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Home >> Business
UPDATED: 11:34, April 18, 2007
Fiji central bank warns of dismal economy
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The Reserve Bank of Fiji (RBF) has once again warned Wednesday of the continuing decline of the Fiji economy, according to Fijilive, a Suva-based news service.

The bank is urging adequate and lasting solutions to the problems and cautioning that "tinkering at the margin will not work for us any longer."

The governor of the Reserve Bank Savenaca Narube highlighted the economic challenges that Fiji is facing, stressing that " solutions that will last are not without costs."

Narube said the key economic challenge that Fiji is facing is to correct the widening trade imbalance.

He said that Fiji's exports continue to be dismal, with sugar earning 100 million Fiji dollars (68 million U.S. dollars) less than its peak year.

Other exports such as garment has lost even more than that, gold production that earned 60 million Fiji dollars (41 million U. S. dollars) has also now disappeared and tourism numbers and yields have also dropped.

"The trade deficit continues to widen," Narube warned.

While the RBF since May 2004 had progressively raised interest rate and tightened liquidity to safeguard the external financial position of Fiji, Narube said even back then they had highlighted the need for Fiji to raise its exports.

"Unfortunately, exports have yet to respond," said Narube.

He said it makes more sense to tighten progressively and as much as possible allow room for investment and the economy to grow.

Source: Xinhua


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