Applause for Reserve Bank Amid Cyclone Winston

Foreign reserves stood at $1.982 billion in July 2016.

As at July 2016, our foreign reserves stood at $1.982 billion which is equivalent of 5.5 months of retained imports. While commending the Reserve Bank of Fiji for a positive performance despite the devastating effects of Tropical Cyclone Winston, chair of the Standing Committee on Economy Assistant Minister for Housing, Local Government and Environment Lorna Eden said the foreign reserves held was highly commendable.

This is in light of the fact that the International Monetary Fund states that a benchmark of three months is quite sufficient. The committee also noted with interest that:

In accordance with the RBF Act the sum of $16.929 million was payable to the Fijian Government for the period January 1st, 2016 to July 31st, 2016;

As at July 31st, 2016 there were 10,623 inward remittances conducted via the Mobile Money Channel – an increase of 201.3 per cent for the same period in 2015;

As at July 31st 2016, total currency in circulation was $751 million. The value of notes in circulation rose by 2.3 per cent and the value of coins in circulation rose by 5.7 per cent. The $100 note recorded the highest growth while the $50 note was the highest circulated note.

The bank has achieved an excellent ratio of gender balance with approximately 50 per cent of its staff being female including positions of senior and middle management.

Of the 5.5 per cent inflation outcome by July 2016 end, 2.0 per cent was driven solely by higher kava prices even though kava constitutes only 2.5 per cent of our Consumer Price Index (CPI) basket.