FIJ CB Exchange Controls Relaxation

On Apr. 28, FIJ CB approved further relaxation of exchange controls.

  • FIJ CB approved further relaxation of exchange controls; said these changes are in line with current strong performance of Fijian economy and its favorable growth prospects.
  • In addition, explained that tightening exchange controls at the onset of the Covid-19 enabled FIJ CB to maintain foreign reserves at comfortable levels, restored confidence.
  • Said this also facilitated business operations as well as assisted economic recovery.
  • Changes to Exchange Control
  • The changes include further increases in the delegated limits to commercial banks.
  • In addition, foreign exchange dealers; re-delegation of certain capital transactions pulled back in 2020; streamlining documentary requirements for offshore payments.
  • Changes would facilitate operational efficiency for businesses, personal transactions.
  • Attachment I and attachment II contain more details of the exchange control changes.
  • Effectiveness
  • The further relaxation of exchange controls is effective from Jun. 1, 2023.
  • Jun. 2024 Additional Relaxations
  • On Jun. 27, 2024, FIJ CB announced further relaxations of exchange control measures.
  • These relaxations are designed to support economic activity, make forex transactions easier for businesses, aiming to revert to pre-pandemic exchange control settings.
  • These relaxations include increased limits for various payments such as deposits into FJD external accounts, loan repayments, and profit distributions to non-residents.
  • Plus, increased limit with respect to withdrawal of investments (i.e. re assets, shares).
  • The relaxations are effective from Aug. 1, 2024.

Regulators FIJ CB
Entity Types B/D; CNSM; Corp; IA; MSB
Reference PR 14/2024, 6/27/2024; PR 07/2023, 4/28/2023; COVID-19
Functions Compliance; Financial; Operations; Product Administration; Settlement; Treasury
Countries Fiji; Cross-Border
Products Corporate; Deposits; Forex; Fund Mgt; Loan; Payments; Securities
Regions AP
Rule Type Final
Rule Date 4/28/2023
Effective Date 8/1/2024
Rule Id 171097
Linked to N/A
Reg. Last Update 6/27/2024
Report Section International

Last substantive update on 06/30/2024