RBF Relaxes Imports Policy

The Reserve Bank of Fiji (RBF) has decided to relax its policy on the prepayments of imports which had come as a welcome relief to importers around the country.

Prior approval of the RBF was required by importers for prepayments of imports of $50,000 and over.

This has now been relaxed as of yesterday for amounts up to $1 million, where importers can make payments directly through their commercial bank and authorised dealer without prior approval from the Reserve Bank.

RBF Governor Savenaca Narube said the gradual recovery in the economy and a more positive outlook is now allowing the Bank to gradually relax policy levels prior to January 2002 levels.

Fiji Chamber of Commerce Vice President Swani Maharaj said the business community has been anticipating this day as it will ensure that products are quickly replaced on the supermarket shelves without the unnecessary hurdles.