Wednesday, April 24, 2024
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Further relaxation of exchange controls

The Board of the Reserve Bank of Fiji has approved further relaxation of exchange controls.

This will come into effect from June 1.

RBF Governor, Ariff Ali said the changes are in line with the current strong performance of the Fijian economy and its favourable growth prospects moving forward.

Ali said that over the years, changes to exchange controls were made progressively in a sequenced programme, simultaneous with other economic and financial reforms.

“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.”

Ali 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.

He said these changes would facilitate operational efficiency for businesses and personal transactions.

 

Ilaitia Ravuwai
Ilaitia Ravuwai
Journalist | news@fijilive.com

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