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COVID-19

Latest cases to impact economy and tourism: RBF

April 29, 2021 5:01 pm

The Reserve Bank of Fiji says the latest wave of COVID-19 cases, will add to the near-term economic uncertainty and will likely delay the resumption of tourist activity.

With 44 active cases in Fiji at the moment, RBF says the 50,000 people who had received the first dose of the AstraZeneca COVID-19 vaccine and the 26,000 doses that have recently arrived in the country are positive developments.

RBF Governor Ariff Ali, domestically, economic activity remains weak based on the lacklustre output in key sectors and contraction in consumption and investment activity.

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He goes on to add that weak labour market conditions persist with ongoing support from the Fiji National Provident Fund and the Government via the COVID-19 unemployment scheme.

Liquidity remains high at $1,497.6 million and as such, interest rates remained relatively lower over the year.

Headline inflation returned to negative territory (-1.2%) in March, underlined by lower food, alcohol, and yaqona prices.

Foreign reserve levels continue to be assessed as adequate, and currently stand at $2,781.6 million, sufficient to cover 8.6 months and supported by a drawdown of external loans and lower import payments.

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