The Governor of the Reserve Bank of Fiji has announced that the foreign reserves has passed the $900 million mark reaching $920 million as of today, and is expected to increase to around $950 million by the end of next month.

Governor Sada Reddy said this is the highest level of foreign reserves since the $912 million in December 2000.

The foreign reserves got a boost from the $190 million allocation given by the International Monetary Fund to Fiji.

The IMF has allocated US$250 billion to all the member countries of the fund as part of the global financial assistance due to the global economic and financial crisis.

Fiji received $165 million today and a further $25 million will be received on September 9th.

Governor Reddy said this boost to Fiji's foreign reserves will greatly support the balance of payment and engender more confidence in the economy and the financial system of Fiji.

He added that while the level of foreign reserves is adequate, it is important that we continue to carry out reforms to increase exports and reduce imports so that the perennial and growing current account deficit of the country at around 20 percent of the GDP, is brought down significantly to around 10 percent or below over the next 2 to 3 years.