Prime Minister, Voreqe Bainimarama highlighted in Parliament today that despite the devastating economic contraction during the worst period of the pandemic, the path of stellar growth, RBF has been paramount every step of the way in supporting the Government.
While debating the motion on the Consolidated Review Report of the Reserve Bank of Fiji 2018/2019, 2019/2020 and 2020/2021 Annual Reports, Bainimarama says response measures during the review period in lowering the RBF’s key interest rate aimed to encourage demand, support consumption, and investment, increase allocation for substitution and export finance facility, and the disaster rehabilitation and containment facility which included support for MSMEs.
Bainimarama says the committee’s review highlights that Fiji’s foreign reserves have remained above the benchmark during the review period and remittances have increased along with a greater emphasis on digital transactions.
He says in the review, an increase of 283.5 percent was noted in mobile money services and we know there is unlimited potential in improving our digital finance sector as well as developing outsourcing as a key economic sector.
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