Press Release No 34 –
RBF Relaxes Exchange Controls
Press Release No. : 34/2011
Date : 25 November 2011
The Reserve Bank of Fiji has further relaxed exchange controls as announced in the National Budget Address today by the Prime Minister and Minister for Finance, Commodore Voreqe Bainimarama.
The Governor of the Reserve Bank of Fiji (RBF), Barry Whiteside highlighted that the increased delegated limits mean that the Bank is confident about the outlook on the level of foreign reserves, which is currently around $1.5 billion. He added that the measures announced would result in improved efficiency for businesses as they will no longer be required to lodge their applications with the RBF.
Mr. Whiteside said that apart from increased delegated limits on a range of transactions, the RBF has also allowed commercial banks to write more forward contracts for importers as well as re-introduce offshore investments for individuals up to $10,000 per family per annum.
The attached document provides more details of the changes which will become effective from 1 January 2012.
If you have any enquiries, please call the Exchange Control Unit at the Reserve Bank of Fiji.