Fiji Time: 9:47 AM on Wednesday 26 November

Fiji Times Logo

/ Front page / Business

Bank relaxes exchange control

Ropate Valemei
Saturday, November 24, 2012

THE Reserve Bank of Fiji (RBF) will further relax exchange control effective from January 1 next year.

This was revealed at the 2013 National Budget address that was announced by Prime Minister and Minister for Finance Commodore Voreqe Bainimarama on Thursday afternoon.

Central bank governor Barry Whiteside highlighted that for the first time since 2000, the bank would relax certain capital account transactions by delegating those payments up to certain limits to authorised dealers.

Mr Whiteside also highlighted that the changes were made in light of the outlook on foreign reserves that were currently around $1.6 billion.

He said those measures would signal confidence to the market and increase operational efficiency for businesses as they can now repatriate their profits, up to $0.5 million, without seeking approval from the RBF.

Over the years, the central bank has progressively relaxed exchange controls and at present most current payments are delegated to commercial banks and foreign exchange dealers.

The announced changes include further increases to the delegated limits of certain current payments and offshore investment by individuals.

The same will be applied for withdrawals and investments. A statement from the bank said that $10,000 per family per annum was currently delegated for offshore investment by individuals but would double by next year per family.





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. Indecent jokes warning
  2. Medal for a saviour
  3. Couple return to Fiji after almost a decade
  4. The real deal
  5. Man behind the change
  6. Eighteen receive Order of Fiji
  7. Maritime travel advice
  8. $67.7m expected
  9. Nanai-Williams opts for Samoa over New Zealand
  10. Industry eager for aid

Top Stories this Week

  1. Modi-fied Thursday (20 Nov)
  2. WHAT FIJI WILL GET Thursday (20 Nov)
  3. PM says sorry Thursday (20 Nov)
  4. Big cheer for a PM of good tidings Thursday (20 Nov)
  5. Budget Friday (21 Nov)
  6. Deal on NZ jobs Monday (24 Nov)
  7. No regrets Tuesday (25 Nov)
  8. Stop the bickering Tuesday (25 Nov)
  9. Patel guilty of abuse Friday (21 Nov)
  10. President Xi leaves impression on leaders Monday (24 Nov)