Reserve Bank of Fiji turned to unconventional monetary policy in wake of last year’s ‘devastating’ floods

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The Reserve Bank of Fiji turned to unconventional policy tools in an attempt to "widen the scope for a solid domestic recovery" following the "widespread devastation" caused by a series of natural disasters in 2012, according to its latest annual report, released today.

The central bank held its benchmark interest rate at 0.5% throughout the year, which created "historically low levels of interest rates in the financial system", but had to turn to additional tools to combat the "prevailing

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