Fiji Times Saturday 05 August 2017 FIJI’S foreign reserves remains high this month which is about $2.3 billion, an unprecedented record level for the country’s developing economy.
In July, the foreign reserves were about $2316.2m, which had remained well above the benchmark over the past few months of this year.
Foreign reserves are money or other assets held by a central bank or other monetary authorities that allow a country to pay its liabilities if the need arises.
Simply put, foreign reserves enable a country to pay for anything that is imported for instance, and can cover for a particular period of importing.
According to the Reserve Bank of Fiji’s Economic Review for the month of July, foreign reserves (RBF holdings) rose in June to $2,283.2m.
This is sufficient to cover 5.7 months of retained imports of goods and non-factor services (MORI), from $2226.9m in May. Read more…