RBF says no devaluation of Fijian dollar

Any rumour of a devaluation of the Fijian dollar should be disregarded.

Those are the comments of the Governor of Reserve Bank of Fiji, Ariff Ali as some people are asking the question on whether the dollar will be devalued.

When questioned by Fijivillage, Ali said that our foreign reserves currently stand at just below $2 billion sufficient to cover 4.1 months of imports of goods and services.

Ali also says that while the current level of foreign reserves is just below $2 billion, it is still within a buffer of approximately $500 million above the widely used international benchmark of 3 months of import cover.

He says in addition to this buffer, the RBF can tap on a further $530 million in foreign currency reserves held by other institutions and exporters, who are currently holding these foreign currency reserves on the approval of the RBF.

Ali says the RBF can confirm at this time that Fiji’s foreign reserves level remains adequate and any rumour of a devaluation of the Fijian dollar should be disregarded.

We will have more later today.