The dictatorship regime appointed Governor of the Reserve Bank Sada Reddy has been behaving like the interim Minister for Finance and making statements that would normally be the role of the Finance Minister or Treasurer in a democracy.
In a press release issued today Reddy said the foreign reserves has reached $700 million compared to $441 million before the devaluation. But he fails to say how much imports the reserves will cover or for what period of time.
700 million dollars is equivalent to only 336 million US dollars. Currently one Fiji dollar is worth only 48 cents USD.
At the same time Reddy says Fiji's economy is not out of the woods. He says the impact of the global financial crisis is being felt in Fiji and will continue to do so for the next couple of years.