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Fiji Time: 4:51 AM on Wednesday 3 September

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Sound system

Ropate Valemei
Saturday, November 10, 2012

FIJI'S banking system performance has been satisfactory says the Reserve Bank of Fiji governor Barry Whiteside.

In his speech at the opening of the new BRED Bank in Suva on Saturday, Mr Whiteside said key prudential indicators of our banking system remained favorable.

"The satisfactory performance of the banking system is attributed to a strong level of capital, adequate liquidity, good management, sound profitability and revived lending trend after a sustained period of benign growth," he said.

He said developments in the various sectors had been reflective of the growth in the total assets of our financial institutions.

"There has also been a rapid development of innovation in the domestic financial sector with growth in areas of mobile banking, electronic banking initiatives and ATM and EFTPOS interconnectivity, to name a few."

Turning to Fiji's financial system, he confirmed that this continued to be sound.

"Despite the increasing global uncertainty, our monetary policy objectives remain at comfortable levels."

The economic growth for this year is expected to be close to the earlier forecast.

"Inflation continues on a general downward trend registering 3.7 per cent in September and is forecast to fall further to 3.5 per cent by year-end, driven by lower prices for food and stability in oil prices.

"Foreign reserves are currently around $1.6 billion, sufficient to cover 5.0 months of retained imports of goods and non-factor services."

He added that our Macroeconomic Policy Committee is currently reviewing the earlier forecast for 2012 GDP growth of 2.7 per cent.

He said the review took into account the combined impact of ongoing buoyancy in domestic demand on the one hand and the possible deterioration in external demand from a global slowdown, on the other hand.


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