2019 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Republic of Fiji


2019 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Republic of Fiji

Fund Relations

(As of December 31, 2019)

Membership Status: Joined: May 28, 1971; Article VIII

General Resources Account:

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SDR Department:

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Outstanding Purchases and Loans: None

Latest Financial Arrangements: None

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Projected Payments to Fund:1

(SDR Million; based on existing use of resources and present holdings of SDRs):

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Exchange Rate Arrangements: Fiji’s de facto exchange rate arrangement is a conventional peg.

Since April 1975, the exchange rate of the Fiji dollar has been linked to a basket of currencies of Fiji’s five major trading partners: the U.S., Australian, and New Zealand dollars; the pound sterling (replaced by the Euro at the beginning of 1999); and the Japanese yen. The weights used in the basket, based mainly on the value of trade and tourist transactions are reviewed annually. The exchange rate of the Fiji dollar against U.S. dollar, the intervention currency, is determined daily by the Reserve Bank of Fiji (RBF) in relation to the currency basket. The RBF’s buying and selling rates for transactions in U.S. dollars are communicated to commercial banks. The exchange rate was F$2.17 per U.S. dollar as of December 20, 2019.

Exchange and capital controls were tightened significantly in early 2009 following the devaluation of the currency. Some of the exchange restrictions have been eliminated and amended since then. Remaining exchange restrictions subject to Article VIII arise from the Fiji Revenue and Customs Authority tax certification requirements on the transfer abroad of profits and dividends, on the proceeds of airline ticket sales, and on the making of external debt and maintenance payments and from limits on large payments (e.g., oil imports and dividends repatriation of foreign banks).

Details about current and past exchange control policies can be found in https://rbf.gov.fj/Left-Menu/Financial-Market-Operations/Exchange-Control.

Last Article IV Consultation: The 2018 Article IV consultation discussions were held in Suva during December 3–18, 2018. The consultation (Country Report No. 19/57) was completed by the Executive Board on February 12, 2019. Fiji is on a 12-month cycle.

Resident Representative: The Regional Resident Representative Office for Pacific Islands based in Suva, Fiji was opened on September 13, 2010 and the office covers Fiji, Kiribati, Marshall Islands, Micronesia, Nauru, Palau, Papua New Guinea, Samoa, Solomon Islands, Tonga, Tuvalu, and Vanuatu. Ms. Leni Hunter is the resident representative.

Relations with Other International Financial Institutions

Statistical Issues

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Fiji—Table of Common Indicators Required for Surveillance

(As of December, 2019)

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Includes reserve assets pledged or otherwise encumbered as well as net derivative positions.

Both market-based and officially determined, including discount rates, money market rates, and rates on treasury bills, notes, and bonds.

Foreign, domestic bank, and domestic nonbank financing.

The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and stat and local governments. For Fiji, General Government is the same as Central Government.

Daily (D), monthly (M), quarterly (Q), and annually (A).