The Reserve Bank of Fiji (RBF) has implemented various policy changes – that includes the rationalization of its import/export finance facility - to support the government’s efforts to facilitate growth in the economy.
The RBF Governor Mr Sada Reddy said that RBF had taken a number of initiatives to encourage local value adding to products and to improve import substation.
“In relation to this, the bank offered sponsorship for training of a local chef in Malaysia,” Mr Reddy said.
“Recently, the RBF rationalised its $40million import substitution and export finance facility to make it easier for eligible businesses to access.
“Exporters and agricultural entities that engage in businesses which will bring down our imports can tap this facility at concessional rates of interest.”
Mr Reddy said the RBF continues to partner with financial institutions to ensure that they provide an efficient and effective facilitative role in the development of the economy.
“I note the enormous progress made towards the development of micro finance in Fiji. It is encouraging to see the active participation from banks and stakeholders from the private and public sectors as well as non-government organisations in the various micro finance expositions held so far,” he said.
“These expos are an opportunity for the public to learn about self employment and rural financial services available through micro finance,” Mr Reddy said.”
The RBF believes that the extension of micro finance and the promotion of greater financial inclusion can contribute to greater economic activities in rural areas and address poverty alleviation.
The Governor said the National Financial Inclusion Taskforce (NFIT) was also making good progress by guiding and monitoring developments towards greater financial inclusion in Fiji.
The establishment of Local Advisory Boards (LABs) for foreign banks is another critical step to assisting banks to better understand and align their strategies to the local regulatory and supervisory environment as well as national development objectives.
“Another key development implemented last year was the setup of Customer Complaints Processes in place of a Financial Services Commission and Banking Ombudsman. This process ensures that customer complaints received by financial institutions are addressed efficiently, bringing confidence to the customer,” Mr Reddy said.
He said that as partners with the Government and RBF, the nation would continue the momentum to help take Fiji forward towards economic and financial prosperity.
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