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RBF maintains Overnight Policy Rate at 0.5%

The Reserve Bank of Fiji (RBF) will maintain the current Overnight Policy Rate (OPR) at 0.5 percent. The OPR is a rate a borrower bank has to pay to a leading bank for the funds borrowed. In announcing the decision, the Governor and Chairman of the RBF Board, Mr Barry Whiteside said: “Following an estimated […]

Verleshwar Singh

January 29, 2016 8:44 am

The Reserve Bank of Fiji (RBF) will maintain the current Overnight Policy Rate (OPR) at 0.5 percent.

The OPR is a rate a borrower bank has to pay to a leading bank for the funds borrowed. In announcing the decision, the Governor and Chairman of the RBF Board, Mr Barry Whiteside said:

“Following an estimated 4.0 percent expansion last year, the domestic economy is poised to achieve its seventh consecutive year of economic growth in 2016, of 3.5 percent. Growth is expected to be broad based with most sectors contributing to overall output. Aggregate demand is expected to hold up this year supported by favourable financial conditions, positive consumer and business sentiments and fiscal stimulus through the 2016 National Budget which should further spur growth.” Comparatively, sectoral performances in 2015 were broadly positive with the exception of the sugar, timber and fish industries, which declined. However, better-than-expected outcomes were recorded for tourism and inward remittances.

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