Fiji’s foreign reserves hit record $3.9 billion
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Fiji’s foreign reserves currently stand at $3.9 billion, which Government says is the highest nominal dollar value recorded in the nation’s history.
Fiji’s foreign reserves currently stand at $3.9 billion, which Government says is the highest nominal dollar value recorded in the nation’s history.
“Importantly, this provides Fiji with a strong financial buffer against external shocks and reflects the strength of economic activity and financial flows into our country,” Government said.
Government described the figure as a significant milestone as Fiji navigates a challenging global economic environment.
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“For a small island nation, the past few years have brought extraordinary challenges,” Government said.
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“From the global pandemic and its aftermath to wars in Europe and the Middle East, volatile fuel prices, rising food costs and continuing pressure on global supply chains, Fiji has had to navigate shocks largely beyond our control.
“Against this backdrop, maintaining foreign reserves at this level strengthens our ability to withstand disruptions and economic shocks beyond our shores.
“of the combined efforts and inputs from various sectors including businesses, investors, workers, and the general population.
The Fiji Taxi Association (FTA) has called on the Fiji Commerce Commission (FCCC) to retain current taxi fares and conduct a comprehensive review of the industry’s fare structure, citing rising operating costs and concerns over a proposed temporary fuel-based fare.
FTA president Mohamed Faiyaz said temporary fare changes would impose additional costs on operators through meter recalibration, while fuel prices alone could not provide a sustainable basis for determining fares.
The FCCC said it had received submissions from individual taxi operators and taxi associations and was undertaking a reconciliation exercise following its decision to revert fares.
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“The Commission will formally inform operators on its decision in due course, and we acknowledge the submissions provided to FCCC,” it said.
Mr Faiyaz said the last full taxi fare review was conducted in 2011, while the 2022 adjustment only covered flag-fall and waiting charges.
“Since then, the FTA has continued to request a proper and comprehensive review of taxi fares,” he said.
He said the review should consider increases in vehicle prices, spare parts, repairs, insurance, drivers’ earnings and the cost of living.
The Association also questioned conflicting information about the duration of the temporary fare, with the FCCC media release stating it was effective from July 1, while the official letter indicated a three-month period.
“If the temporary fare ends on October 1, taxi operators may require several weeks, potentially close to a month, to have their meters recalibrated,” Mr Faiyaz said.
He said operators could face difficulties complying with approved fares if recalibration was not completed before the temporary fare expired.
The FTA is calling for the current fare to remain in place while the FCCC and Government undertake a review aimed at establishing a fair and sustainable fare structure for taxi operators and drivers.
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