The Association of Banks in Fiji stresses that there is a need to maintain foreign reserves at an adequate level.
Chairman of the Association, Westpac General Manager John Cashmore said all local commercial banks strongly support the Reserve Bank’s decision to tightened exchange controls with immediate effect.
Cashmore added that this will ensure large sums of money are not moved offshore.
Deputy RBF Governor Sada Reddy said this move is in line with one of the bank's core objectives of safeguarding our foreign reserves.
Reddy said some of these changes include suspension of facilities while application for other facilities by customers will require the approval of the Reserve Bank.
Certain transactions will continue to be delegated but at lower limits.
Meanwhile, former RBF Governor Savenaca Narube had revealed a few days ago that the domestic economy is projected to contract by 0.3 percent this year compared with the 2.4 percent growth announced in November last year.
This is due to the flash floods and the global economy.
Maintain foreign reserves at adequate level
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