What is Exchange Control
Exchange Control encompasses Government’s regulations with regard to the buying and selling of foreign currency and related transactions between Fiji and the rest of the world.
The powers and functions relating to exchange control are exercised and administered under the Exchange Control Act Cap. 211 Rev. 1985 by the Reserve Bank of Fiji. These powers, except the power to make orders or to apply for a search warrant, are delegated to the Reserve Bank by the Minister of Finance under Section 48 of the Reserve Bank of Fiji Act.
Delegation of Authority
The powers delegated by the Minister of Finance, especially the authority to buy and sell foreign currencies are further delegated by the Reserve Bank of Fiji to authorised foreign exchange dealers. These are referred to as delegated authority.
Processing of Applications
The delegated authority empowers authorised foreign exchange dealers to approve applications by customers that are within the specified delegated limits.An Exchange Control approval from the Reserve Bank is required when an application falls outside the delegated authority. Where an applicant does not satisfactorily meet all the requirements stated for a particular transaction, the authorised foreign exchange dealer should seek the approval of the Reserve Bank.