64.3 per cent decline in job vacancies

In its November economic review the RBF stated that the decline in number of vacancies was underpinned by reduced recruitment intentions across all major sectors of the economy. Picture: ELIKI NUKUTABU

The job market remains a concern as the Reserve Bank of Fiji noted a 64.3 per cent decline in vacancies in the year to October, compared with a decline of 1.4 per cent in the same period in 2019.

In its November economic review the RBF stated that the decline in number of vacancies was underpinned by reduced recruitment intentions across all major sectors of the economy.

The month in review also experienced a contraction of investment indicators, whereby cumulative to October, commercial banks’ new lending for building and construction purposes declined by 24.9 per cent.

According to the RBF in the same period, domestic cement sales declined by 11.6 per cent underpinned by weak demand.

Meanwhile financial indicators also confirmed decline in aggregate demand and low risk appetite as private sector credit dipped into negative territory as a result of lower lending to private sector business entities and private individuals.

The RBF highlighted the decline in foreign reserves in October by $87.0 million to $2242.4m, which was still sufficient to cover 7.5 months of retained imports.

It said as at November 30, foreign reserves stood at $2,186.3m, sufficient to cover 7.3 MORI.

The RBF the decline in foreign reserves had contributed largely to the decline in liquidity in the banking system.

According to the review the excess liquidity in the banking decreased by 8.8 per cent (-$88.4m) in October to $912.9m.

Total banks demand deposits stood at $860.5m as at November 27.

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