The Reserve Bank of Fiji has now confirmed the Fiji Dollar has been devalued by 20 percent, effective immediately.
In a statement, the RBF says Fiji's community have to bear the burden of adjustment so the Fiji economy could recover quickly.
"In this regard the control on banks interest rates will assist the business sector to have a more stable interest rate environment and depositors will earn respectable interest rates," it says.
"The devaluation will bring the Fiji Dollar in line with the major trading partner countries such as Australia and New Zealand," it continued.
The central bank predicts that inflation will rise immediately, but it says this will subside within a year.
Coupfourpointfive was tipped off about the devaluing of the dollar earlier today.