Foreign reserves stands at $2.2 billion

Foreign reserves stands at $2.2 billion, sufficient to cover 6.9 months of retained imports according to the Reserve Bank of Fiji.

The Bank also states that it is injecting an additional $100 million to its Import Substitution and Export Finance facility to help ease the financial difficulties imposed on private sector businesses by the COVID-19 pandemic.

The RBF further says domestic deflation persisted for the sixth consecutive month as prices fell by 2.8% over the year in March.

Annually lower prices were noted for alcoholic beverages, tobacco & narcotics; food & non-alcoholic beverages and the housing, water, electricity, gas and other fuel categories which more than offset the higher prices recorded in the transport category.