29 January, 2023, 2:28 pm Central - 30°C Rain

Unity Fiji candidate Mohammed Khan has made some unsubstantiated and false allegations - RBF Governor
Khan was a relatively junior economist, having spent only around 2 years in the Economics Group - Ali

Unity Fiji candidate Mohammed Khan has made some unsubstantiated and false allegations - RBF Governor

Khan was a relatively junior economist, having spent only around 2 years in the Economics Group - Ali

By Vijay Narayan
Sunday 27/11/2022
Reserve Bank of Fiji Governor, Ariff Ali

Reserve Bank of Fiji Governor, Ariff Ali says Unity Fiji candidate, Mohammed Riyaz Khan has made some unsubstantiated and false allegations.

Ali says with regards to the proceeds of the borrowing from RBF being used for salary payment for civil servants, a simple check of government finances would reveal that the net deficit in the 2019/2020 financial year was $636 million while capital expenditure was much higher at $988 million.

The RBF Governor says this means that government revenue was more than adequate to cover for all operating expenditure and even covered part of the capital expenditure.

Ali says he wishes to also clarify that Khan was a relatively junior economist, having spent only around 2 years in the Economics Group.

He also says the RBF has invested in government securities from time to time since the 1970s.

Ali says this even happened during the tenure of Governor Savenaca Narube.

He says there are various reasons for the Bank to purchase government securities, which can be either in the primary or secondary market.

The Governor says the RBF Act allows such investments within limits, and the Bank has never breached the provisions of the Act.



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