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Fiji’s foreign exchange levels remain strong, standing at over $3.4 billion as of yesterday.

Finance Minister Professor Biman Prasad says this is equivalent to almost 6.1 months of retained imports.

He says the exchange rate is stable and well protected, and the financial sector is sound with a strong capital position.

Professor Prasad also highlights that liquidity levels are more than adequate to support investments, sitting at almost $2.5 billion.

“Remittances crossed the billion-dollar mark last year and are increasing further, likely to cross the $1.2 billion mark by the end of this year. Mr Speaker, it is not only fitting at this juncture to extend the coalition Government’s deepest gratitude, vinaka vakalevu, and dhanyewaad to all our families and friends abroad who continue to support our people here in such a moving and heartfelt way. On the fiscal front, the budget stabilizes our revenue and debt levels and puts them on a sustainable path.”

Professor Prasad adds that they began the fiscal year in July 2022 with a debt-to-gross domestic product ratio of 88.8%.

He adds that they are projecting this to reduce GDP by 79.3% by July 24.

2023-2024 National Budget Address