22 Jun 2009

Governor of the Reserve Bank in Fiji calls for wage constraint

11:33 am on 22 June 2009

The Governor of the Reserve Bank in Fiji is calling on local trade unions to show restraint in wage negotiations in the next 2 years.

In the bank's bi-annual Monetary Policy Statement, Sada Reddy called on every section of the community to assist in the recovery of the economy following the devaluation of the Fiji dollar by 20% in April coupled with the global financial crisis,

Mr Reddy added that prices of goods are also expected to rise further, so people need to be more self sufficient as much as possible.

Fiji Village reports that he is also calling on the business community not to pass on the full effect of the price increases following the devaluation, as another way to assist in the economic recovery.