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Fiji’s foreign reserves have reached a new peak of $2.3 billion (US$1.1 billion)
This was announced by Prime Minister, Voreqe Bainimarama who says it’s an all-time high for Fiji’s Economy.
“Two point three billion dollars, never amount seen before in our economy in all its history,” he said.
Economy Minister Aiyaz Sayed-Khaiyum says this increased foreign reserve indicates Fiji’s economy has performed extremely well.
“We still have increased not just in terms of normal sum of foreign reserve of our ability to purchase goods in the last five month. Those things help determine our ability to get better interest rates when we’re actually negotiating with development partners or multilateral banks."
Sayed-Khaiyum adds the two point three billion dollars is about four time the level of Fiji’s foreign reserves in 2005.
Tourism Minister, Faiyaz Koya says a chuck of the earnings is generated from the tourism Industry.
“There are different sectors involved in all of this, it’s also remittances and sugar but in general it’s a good thing for Fiji and if you do the comparison to pervious years it’s actually quite good.”
Fiji’s foreign reserves are also an indication of the increase in International trade.
SOURCE: FBC NEWS/PACNEWS
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