28 Apr 2009

Gains from Fiji devaluation some time off, says Suva Chamber of Commerce

10:45 am on 28 April 2009

The President of Suva's Chamber of Commerce, Dr Nur Bano Ali, says any positive effect from the devaluation of the Fiji dollar is some way off.

The Reserve Bank this month devalued the currency . by 20 percent, in a bid to stimulate the economy through tourism and the export market.

Dr Nur Bano Ali says this has already been a bad year, and it is only going to get tougher.

"Tough actually is an understatement. Business is pretty tough, difficult times. And these difficult times are here to stay for a while and I don't think they are going away any time soon. It's not clear at this stage how long the impact of the devaluation positively will take place."

Dr Ali says in the long term the devaluation may help with foreign exchange earnings but it is unlikely to have an impact within the year.