Fiji’s foreign reserves continue to increase-RBF

Fiji's foreign reserves continue to increase however the Reserve Bank said that the economic activity remains uneven across the key industries in Fiji.

In its August economic review, the RBF said while tourism activity continues to strengthen as indicated by the annual growth of 9.9 percent in visitor arrivals, sugar production recorded a marginal yearly growth of 0.4 percent within the first two months of crushing.

Gold, electricity and cane production declined on an annual basis in the review period.

The RBF is optimistic that further improvements in cane quality and supply and fewer mill stoppages should result in a pick-up in cane and sugar output for the rest of the season.

Capital works by the Vatukoula Gold Mines Limited to date are also expected to increase the company's mining capacity, with the current high international gold prices providing an incentive for increased gold production for the remainder of this year.

However RBF said recent survey measures point to subdued business conditions for the building and construction, garment and communications industries.

Foreign reserves increased further in August to $1.631 billion.

Story by: Vijay Narayan