October 08, 2012

Economy doing well: RBF

13:03 Today (08 October 2012)
Report by: Elenoa Turagaiviu

The latest forecast of 2.7 percent economic growth this year is being reviewed as the government finalizes the 2013 budget.

However – Reserve Bank Deputy Governor Inia Naiyaga says all economic indicators are moving in line with expectations.

“Real sector growth has been broad-based with some sectors exhibiting lower growth than forecasted and some others exceeding forecast. Investment is picking up and consumption is strong.”

He adds – the banking sector is performing well.

“The satisfactory performance of the banking system is characterized by strong levels of capital, adequate liquidity – indeed liquidity levels have been at all time highs in recent years, higher profitability and revived lending trends which in the recent years were assessed to be on slow growth.”

Fiji’s foreign reserves remain under the $1.6 billion mark and the central bank says the financial system remains sound.

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