In its latest press release (27/3/09), the Reserve Bank of Fiji has put further restrictions on the amount of money that can be taken out of the country. With immediate effect, overseas travel allowances have been reduced to FJD 5,000 per traveler and a FJD 5,000 limit per month on credit and debit card payments.
These monetary policy measures have been necessary in light of the worsening global economy and its impact on our trading partners and ultimately our foreign reserves.
Furthermore, RBF will be reviewing Fiji’s growth downwards given the current global economic condition.
On a positive note, however, inflation for the month of February was 1.9 percent compared with 6.6 in January. RBF year-end projections still remain at 4.5 percent.
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