The Reserve Bank of Fiji said it will soon revise Fiji’s economic projection for this year due to the damages done by Hurricane Tomas last month.

Governor Sada Reddy said Fiji’s economy was affected by the global financial crisis, the floods in January last year, Cyclone Mick in December and the recent Hurricane Tomas.

He mentioned that foreign reserves dropped rapidly to one and half months of import about this time last year and through various policies put in place by the Reserve Bank, foreign reserves were stabilized, which is hovering around $1 billion covering four months of imports and is at an adequate level.

Reddy said the global financial crisis affected the tourism sector, inward remittances, exports such as fish, timber, garment, bottled water and other manufactured items.

According to Reddy tourism has picked up strongly and remittance reversing quite well.

While speaking at the Southern Cross Hotel in Suva this morning during the Consumer Council of Fiji’s Consumer Rights Day celebrations, Reddy added that there are positive signs of recovery in terms of exports, tourism and other sectors.