Aust Banks in Fiji urged to cut rates

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Updated August 31, 2009 17:12:12

Meanwhile, the Reserve Bank of Fiji will lift the credit ceiling it imposed on commercial banks in the wake of the 2006 coup, from September 1st. The credit ceiling was intended to prevent the flight of capital. With Fiji's foreign reserves having benefited from 165 million Fiji dollars in global financial crisis funding from the International Monetary Fund, the Reserve Bank is feeling bullish. Professor Biman Prasad, from the University of the South Pacific, told Jemima Garrett the big Australian commerial banks should now follow-up and cut their interest rates.

Presenter: Jemima Garrett
Speaker: Professor Biman Prasad, Dean of the Faculty of Business and Economics at the University of the South Pacific

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