The Governor of the Reserve Bank is calling on trade unions to show restraint in wage negotiations in the next 2 years.
Sada Reddy highlighted this in their bi-annual Monetary Policy Statement, calling on every section of the community to assist in the recovery of the economy following the devaluation of the Fiji dollar by 20% in April coupled with the global financial crisis,
Reddy added prices of goods are also expected to rise further so people need to be more self sufficient as much as possible.
He said prices rose by 0.8% in May due to higher prices for food, durable household goods and transport, and prices are forecasted to rise further and then start moderating towards the end of next year.
Reddy said he is also calling on the business community not to pass on the full effect of the price increases of the devaluation thus assisting in the economic recovery.
Trade Unions asked to show restraint
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