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2016 Foreign Reserves outstanding: Eden

May 19, 2018 8:13 pm

Fiji’s Foreign Reserves for 2016 was recorded at close to two billion dollars, despite many setbacks including Severe Tropical Cyclone Winston.

While tabling the Reserve Bank of Fiji’s 2016 Annual Report in Parliament, Chair of Standing Committee on Economic Affair, Lorna Eden said the 2016 Reserves was equivalent to five and half months of retained imports.

Eden says the reserves was regarded as outstanding.

“This is highly commendable in light of the fact that the International Monetary Fund states that a bench mark of three months is quite sufficient.”

Eden says the impacts of post cyclone activities resulted in the agriculture and construction sector declining.

She adds this lead to the downward revision of projected growth in 2016 from 3.5% to 2%.

Foreign reserves consist of any foreign currency held by the central bank including foreign banknotes, bank deposits, bonds, treasury bills and other government securities.