The Bank advised the public to exercise caution when investing with finance companies that are not licensed by the Reserve Bank. The Bank will take appropriate legal action against unlicensed finance companies that are found to be carrying out banking business in Fiji. Financial system Fiji needs a sound and efficient financial system to promote business and investment.
In this regard, let me say that Fiji’s financial system is sound. The credit ceiling that was put in place in December last year has been effective in slowing down annual credit growth to about 7 percent in September from about 27 percent a year ago. The slowdown in the economy has also contributed to this low credit growth.