In order to stem the capital inflow, Danmarks Nationalbank intervened in the foreign exchange market for very large amounts, and we also reduced our monetary policy interest rates on several occasions. The interest rate on certificates of deposit is now –0.75 per cent – a level not seen previously. The monetary policy interest rates were reduced in increments.
The new “Double Bula Life” plan The Reserve Bank of Fiji had formally endorsed the offering of this plan by LICI back in May of this year, after a detailed submission by the company.