Fiji devalues currency amid turmoil

April 15, 2009 05:18


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Fiji's central bank has slashed the value of its currency by 20 percent as political turmoil sends the country's economy tumbling. The devaluation was announced Wednesday with immediate effect by Reserve Bank Governor Sada Reddy just hours after he was appointed to the post following the removal of the previous governor by the military regime. Fiji's political crisis deepened last week when armed forces chief Commodore Frank Bainimarama seized greater control of the troubled nation after a court ruling that declared his coup-installed government illegal. The bank said in a statement that the currency devaluation would boost tourism and exports in Fiji - two sectors that have plunged since Bainimarama overturned the elected government in 2006.

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