The Reserve Bank of Fiji has announced further policies to preserve foreign exchange and to safeguard balance of payments following the devaluation of the Fiji dollar by 20 percent.
The two new policies are focused on Tourism and High End Luxury Imports.
For tourism, the RBF will implement policies from June this year which will link borrowing from commercial banks and other lending institutions by hotel operators to their local value added and environment protection.
The RBF will further support this policy by giving an annual Prime Ministers Award to the most successful hotel to achieve this.
On High End Luxury Imports, the RBF has asked commercial banks and other lending institutions to review their lending to this sector, so that there is no excessive holdings of stocks and imports of high end luxury imports which tie up valuable foreign exchange stocks.
The RBF stressed that this will not affect imports related to tourism.
Meanwhile, Fiji Hoteliers Association President Dixon Seeto said stakeholders may need time to adhere to the new policies.
Fiji Retailers Association President Himmat Lodhia had raised a question on whether the businesses will be controlled adding businesses should not be restricted.
He also said funds should be given to sectors that can bring more money in the economy.
RBF announces further policies
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