AFBC NEWS : 31st May 2016

Latest Economic Updates from the Reserve Bank of Fiji

The Reserve Bank of Fiji releases the latest economic updates for Fiji.

— By Reserve Bank of Fiji

Latest Economic Updates from the Reserve Bank of Fiji

Revised Growth Projections for 2016 - 2018

24th May – Despite the devastating impact of Tropical Cyclone Winston and the floods in April, the domestic economy is expected to expand by 2.4 percent in 2016, however, at a slower pace than the 3.5 percent forecast a year earlier. The Chairman of the Macroeconomic Committee1 and the Governor of the Reserve Bank of Fiji, Mr Barry Whiteside announced that “the downward revision to this year’s growth largely resulted from the recent natural disasters which caused huge damage to infrastructure, loss of output especially in the agriculture sector and reduced production time of businesses. Consequently, the agriculture (including cane and non-cane crops); electricity; manufacturing; forestry & logging and the water & sewerage sectors are expected to be a drag to overall growth.”

RBF Issues Notice on Counterfeit Currency Awareness

20th May - The Governor of the Reserve Bank of Fiji, Mr Barry Whiteside, urges members of the public to be extra cautious when receiving Fiji currency notes in light of the recent discoveries of counterfeit notes.

In general we have found the counterfeits passed in Fiji are usually of poor quality and can be spotted quite easily if people take the time for a quick examination. Our appeal to the public is to at least check the main security features such as the watermark (i-taukei man), security thread and other foil features on paper notes when receiving them. These basic security features are easily identifiable within a few seconds for those well versed in the notes’ security features and who know what to look for. For businesses that have ultra violet light sources, the notes will also emit special fluorescent features when.

Reserve Bank of Fiji releases its 2015 Annual Report

27th April - The Governor of the Reserve Bank, Mr Barry Whiteside highlighted that despite weak global economic activity, the Fijian economy recorded its sixth consecutive year of expansion in 2015, with the economy growing by 4.0 percent while also noting its third successive year of growth above 4.0 percent. The higher growth was driven by strong consumption and investment including higher Government spending, coupled with better-than-expected performance in the tourism sector and positive contributions from the industrial and primary sectors. Favourable financial conditions evident in adequate bank liquidity levels and low interest rates supported private investment and credit growth in the economy.

View a copy of the RBF 2015 Annual Report


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