A new Banking Supervision Policy has been implemented in the country by the Reserve Bank of Fiji which sets the minimum requirements for appointing Heads of Financial Institutions in Fiji.

The policy guideline which came into effect from the 1st of this month is applicable to all commercial banks and credit institutions licensed to operate in the country.

RBF Governor Sada Reddy said the bank is of the view that any financial institution operating in Fiji should ultimately be willing and able to work within the policy directives that are set out by the RBF and the government, to assist in the development of the nation.

Reddy said it is therefore critical that heads of these institutions possess a good understanding of the banking environment and culture in developing countries, have a willingness to understand and work within the policies of the central bank and be prepared to prioritize the developmental aims of the country.

He said while the Reserve Bank is generally satisfied with the cooperation it has received from financial institutions in the past, the central bank will continue to develop and strengthen the resilience of the financial sector and ensure responsiveness in crisis situations.