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Conditions Indicate Our Strong Growth Outlook

The Reserve Bank of Fiji noted improved sectoral outcomes for tourism and gold and buoyant demand conditions were indicative of Fiji’s currently strong growth outlook. Governor Barry Whiteside said projections
01 Aug 2015 10:45
Conditions Indicate Our Strong Growth Outlook
Governor of Reserve Bank, Barry Whiteside.

The Reserve Bank of Fiji noted improved sectoral outcomes for tourism and gold and buoyant demand conditions were indicative of Fiji’s currently strong growth outlook.

Governor Barry Whiteside said projections from various sectors confirm the robust invest activity to date.

These, he said included improved business confidence as seen in higher recruitment intentions, combined with continued credit demand and ongoing construction and infrastructure projects.

Mr Whiteside said potentially lower Government expenditure and weather-related impact on cane output present downside risks to this outlook.

However, he said the Fijian economy is was track to achieve the 4.3 percent growth projected for this year.

 

Monetary Policy

Meanwhile, the Reserve Bank of Fiji board at its monthly meeting agreed to maintain the Overnight Policy Rate (OPR) at 0.50 per cent.

Mr Whiteside said: “On the international front, the expected pick-up in global growth has not fully materialised.

“As a result, Fiji’s trading partners’ recent growth outcomes have remained modest, with external inflationary pressures remaining subdued.”

Mr Whiteside highlighted the twin objectives of monetary policy remained intact.

He said the June inflation rate was at a low 0.8 percent.

Our foreign reserves level as at July 30 was $1,988.6 million (five months of retained imports of goods and non-factor services cover).

“The Reserve Bank of Fiji will continue to monitor global and domestic economic developments and align monetary policy accordingly.”

Feedback: rachnal@fijisun.com.fj

 

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