Fiji Times Logo

Fiji Time: 12:35 PM on Tuesday 29 July

/ Front page / News

Meltdown spurs new policies.

Saturday, April 25, 2009

Update: 5:09PM THE Reserve Bank of Fiji has announced two new polices to safeguard the country's balance of payment in light of global financial crisis.

Governor Sada Reddy said the tourism local value added and the high end luxury import policies were to support the policies announced last week which also saw the Fiji dollar devalued by 20 per cent last week.

The tourism value added policy, which comes into effect in June, will link borrowing from commercial banks and other lending institutions by hotel operators to their local value added and environment protection. 

Under this policy, RBF will give six month scholarships to the most promising graduate from the tourism industry schools to study in Asia on local food processing.

Under the high end luxury import policy, the RBF has asked commercial banks and other lending institutions to review their lending to this sector so that there is no excessive holdings of stocks and imports of high end luxury imports which tie up valuable foreign exchange in stocks.  Imports related to tourism will not be affected.


Fiji Times Front Page Thumbnail

Kaila Front Page ThumbnailFiji Times & Kaila Frontpage PDF Downloads

Use the free Acrobat Reader to view.

Today's Most Read Stories

  1. Hero's tale
  2. Help for illegal Fijians
  3. Making a difference
  4. Aviation deal fallout
  5. Spray claim
  6. Police nab suspects
  7. Makeshift market fails to impress
  8. Muslims celebrate
  9. Malani sets new national time in breaststroke event
  10. Follow the guidelines

Top Stories this Week

  1. No 'free education', says party Wednesday (23 Jul)
  2. Illegal Fijians in Tonga Friday (25 Jul)
  3. Fijian woman jailed for stealing millions in NZ Sunday (27 Jul)
  4. Warning for teachers Thursday (24 Jul)
  5. 10 degrees lowest yet Monday (28 Jul)
  6. New United formation Monday (28 Jul)
  7. $70m plan Wednesday (23 Jul)
  8. Groenewald: Brutality video under investigation Thursday (24 Jul)
  9. Tafunai confident Friday (25 Jul)
  10. Sevens schedule revealed Thursday (24 Jul)