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Global economy to improve

Talebula Kate
Wednesday, February 28, 2018

Update: 10:19PM GLOBAL economic conditions are forecast to improve further in 2018 despite varied performance in Fiji's major trading partners in the last quarter of 2017.

In its latest economic review issued today, the Reserve Bank of Fiji highlighted the global outlook is favourable but still subject to substantial downside risks, including the possibility of financial stress, increased protectionism, and rising geo-political tensions.

Global commodity prices showed mixed movements in January as prices for crude oil and gold rose while sugar and FAO1 food price index fell.

Domestically, sectoral performances were mixed but generally positive in 2017. 

While visitor arrivals increased by 6.4 percent last year underpinned by strong growth in tourist arrivals from New Zealand (NZ), the US and Australia, it dipped slightly in January (-3.5 percent) due to lower arrivals from China, Australia, Rest of Asia and Japan.

In January, the Fijian dollar rose against the US dollar, but depreciated against the Euro, the Yen, the Australian and the NZ dollars.

However in light of the latest global and domestic economic developments and no immediate risks to the outlook for the monetary policy objectives, the Reserve Bank maintained the Overnight Policy Rate at 0.5 percent in February.

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Code Inward TTs Outward TTs
CAD 0.65010.6311
JPY 53.241250.2412
GBP 0.35510.3471
EUR 0.40440.3924
NZD 0.69430.6613
AUD 0.64630.6213
USD 0.49840.4814



Exchange Rate updated on 19th, March, 2018

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