Wednesday, the Reserve Bank of Fiji devalued its currency by 20% with immediate effect to cushion the severe effects of the global financial crisis on the Fiji economy.
The central bank said the devaluation will bring the Fiji dollar in line with the major trading partners such as Australia and New Zealand. The Reserve Bank expects the value correction to help exporters and provide much needed boost to tourism.
On the inflation front, the central bank sees an immediate rise but inflation is expected to subside in the coming twelve months.
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