Lower earnings for Fiji in the first quarter of 2020 – RBF

Tourism earnings declined by 19.3 percent [Image: Fiji Airways]

Foreign reserves stand at $2.198 billion

Tourism earnings declined by 19.3 percent over the first quarter of this year to $522.5 million, due to reduced earnings from New Zealand and Australia.

The Reserve Bank of Fiji also states that lower prices of fruits, vegetables and yaqona underpinned the -2.8 percent March annual inflation outcome, lower than the -0.9 percent in December.

The RBF confirms that holdings of foreign reserves were $2.198 billion at the end of March 2020, sufficient to cover 6.9 months of retained imports of goods and non-factor services.

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