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Fijian currency in safe space

August 28, 2019 7:30 am
Minister for Economy Aiyaz Sayed-Khaiyum [Source: The Fijian Government]

Minister for Economy Aiyaz Sayed-Khaiyum has indicated the Fijian currency is in a safe space.

Speaking in relation to the recent weakening of the Australian dollar, Sayed-Khaiyum says this could cause a recession and have an effect on our tourism industry, but the advantage for Fiji is that we are not fully integrated into the global market.

“We are somehow buffeted in a way and we need to be able to be resilient about it, you know we saw a few months back there were seem to be a bit of panic in the market, interest rate was going up for deposits, there seems to be a bit of scramble, that all stabilizes now. Our liquidity is in access of $600m nearly double to what it was at the end of last year.”

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The Economy Minister also highlighted that inflation is currently at 0.7 percent while Foreign Reserves are at $2.2 billion.

“The point I want to make from this is we need to have the level of tenacity to be able to stand up to this kind of fluctuation in the global market and to be able to understand that yes there may be a certain level of impact however that we are in a way buffet too, so we need to be creative”.

Sayed-Khaiyum also stated that several new projects from the semi-public and private sector should be expected in months to come as the government is talking to major investors – an indication of the confidence in the economy.

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