The Reserve Bank of Fiji held its benchmark interest rate at 0.25 percent during its November meeting, amid the reimposing of coronavirus lockdown restrictions in several countries. 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 indicators point towards a slowdown in the domestic economy due to weak consumption, but some uptick was noted in sectoral performances over the review month. The central bank recorded a deflation 2.9% in October and is forecast to be 3% by year-end. For 2020, the central bank projected economic contraction on record at 19%, and the recovery forecast for next year is contingent on the reopening of borders and resumption of international travel. Given this uncertainty, economic growth for 2021 is anticipated to range between 1.6% and 8% percent, while in 2022, growth is forecast to be between 5.2% and 8.7%. source: Reserve Bank of Fiji
Interest Rate in Fiji averaged 0.50 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 February of 2021.
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 0.25 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.