#header-inner img {margin: 0 auto !important; #header-inner {text-align: Center ;} Fiji Coupfourpointfive: Plan to devalue Fiji dollar revealed

Friday, April 24, 2009

Plan to devalue Fiji dollar revealed

A well-placed source in Fiji claims the interim government decided to devalue the dollar by 20 per cent - a month before it actually did.

The source says he has it on good record that the regime had planned in advance to take the dollar down.

He also claims the inner sanctum in the regime stocked up on US dollars for their own use before the announcement was made on April the 15th.

The devaluing of the dollar by 20 percent was controversial, coming in the first few days of the new order.

It followed the removal of the governor of the Reserve Bank of Fiji, Savenaca Narube, and the appointment of Sada Reddy.

Some economists have praised the decision to devalue the dollar, saying it was well overdue, while others have criticised it as yet another policy that is hurting ordinary Fijians.

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