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Fiji central bank keeps key rate unchanged

The Reserve Bank of Fiji's board kept its overnight policy rate unchanged at 0.5%, citing the country's expanding economy and favorable outlook for inflation and foreign reserves.

"Domestic economic activity rebounded strongly last year led by ongoing Tropical Cyclone Winston rehabilitation spending as well as accommodative monetary and fiscal policies which boosted aggregate demand," bank Governor and board Chairman Ariff Ali said.

Inflation fell to 1.5% in January from 2.8% at the end of 2017, the bank said, while foreign reserves remained adequate at about $2.16 billion, which is sufficient to cover 4.9 months of retained imports.