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Private Sector Credit Momentum Picks Up, Says Reserve Bank

Private Sector Credit Momentum Picks Up, Says Reserve Bank
May 30
09:26 2015

The private sector credit momentum picked up in April following a slowdown noted in February and March, the Reserve Bank of Fiji said.

Governor, Barry Whiteside, has noted economic activity continues to strengthen backed by increased consumption and investment.

“Performances across all sectors of the economy were positive, buoyed by the favourable financial conditions,” he said.

At the back of this, the central back decided to maintain the Overnight Policy Rate at 0.5 per cent.

However, Mr Whiteside said risks from rising import demand associated with a growing economy could weaken our external position.

This, he said could be coupled with a likely slowdown in Fiji’s key trading partner economies, particularly Australia.

“The Bank will continue to closely monitor economic developments for any potential risks to the Bank’s twin objectives and align monetary policy accordingly,” he said.

But currently, the dual mandate of the Bank remains stable.

Inflation slowed to 1.5 per cent in April from 2.4 per cent in March, owing to lower fuel prices.

Foreign reserves are currently (28 May) around $1.877 billion, sufficient to cover 4.7 months of retained imports of goods and non-factor services.

Feedback: rachnal@fijisun.com.fj

 

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