Fiji’s central bank to further relax exchange controls

– The Reserve Bank of Fiji (RBF), the country’s central bank, has approved further relaxation of exchange controls, which will come into effect from June 1.

According to Fiji Broadcasting Corporation news website, the RBF Governor Ariff Ali said the changes are in line with the current strong performance of the country’s economy and its favorable growth prospects moving forward.

He said the changes include further increases in the delegated limits to commercial banks and foreign exchange dealers, the re-delegation of certain capital transactions that were pulled back in 2020, and the streamlining of documentary requirements for offshore payments.

These changes would facilitate operational efficiency for business and personal transactions, as well.

The governor said over the years, changes to exchange controls were made progressively in a sequenced program, simultaneous with other economic and financial reforms.

He said tightening exchange controls at the onset of the COVID-19 pandemic in 2020 enabled the Reserve Bank to maintain foreign reserves at comfortable levels, restored confidence, facilitated business operations, and assisted economic recovery.

Fiji’s economic growth last year is estimated to have climbed to 15 percent following a 4.1-percent decline in 2021. ■

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