Press Release 19 –
RBF Announces Policy Changes
Press Release No: 19/2008
Date : 14 August 2008
Over the years, former Fiji residents have contributed enormously to the economy by way of remittances and investment. In light of this, Government recently introduced ways to encourage and facilitate further participation of former Fiji residents in the development of the economy.
The Reserve Bank, in line with Government’s introduction of a category for permanent resident status for former Fiji residents, their descendents and current spouses, have amended its definition of a Fiji resident to accommodate this change.
Under the revised definition, former Fiji residents issued with permanent resident visas are now considered Fiji residents under the Exchange Control Act. Accordingly, exchange control policy guidelines applicable to residents will apply.
Details of the exchange control guidelines are available from the Reserve Bank.
The Reserve Bank believes that this move will enhance Government’s intention of encouraging former Fiji residents to return and contribute to the economy and at the same time, minimise the brain drain of its citizens.