NEWS

A-G Sets Record Straight On Bank Liquidity

"These facts demonstrate that statements made by Ms Tabuya were not true and asked the Opposition not to propagate false information about the economy." Aiyaz Sayed-Khaiyum
16 Feb 2019 09:30
A-G Sets Record Straight On Bank Liquidity
Opposition Leader Sitiveni Rabuka and Lynda Tabuya folloed by Minister for Infrastructure Jone Usamate outside Parliament February 15, 2019. Photo: Ronald Kumar.

The Attorney- General and Minister for Economy, Civil Service and Communications, Aiyaz Sayed-Khaiyum, set the record straight regarding Fiji’s bank liquidity position in Parliament yesterday.

He slammed allegations by Social Democratic Liberal Party’s Lynda Tabuya on Wednesday that liquidity in Fiji’s financial system was at an all-time low.

The Opposition Whip then changed her tune, saying she meant that it had been the lowest since the past eight to 10 years.

Mr Sayed-Khaiyum raised the matter again in Parliament yesterday to clarify that the allegations made by Ms Tabuya were false.

“I have extracted the figures from the Reserve Bank of Fiji. Liquidity in 1993 was $13.6 milion, in 2005 it was $71.5 million, 2003 it was $236.2m, and in 2011 it was $510m.

“Going into the recent times, in 2017 the liquidity was $606m, in 2018 it was $306m and as of 13th February 2019 it is $342.3m.”

In 2008 it was $55.1m therefore her claims that now it is the lowest, is incorrect.

He said these facts demonstrate that statements made by Ms Tabuya were not true and asked the Opposition not to propagate false information about the economy.

“Members of the Parliament have a responsibility to the Fijian public, to Fijian investors and Fijian people who are trying to invest in Fiji. All members of the house must speak the truth,” Mr Sayed- Khaiyum said.

Ms Tabuya then raised a point of order to allow for a response on the Attorney-General’s remarks.

“I qualified my statement by saying that it was lowest in the past eight to 10 years and he has just confirmed with his figures from  2013 … from 2011 to 2019 that it has reduced up to $300 million and that he cannot dispute,” she said.

Edited by Epineri Vula

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