These new financial services, we believe, have created more opportunities for financial services providers and their clients to transact and conduct business with each other through the mobile phone. For example, one of the four microfinance institutions operating in Fiji today offers loan disbursements to their clients, or clients can make their loan repayments using their mobile phones.
Each time we meet, we face the same question: How can we set monetary policy to best support job growth and low, steady inflation? For many years, this question called for very low interest rates to help an economy that had been damaged by the deep financial crisis that gripped the world 10 years ago.