In view of the increasing global prices on basic consumer food items which have affected food prices in Fiji, the Reserve Bank of Fiji has decided to relax its Forward Foreign Exchange Cover Facility.
RBF Acting Deputy Governor Barry Whiteside said with the relaxation, commercial banks now can enter into forward foreign exchange contracts with local importers of rice, wheat, flour, edible oils and milk and milk powder to hedge against future price increases.
Whiteside said previously commercial banks could only match forward sales with forward purchase and the Bank hopes that this measure will reduce import costs on these items, which will be passed on to the consumers.
RBF to Relax Forward Foreign Exchange Cover Facility
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