The Reserve Bank of Fiji remains committed to delivering its mandate of maintaining an adequate level of foreign reserves and ensuring price and financial system stability.
This was highlighted in the central bank’s August 2021 – July 2022 annual report that was presented in Parliament this morning.
In the report, RBF Governor and Chair Ariff Ali indicated that the Reserve Bank of Fiji worked with financial institutions and the Government to provide financial support and stimulate demand in the economy.
Ali said monetary policy continued to be accommodative, with the Overnight Policy Rate (OPR) maintained at 0.25 per cent to keep interest rates low to support Fiji’s economic rebound.
“The RBF also expanded its facilities to provide concessional funding to eligible Fijian businesses to maintain operations and withstand the COVID crisis.”
“Further enhancements were done to the RBF’s Disaster Rehabilitation and Containment Facility (DRCF) from the beginning of the financial year, which included an additional allocation of $200 million.”
Ali stated that the facility also offered a limited and tiered Government credit guarantee subsidy to assist small and medium enterprises.
“The allocation for the Import Substitution and Export Finance Facility (ISEFF) was also gradually increased to $500 million from the previous funding of $300 million, with guidelines amended to enable the tourism sector and travel related businesses to also access funds under this facility,” Ariff added.
