The Reserve Bank of Fiji held its benchmark interest rate at 0.25 percent during its September meeting, amid the reimposition of restrictions in some countries along with the continued closure of international borders have heightened uncertainties on the timing and pace of economic recovery. Policymakers said that an accommodative monetary policy stance remains appropriate and complements government’s efforts to stabilise the economy amid deflation expectations. The Committee noted that latest indicators point towards a slowdown in the domestic economy due to weak consumption, but the tax incentives along with the financial assistance rendered in the 2020-21 budget to the household should help stabilise and spur domestic demand over the coming months. The Committee reiterated that they will continue to maintain its accommodative stance and closely monitor economic developments and align monetary policy accordingly.
Interest Rate in Fiji averaged 0.51 percent from 2010 until 2020, reaching an all time high of 2.50 percent in December of 2010 and a record low of 0.25 percent in March of 2020. This page provides - Fiji Interest Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Fiji Interest Rate - data, historical chart, forecasts and calendar of releases - was last updated on October of 2020.
Interest Rate in Fiji is expected to be 0.25 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Interest Rate in Fiji to stand at 0.50 in 12 months time. In the long-term, the Fiji Interest Rate is projected to trend around 0.50 percent in 2021 and 1.00 percent in 2022, according to our econometric models.