Exchange Control In Fiji
[A] Introduction
Exchange Control encompasses Government’s regulations with regard to the buying and selling of foreign currency and related transactions between Fiji and the rest of the world.
Statutory Requirement
The powers and functions relating to exchange control are exercised and administered under the Exchange Control Act Cap. 211 Rev. 1985 by the Reserve Bank of Fiji. These powers, except the power to make orders or to apply for a search warrant, are delegated to the Reserve Bank by the Minister of Finance under Section 48 of the Reserve Bank of Fiji Act.
Delegation of Authority
The powers delegated by the Minister of Finance, especially the authority to buy and sell foreign currencies are further delegated by the Reserve Bank of Fiji to authorised foreign exchange dealers. These are referred to as delegated authority.