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Fiji Time: 11:43 PM on Wednesday 3 September

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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.


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