Having good levels of foreign reserves brings stability to the country.

This was revealed by Fiji Development Bank Chief Executive Saud Minam in regards to Fiji’s foreign reserves, which hit a record high of $3.62 billion, equivalent to 8.4 months of imports.

“So these foreign exchange reserves, which also helps us in terms of understanding that if we need to import, which we do a lot of (import), we have enough funds to be able to meet the requirements of the import.”

Fiji Development Bank Chief Executive Saud Minam

Minam says in a fluid environment, like the one that the country is currently experiencing, a solid foreign reserve provides much-needed stability with rising inflation and oil prices.

Meanwhile, in his 2022-2023 National Budget address last week, Minister for Economy Aiyaz Sayed-Khaiyum said Fiji’s current foreign reserves represent the country’s ability to purchase and import goods from other countries.

He says if foreign reserves had been low, Fijians would not be able to purchase goods such as fuel, cooking gas, clothing, and other import items.