Fiji Time: 1:44 PM on Saturday 31 January

Fiji Times Logo

/ 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. Wife tells of sorrow
  2. On the hunt
  3. Justice to the brave
  4. Workers warned to follow the rules
  5. 7s recall
  6. Tears of joy roll
  7. Community mourns loss
  8. School gifts for Nilesh
  9. Groundbreaking ceremony for $1.5m NFA complex
  10. Health bus on the move

Top Stories this Week

  1. Killer on the loose Friday (30 Jan)
  2. Who let our boy go swimming Thursday (29 Jan)
  3. Old market to turn into live fish shop Tuesday (27 Jan)
  4. Fake tabua inquiry Thursday (29 Jan)
  5. FRCA terminates officers Tuesday (27 Jan)
  6. Things you didn't know about Kuridrani Monday (26 Jan)
  7. Man charged for assaulting daughter Monday (26 Jan)
  8. Tragic end to tour Wednesday (28 Jan)
  9. New-look bus station plans Tuesday (27 Jan)
  10. Community in shock Friday (30 Jan)