11 Jul 2011

Fiji foreign reserves hit a record level says Reserve Bank

3:26 pm on 11 July 2011

Fiji's foreign reserves have reached their highest ever level, at 879 million US dollars.

In its latest review the Reserve Bank of Fiji says this level of foreign reserves is sufficient to cover 4.5 months of imports of goods and non-factor services.

The bank's governor, Barry Whiteside, says the higher foreign reserves level provides an adequate buffer in the event of a sharp rise in imports particularly through higher oil and food prices.