Fiji’s foreign reserves currently stand at $3.9 billion, the highest nominal dollar value recorded in the country’s history, and are sufficient to cover 5.5 months of retained imports.
The reserves are supported by strong tourism receipts, remittance inflows and Government external loan drawdowns, and are expected to remain adequate over the medium term.
Prime Minister Sitiveni Rabuka says the level of reserves provides Fiji with a strong financial buffer against external shocks and reflects the strength of economic activity and financial flows into the country.
Rabuka says reaching this level is a significant milestone, particularly as Fiji continues to navigate a challenging global economic environment.
He says as a small island nation, Fiji has faced extraordinary challenges in recent years, including the global pandemic and its aftermath, wars in Europe and the Middle East, volatile fuel prices, rising food costs and continued pressure on global supply chains.
The Prime Minister says maintaining foreign reserves at this level against such a backdrop demonstrates the resilience of Fiji’s economy and strengthens the country’s ability to withstand external disruptions and economic shocks.
Rabuka says the achievement belongs to everyone, with businesses, investors, workers and people across Fiji continuing to contribute, invest and keep the economy moving.
He adds despite an exceptionally challenging global environment, Fiji continues to strengthen its economic resilience.
