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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.

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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.

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