24 Apr 2009

Commercial banks in Fiji agree to Reserve Bank of Fiji measures

10:27 am on 24 April 2009

Commercial banks in Fiji have agreed to a number of measures announced by the Reserve Bank of Fiji last week in a bid to stabilise the economy.

Fiji Live reports the RBF has confirmed that governor Sada Reddy met individually with the banks on Wednesday and that banks have agreed to assist efforts of economic recovery by reviewing their policies.

In a statement issued by RBF, Mr Reddy said banks have played an important and pivotal role over the last century or so in Fiji's economy.

He said however, as the RBF moves forward, banks will have to actively review their policies and procedures so to ensure they are in sync with the long term growth strategies of government and the RBF.

According to RBF, the commercial banks have generally agreed to the implementation of Micro-finance policies, exploring the possibility of appointing local advisory boards, setting up customer complaints processes and more stringently applying the RBF's guidelines on high priority and low priority sectors.