FIJI faces the challenge of finding regional comparators for data and statistics, the Reserve Bank of Fiji said.
Chief manager financial institutions, Esala Masitabua said Fiji used Australia and New Zealand as a comparative guide but this was nowhere near the size and wealth of the two larger countries.
"Compared to our neighbouring South Pacific Island countries we are streets ahead," he said while speaking at a banking and financial symposium in Suva earlier this week. "We're mindfully aware that when it comes to capital and investments Fiji is competing with the world."
Mr Masitabua said regular and frank dialogue between central and commercial banks could lead to improvements in market functions and in outcomes.
Such dialogue led to the removal of fees and charges which the RBF considered unfair and a barrier to competition like penalty payments which included loan exit fees and inward cheque dishonour levied by commercial banks, he said.
He said the RBF had directed commercial banks to lend agricultural and renewable energy loans.
"The objective is for the banks to actively seek out the opportunities and proactively consider investing in products or expertise to assist," Mr Masitabua said.
Under the Banking Act 1995, banks were obligated to explain to the public why interest rates were above four per cent, he said.
This is the Spread Disclosures and Financial Information Disclosures which RBF extended to insurance companies this year, he said.
"Frequently detractors would mention that there was no use for these disclosures as the public generally cannot understand them.
"In today's information age we can even educate ourselves," he said.