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Tuesday, April 07, 2009

RBF Drops Statutory Reserve Deposit (SRD) Rate

In its continued bid to stabilize the local financial sector and improve liquidity in the country, The Reserve Bank of Fiji has announced the reduction of the Statutory Reserve Deposit (SRD) from 6 percent to 5 percent, effective today. This comes exactly a week (01/04/09) after the RBF implemented its flood rehabilitation facility for businesses affected by the recent floods, and underpins the central bank’s seriousness about generating economic activity in the country.
The SRD is a legally mandated proportion of total deposits and similar liabilities of each licensed bank in the country that needs to be deposited with the RBF. The relaxing of the SRD rates will inject much needed funds into the highly illiquid local financial sector.

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