Publication: Financial Sector Assessment : Fiji
Date
2007-10
ISSN
Published
2007-10
Author(s)
World Bank
Abstract
The financial sector in Fiji is
generally sound but has concentrated too heavily on domestic
exposures producing a lack of risk diversification. This
concentration is an increasing vulnerability, as foreign
currency earnings become more dependent on tourism and
remittances from workers overseas. Fiji has a financially
strong and highly profitable banking sector, good
supervision and laws, and a high degree of long-term
contractual savings through the insurance and pension
sectors. The major distortion arises, however, from the Fiji
National Provident Fund (FNPF), which itself accounts for
about 40 percent of financial system assets. This paper
takes a close look at Fiji's financial sector as it
relates to the following: macroeconomic environment and
risk; monetary policy, the financial sector stability and
performance of the banking, insurance and Provident national
fund; the regulatory framework; access to finance; payment
systems; and anti laundering and terrorism. The paper also
gives and overall assessment and key recommendations.
Citation
“World Bank. 2007. Financial Sector Assessment : Fiji. © Washington, DC. http://openknowledge.worldbank.org/entities/publication/281e0800-b6db-5972-b34d-8b13be24e93c License: CC BY 3.0 IGO.”