All Commercial banks in Fiji will have to increase the amount of money to be held as a reserve deposit with the Reserve Bank of Fiji after a decision taken by the RBF Board.
The RBF has decided to increase the Statutory Reserve Deposit requirement from 7 percent to 8.5 percent effective from June 7th this year.
All licensed commercial banks in Fiji are required under Section 40 of the Reserve Bank Act to hold a proportion of their deposits and similar liabilities with the Reserve Bank.
This requirement is known as the Statutory Reserve Deposit (SRD).
The Reserve Bank said it will continue to monitor the situation closely and introduce further measures when necessary.
