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Reserve Bank Of Fiji Announces Policy Changes

Reserve Bank of Fiji announces policy changes

Jun 23, 2008 - Following the relaxation of local borrowing by non-resident controlled companies announced at the end of April, the Reserve Bank is relaxing the policy on local borrowing by non-resident individuals.

The new guidelines are as follows:

1. Non-resident controlled companies may now apply for exempted status which would allow non-resident individuals investing in their projects to borrow up to 75% locally under the following conditions:

Project would have been 25% completed when the lending policy was implemented in January 2008;

Documentary evidence of completion to be verified by a Chartered Accountant;

Only stage of project in progress at that time of policy change will be exempted.

2. Non-resident individuals can borrow locally up to 60% to build new residences.

3. Non-resident individuals can borrow locally up to $100,000 for maintenance and
repairs of properties.

Non-resident individuals will still be required to fund acquisition of properties entirely from abroad.

These measures come into effect immediately. Details of these measures are available from the Reserve Bank.

ENDS

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