Fiji Times Tuesday 05 September 2017 FIJI’s foreign reserves stood at $2349 million as of August 31, sufficient to cover 5.8 months of retained imports of goods and non-factor services (MORI).
While this is expected to increase further to an unprecedented amount, the recent Economic Review released by the Reserve Bank of Fiji stated that foreign reserves (RBF holdings) had reached a high $2314m in July.
This was sufficient to cover 5.8 months of retained imports MORI during the review period in July.
Foreign reserves are money or other assets held by a central bank or other monetary authority that allow a country to pay its liabilities if the need arises.
High foreign reserves may also provide an adequate buffer in the event of a sharp rise in imports particularly through higher oil and food prices.
Fiji’s foreign reserves had also been outperforming expectations and continued to reach records, boosted by tourism and other capital inflows. Read more…
