Press Release No. : 14/2024
Date : 27 June 2024
Press Release No 14 – Exchange Control Relaxations
The Board of the Reserve Bank has approved further relaxation of exchange controls, to be effective from 01 August 2024.
The Governor, while announcing the new measures, highlighted that the changes are aimed at supporting economic activity and operational efficiency by making foreign exchange payments more convenient for businesses.
The changes also attempt to achieve the exchange control delegations that were in place pre-pandemic, before the Bank tightened exchange controls as a precautionary measure to protect foreign reserves.
The Attachment provides more details of the exchange control changes.
For any enquiries, please contact the Exchange Control Unit of the Reserve Bank of Fiji via email: ecservice@rbf.gov.fj
| Type of Payment | Current Delegation | New Delegation |
|
1. Deposits into F$ External A/cs Proceeds of sale of personal assets/claims and insurance proceeds |
$100,000 per annum |
$250,000 per annum |
|
2. Payment of Lubricant/Engine Oil/Hydraulic Oil already landed and cleared by Customs (Does not apply to fuel companies) |
$100,000 per invoice |
Fully delegate |
|
3. Loan Repayment |
$250,000 as per repayment schedule | $500,000 as per repayment schedule |
| 4. Profit declared and distributed to non-resident shareholders/partners/sole proprietors | $250,000 per annum |
$500,000 per company |
|
5. Subscriptions, including entrance fees to Publications, Professional Institutions, Charities and Trade Organisations |
$20,000 per annum |
$50,000 per annum |
|
6. Withdrawal of Investment (Sale of Assets/Shares and return of Shareholders Funds) |
$250,000 per annum | Internal Approval Limit – $500,000 per month from $200,000 |
|
7. Foreign Currency accounts for exporters |
$100,000 per company (includes accounts with other banks) | $250,000 per company |
RESERVE BANK OF FIJI
For further details, please contact: –
Communications Office:
Telephone: (679) 3223 381 Email: info@rbf.gov.fj
Mr Mervin Singh – Manager Corporate Communications:
Telephone: (679) 3223 229 Email: mervin@rbf.gov.fj