Last year when the  BIS central bankers’ speeches  3  Reserve Bank of Fiji was awarded the inaugural Maya Declaration Award, I could see the immense pride among all Pacific member countries present and such achievements bring us closer together as a region. Thank you for your continuous support and we hope to see PIWG stay ahead of game.
The stance of monetary policy is more difficult to analyse because interest rates cannot be used as the measure of comparison. This is because before the early 1980s the financial system was heavily regulated, with the Government imposing interest rate ceilings on most forms of lending.