Labour market conditions worsened: Economic review
June 1, 2020 4:45 pm
The Reserve Bank of Fiji. [File Photo]
Overall labour market conditions have worsened with further announcements of layoffs.
The Reserve Bank of Fiji in its May review says the notable uptake of the Fiji National Provident Fund’s COVID-19 Withdrawal Scheme corroborates an increase in unemployment.
As at 27th May, 88, 939 COVID-19 Withdrawal applications have been lodged with the FNPF.
Governor Ariff Ali says these applicants are mainly from tourism and taxi and small and micro enterprises sectors that have experienced reduced hours, lowered income or have been laid-off temporarily or permanently.
Ali also states that domestic credit growth slowed by 4.2 percent with reduced lending to businesses and private individuals.
In the same period, commercial banks new lending and deposit rates also fell annually.
As at 28th May, excess liquidity stood at $807.8 million.