Central bank calls for microfinance, accountability
SUVA, Fiji (Fiji Times, Jan. 1, 2010) - ALL COMMERCIAL banks and players in Fiji's financial industry, including new entrants, will have to comply with three new policy guidelines issued by the central bank following its final 2009 meeting two weeks ago.
The new guidelines, issued to commercial banks on December 22, include the:
Governor of the Reserve Bank of Fiji Sada Reddy said each guideline provided for the establishment of an enabling policy governance structure, and clearly spelt minimum operational requirements.
He said these guidelines were targeted at promoting broad based economic development and great financial inclusion.
"This includes extension of financial services to the informal sector of the economy and ensuring that commercial banks undertake development activities suitable to the needs of people in Fiji," Mr. Reddy said in a statement yesterday.
He said the guideline on...