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Capital Markets Week To Raise Awareness

Capital Markets Week To Raise Awareness
From left: Courts director marketing Anil Senewiratne, Free Bird Institute’s Roqiqi Korodrau, Fijian Holdings Limited (FHL) deputy general manager business development Priscilla Greig, Governor of the Reserve Bank of Fiji Ariff Ali, FHL fund management limited acting general manager Mereoni Matavou, Unit Trust of Fiji manager business development and company secretary Sakiusa Bolaira and Fiji National Provident Fund chief executive officer Jaoji Koroi at the launch of the Capital Market Week on July 2, 2018. Photo: Simione Haravanua
July 03
10:00 2018

 

The Reserve Bank of Fiji (RBF) has embarked on a journey to raise public awareness about the country’s capital markets, in events this week that will promote financial literacy.

Capital Markets Week (CMW) was officially launched yesterday in Suva by RBF Governor Ariff Ali, who said the industry was essential to Fiji’s economy.

“The capital markets play a critical role in mobilising savings into medium to long-term productive use in both the public and private sectors,” Mr Ali said.

“Fiji’s capital markets comprise the stock market where companies raise funds for business expansion by issuing shares, the managed investment schemes; that is, the unit trust market where licences professional managers pool funds for investment by issuing units, and the bond market, where Government state owned enterprises raise funds by issuing bonds.

“These markets have grown immensely and are valued at over $6 billion or just over 50 per cent of Fiji’s Gross Domestic Product (GDP) with market capitalisation of the South Pacific Stock Exchance (SPSE) breaking the $2bn mark earlier this year.”

Today’s major event includes a secondary schools capital markets quiz at the University of the South Pacific’s Japan-Pacific information and communication technology (ICT) centre.

It will be contested by Jasper Williams High School, Labasa Sangam SKM College, Bhawani Dayal Arya College and Mahatma Gandhi Memorial High School.

The four schools emerged as finalists following two preliminary rounds of competition between some 58 schools.

The quiz follows a SPSE-organised national secondary school essay competition, as institutions target high school and university students with awareness-raising programmes.

The week’s daily events include stakeholder-run information kiosks at Fiji National Provident Fund Downtown Boulevard in Suva, recently the venue of a retirement expo.

RBF say the goal of the CMW expo is “to allow the public to explore how they can make their money work for them and inculcate a sense of saving for the future.”

“Many Fijians have very little to no knowledge of Fiji’s capital markets, its functions the investment opportunities available,” Governor Ali said.

“For these reasons, the RBF with the support of industry stakeholders, has undertaken this week-long awareness campaign to inform and educate the public.

Mr Ali said the theme, ‘profits without sweat and mostly tax free,’ “encapsulates what the capital markets can offer: an opportunity for people to make their money work for them and most of the returns on investments are tax free.”

The central bank is responsible for developing and regulating the country’s capital markets, guided by the Companies Act (2015).

RBF says they will use the week’s activities to raise awaremess, promote financial security, sustainability and a savings culture and encourage Fijians to invest their savings

Feedback:  sheldon.chanel@fijisun.com.fj

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