The Reserve Bank of Fiji has today confirmed that the opening of new foreign currency accounts by local citizens has suspended in December 2006.
In a statement this afternoon, the RBF said due to numerous inquiries, it wishes to clarify its foreign currency accounts by Fiji residents.
The Bank said foreign currency accounts may be opened by Fiji residents with the approval of the Reserve Bank and in 2003, the RBF delegated this approval to commercial banks for amounts less than $20,000 per year.
However, the Reserve Bank said the commercial banks will need to sight a tax clearance certificate from the Fiji Islands Revenue and Customs Authority.
This comes after numerous questions were raised to the Reserve Bank of Fiji following revelations that Interim Finance Minister Mahendra Chaudhry held monies in overseas bank accounts which were not declared in his tax returns.
RBF Clarifies Policies on Foreign Accounts
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