Ministerial approval has been sought for the Reserve Bank to supervise Fiji’s credit unions and we envisage that this will develop them into prudentially sound entities. We have also sought technical assistance from the International Monetary Fund to review the Fiji Credit Union Act. This will establish the requisite governance and policy framework.
We are hoping that this engagement will take place soon and we will work closely with all credit union stakeholders in drafting a modern legislation. Furthermore, a 10-year Financial Sector Development Plan for Fiji is currently being drafted by the Reserve Bank after wide consultation.