#header-inner img {margin: 0 auto !important; #header-inner {text-align: Center ;} Fiji Coupfourpointfive: Fiji dollar tipped to be devalued again

Tuesday, April 28, 2009

Fiji dollar tipped to be devalued again

The Fiji dollar is tipped to be devalued another 5 to 10 per cent.

Coupfourpointfive sources in Suva say talk of a second devaluation is strong - with some suggesting it could happen as early as tomorrow.

The Fiji dollar was devalued 20 per cent by the interim government on April the 15th, five days after the Constitution was abrogated by President Ratu Josefa Iloilo on Good Friday.

Suva sources are confident the Fiji Reserve Bank, at the instigation of the interim government, is to devalue the dollar further.

Critics denounced the first devaluation saying it'll cause further hardship for Fiji's population.

Some business analysts, however, welcomed the devaluation as a positive move for the economy.

9 comments:

Anonymous said...

If you look closely at last night's RBF press release on the foreign exchange reserves which they claim have miraculously increased since the devaluation you'll see the graph is in FJ$ so of course if you measure it this way they have gone up! This is pure propoganda for the uneducated masses.

Anonymous said...

Why would they devalue again if Foreign Exchange reserves have so greatly increased as claimed in last night's RBF press release?
Perhaps it's because they really haven't gone up - the graph is in FJ$ so of course they have increased! Do they take us for fools?

FijiGirl said...

Oh brilliant. Vore, we are obviously not all poor enough for you yet.

How much further to you want to bleed us?

God bless Fiji

Anonymous said...

If it happens it will be interesting to learn what Sada Reddy says. Last time he said Fiji dollar was over-valued. This time the illegal Governor will probably say it is to ensure higher income for exports. The 20% devaluation has not adjusted the Fiji dollar to be favourable with other currencies but increased price of food and other items by 20%. At a well known supermarket in Suva the price of NZ imported lamb shanks is $15 a kilo. And this due to Sada Reddy's eagerness to jump into bed with the dictator and his advisors and go against his former trusted boss Narube. But it is nothing new from a Chaudhry supporter because they are shameless and have no principles.

Anonymous said...

Very soon the $fj will be worthless the way things are going.

Anonymous said...

sa dina wortheless money

Apete Naitini said...

This is systematic way of getting back on track. But then it is not done in isolation. Other contributing factors has to be in high gear also. But the way its working, it seems like window dressing all along.

Apete Naitini said...

This is a systematic way of getting back on track after coup de tat. But devaluation does not work in isolation. Other contributing factors of the economy has to be functioning as well. In this case, I feel its all window dressing.

Anonymous said...

No need for further illegal devaluation. Killing the poor. Savenaca Narube pls save us from Sad Red.