1 Dec 2009

Fiji's Reserve Bank says some accounting firms are giving false information

11:15 am on 1 December 2009

Fiji's Reserve Bank Governor, Sada Reddy says some accounting firms are giving false information on the economy, which is deterring potential investors.

Fiji Live reports Mr Reddy as saying Fiji's total projected deficit for 2009 stands at 2.5 percent and not five percent, as some are saying.

He says people should not rely on blogs or second hand information to get updates on Fiji's economy but rather the Reserve Bank's regular economic update .

Mr Reddy says the misinformation is deterring potential investors to Fiji, and cites the case of an Australian company that had wanted to invest in Fiji pulling out because of reports in the Australian media that Fiji is not in a position to pay its debts.

He stressed that Fiji has never defaulted on its debt payments and he urged local accounting firms to contact the Ministry of Finance to verify their figures or else, they would create misinformation on Fiji's finance in the global markets.