Do you know that if you travel overseas, you can only take $500 worth of Fiji currency? It’s true. Do you also know that foreign companies here in Fiji need to get the Reserve Bank of Fiji’s (RBF) approval to send profits abroad? This is also true. When it comes to large flows of money in and out of Fiji you need to comply with certain regulations. These regulations are called exchange controls.
What exactly are exchange controls? Well, as hinted above, exchange controls are guidelines put in place to monitor the flow of money in and out of the country. These controls are administered by the RBF under powers granted to it under the Exchange Control Act.
Are there any controls on money coming into the country? Generally, there are no restrictions on the money that can come into the country. The RBF ensures that export receipts are brought back into the country and not kept offshore.