Devaluation of the Fiji dollar was unavoidable.
The Dean of FIT's Faculty of Commerce, Hospitality and Tourism Studies, Doctor Mahendra Reddy said one of the primary reasons to devalue the dollar was to prevent or discourage capital outfight and to have a sustainable foreign reserve level.
The idea is with the weakening of the dollar, we will get more when we export and when tourists spend here on goods and services.
Doctor Reddy also said due to the devaluation of the Fiji dollar by 20 percent, the prices of imported goods will increase.
However he said the prices of imported items should increase when new stocks are bought, and the Prices and Incomes Board and Consumer Council should keep a close watch that prices are not increased immediately.
He also said that the consumers should look at local items that can substitute the imported ones due to prices increases. But Doctor Reddy said some items would not have the substitutes like medical supplies.
Devaluation of Fiji dollar was unavoidable-Dr Reddy
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