[Source: Tourism Fiji/ Facebook]

The Reserve Bank of Fiji’s June 2024 Economic Review reveals that visitor arrivals grew by 8.3 percent cumulative to May, reflecting an impressive off-peak performance.

It states that liquidity remains ample at $1.9 billion, and the outstanding lending rate recorded a new historical low in May.

The country’s foreign reserves stood at $3.3 billion as of the 28th of last month, sufficient to cover 5.4 months of retained imports of goods and services.

The RBF says the current outlook for inflation and foreign reserves in the medium term is stable.

It also states that the RBF maintained the overnight policy rate at 0.25 percent in its June meeting to support the economy.

Additionally, private sector credit grew by 9.4 percent for the same period, while advertised jobs declined by 2.5 percent cumulative to May.

The RBF notes that emigration slowed, with resident departures showing an annual decline of 24.9 percent to 6,082 people in the year to May.