Bank liquidity close to $1B
March 27, 2021 5:55 am
Liquidity in the banking sector is close to hitting the billion-dollar mark.
The Reserve Bank of Fiji confirms as of 14th March, banks had accumulated $953 million in cash deposits.
It adds these levels will remain ample in the coming months as the sluggish economy and elevated credit risks saw declining loans.
The central bank says the recent vaccine rollout to front line workers nearly a year after Fiji’s first coronavirus case is a positive development for the nation.
Prospects for business conditions, investment, retail sales and employment reflected in a December survey, point to some optimism over the next twelve months.
The RBF adds the extension of COVID-19 customer relief measures by banks will provide much-needed support to impacted households and businesses.
Foreign reserves are at $2.2 billion and are projected to rise further in the coming months due to the drawdown of external loans.