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Banks tighten up on loans

October 29, 2020 4:42 pm

Banks are being more stringent with their loans according to the Reserve Bank of Fiji Board following its meeting earlier today.

RBF governor Ariff Ali says credit conditions have tightened given the current elevated risk levels and depressed economic environment.

However, he says, given the high level of liquidity in the financial system, the cost of funds for commercial banks, and lending rates have declined relative to last year.

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Ali says this should augur well for the economy during the recovery phase.

The Governor adds domestic economic activity in the months ahead will be supported by the government initiatives in the 2020-21 National Budget, coupled with the RBF and various lending facilities accommodative monetary policy.

Headline inflation fell further to -3.2 percent last month from -3 percent in August and continues to be underpinned by lower prices for alcohol, yaqona, food and fuel.

Ali says looking ahead, inflation is envisaged to be in negative territory until mid-2021 considering the weak economic environment, reduced taxes and duties and lower international oil prices.

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