World trade has improved but continued to be affected by the continued war in Ukraine and the lingering effects of COVID-19.
Reserve Bank of Fiji. Photo: Leon Lord
The Reserve Bank of Fiji (RBF) Board has maintained the Overnight Policy Rate at 0.25 per cent.
In a meeting yesterday, Governor and chairman of the board, Arif Ali, said economic fragilities would continue to shape global growth prospects.
World trade has improved but continued to be affected by the continued war in Ukraine and the lingering effects of COVID-19.
While global inflation continues to moderate, it remains high.
Domestically, Mr Ali said the latest macroeconomic indicators reveal that Fiji continues to recover from the strengthening tourism industry and its positive domino effect on related sectors.
Visitor arrivals are expected to reach 2019 levels by the end of 2023, faster than earlier anticipated following the better-than-expected arrivals in the year to April (252,245 visitors) which was higher than the corresponding 2019 level by 1.4 per cent.
Strong consumption activity to date has been supported by increased incomes from higher employment and the steady growth in personal remittances and new consumption loans. Investment activity continues to recover at a moderate pace proxied by the pick-up in new lending to both the real estate and building and construction sectors.
Source: Reserve Bank of Fiji
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