Press Release No 34 –
Further Exchange Control Relaxations Effective 01 January 2014
Press Release No. : 34/2013
Date : 08 November 2013
The Reserve Bank has relaxed exchange control further as announced this morning by the Honourable Prime Minister and Minister for Finance, Commodore Josaia Voreqe Bainimarama, in his 2014 Budget Address. The new delegated limits for commercial banks and authorised foreign exchange dealers come into effect from 01 January 2014.
The Governor of the Reserve Bank, Mr Barry Whiteside, highlighted that the higher delegated limits were possible as foreign reserves continue to improve. The level of reserves is currently around F$1.80 billion, equivalent to 4.9 months of imports. Mr Whiteside added that the changes in policy as well as the healthy level foreign reserves should encourage optimism and promote investor confidence.
The details of the policy changes are attached.