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Reserve Bank Continues Flight For Sector Growth

The Reserve Bank of Fiji will continuously ensure that positive changes are made in the agriculture sector as it contributes greatly to the economic growth of the country. The central
14 Sep 2014 10:38
Reserve Bank Continues Flight For Sector Growth
Fiji Airways Flying Fijians captain Domoniko Waqaniburotu is welcomed by a relative at Nadi International Airport on October 15, 2019 Photo: Waisea Nasokia

The Reserve Bank of Fiji will continuously ensure that positive changes are made in the agriculture sector as it contributes greatly to the economic growth of the country.

The central bank was one of the major sponsors of the three-day Central Division Agriculture Show at Syria Park in Nausori hosted by the Ministry of Agriculture.

Reserve Bank, Financial System Development Group chief manager, Vereimi Levula, said the central bank wished to see continous growth in the sector.

“This is one particular sector that we want to develop and we are working with other financial institutions such as banks to develop it,” Mr Levula said.

“Agriculture sector contributes to the overall Gross Domestic Product of the country. One of the things we have done is ask financial institutions, especially the banks, to lend to this sector.

“As of last year we have asked the banks to lend four per cent of the total deposit liability to this sector because we want it to grow.

“We also anticipate that there will be a lot of small to medium enterprises participation effectively in the agriculture sector that can also contribute to the growth of the economy.”

He highlighted there was a lot of potential hence it was only a matter of working together with financial institutions that would enable assistance.

“I understand from the show that a lot of banks are here participating which indicates that sector is important to them.”

Feedback:  maraia.vula@fijisun.com.fj

 

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