64.3 per cent decline in job vacancies
THE job market remains a concern as the Reserve Bank of Fiji noted a 64.3 per cent decline in vacancies in the year to October, compared with a decline of 1.4 per cent in the same period in 2019.
In its November economic review the RBF stated that the decline in number of vacancies was underpinned by reduced recruitment intentions across all major sectors of the economy.
The month in review also experienced a contraction of investment indicators, whereby cumulative to October, commercial banks' new lending for building and construction purposes declined by 24.9 per cent.
According to the RBF in the same period, domestic cement sales declined by 11.6 per cent underpinned by weak demand.
Meanwhile financial indicators also confirmed decline in aggregate demand and low risk appetite as private sector credit dipped into negative territory as a result of lower lending to private sector business entities and private individuals.
The RBF highlighted the decline in foreign reserves in October by $87.0 million to $2242.4m, which was still sufficient to cover 7.5 months of retained imports.
It said as at November 30, foreign reserves stood at $2,186.3m, sufficient to cover 7.3 MORI.
The RBF the decline in foreign reserves had contributed largely to the decline in liquidity in the banking system.
According to the review the excess liquidity in the banking decreased by 8.8 per cent (-$88.4m) in October to $912.9m.
Total banks demand deposits stood at $860.5m as at November 27.
THIRTY-FOUR rezoning applications were received by the Department of Town and Country Planning for the month of October.
Minister for Local Government Premila Kumar said of the total applications received only 18 were cleared.
Mrs Kumar said the ministry hoped to see applications for construction approvals relating to the proposed developments for these sites.
“The importance of working together to ensure that our economy is not held up by slow approval processing must be everyone’s objective and I am pleased that the Department of Town and Country planning is focused on this goal,” she said.
Mrs Kumar said with the faster turnaround times at DTCP in Suva, construction projects were not being unduly delayed.
“We are thus able to support the construction industry and its important work providing employment opportunities at this time.”
She said once completed these developments would contribute to the Fijian economy through their commercial activities.
Mrs Kumar encouraged developers to carry out prelodgement meetings with the DTCP to avoid delays.
She said it was pivotal that they work together to ensure that the economy was not held up by slow approval processes.
“I know there are certain projects which had taken more than two years for approval or even three years that's a long time.”