Commercial banks in Fiji are now preparing to reduce their lending and interest rates as directed by the Reserve Bank of Fiji following the devaluation of the Fiji dollar by 20 percent.
Association of Banks in Fiji President, Westpac General Manager John Cashmore said the banks will do all they can to adhere to the requirements.
Following a meeting with individual banks yesterday, the Reserve Bank Governor Sada Reddy said the banks generally agreed to the implementation of Micro finance policies, explore the possibility of appointing local advisory boards, set up customer complaints processes in line with the RBF guidelines and more stringently apply these guidelines.
Reddy also revealed that on customer complaints processes, after consultations with the government it has been agreed to discard the proposals to set up a Financial Services Commission and Banking Ombudsman.
It its place, the RBF will immediately set up a Financial Institutions Complaint Unit at the Reserve Bank and in turn each bank, credit institution, FNPF and FDB and insurance companies will have dedicated staff at each branch to receive customer complaints.
Commercial banks preparing to reduce interest rates
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