Press Release No. : 18/2007
Date : 27 September 2007
At its monthly meeting on 27 September 2007, the Reserve Bank of Fiji Board decided to leave its current monetary policy stance unchanged.
In explaining the policy stance, the Deputy Governor, Mr. Sada Reddy said that it was encouraging to see that the policies put in place so far are taking effect and there are signs of gradual recovery in business sentiments.
Interest rates have declined significantly in recent months and this should assist further in the economic recovery.
Mr. Reddy also noted that inflation rate is now definitely trending downwards and it is expected that this trend will continue.
Deputy Governor Reddy said foreign reserves had stabilised on the back of significant slowdown in the growth of imports. However, he stressed that what is needed is to put greater efforts to grow our exports.
The Bank continues to monitor economic and financial developments closely and will make changes to monetary policy if and when necessary.