reminded of the importance of education, discipline and obedience by the Commissioner of Police Rusiate Tudravu. Tudravu spoke to the students during
Heavy Rain Alert remains for Viti Levu, Southern Bua, Cakaudrove, Lau and Lomaiviti Groups
A Heavy Rain Alert remains in force for the Eastern half of Viti Levu from Serua, Namosi through Navua, Suva, Nausori, Tailevu, Naitasiri, Ra, Southern Bua, Cakaudrove, Taveuni, Kadavu, Lau and Lomaiviti Groups and near
Warning letter written to Prof. Narsey – Acting AG
Acting Attorney General Siromi Turaga says a strong warning letter has been written to Electoral Reform Commissioner Professor Wadan Narsey after he came out publicly with the Electoral Reform Commission report recommen
3 Fijian men from KVT gang in Sydney denied bail for AUD$12.5M drugs case
Three Fijians who are alleged to be associated with a gang supplying drugs in Sydney have been refused bail by the court. 28-year-old Eparama Nevale, 28-year-old William Ravoka, and 24-year-old George Sukanaivalu,
Proposed ‘People First’ submits application for registration
The Proposed ‘People First’ has submitted its application for registration to the Registrar of Political Parties, Ana Mataiciwa. Mataiciwa confirms that the FEO is now preparing to publish the party’s applica
Visitor arrivals on track for record year while sugar output drops
Visitor arrivals have recovered following a decline in the first quarter and based on current trends, Fiji is on track to achieve a third consecutive year of record visitor arrivals in 2025. While speaking on the p