The apex bank, Reserve Bank of Fiji last week devaluated the Fiji dollar against major global currencies on April 15. The head of the bank, Mr Reddy has called it a step in the right direction, since the foreign exchange reserves have burgeoned.
But what impact it would have on the faltering garment industry was difficult to project. Though there seems to be a ray of hope, as most of the garment exporters earn foreign exchange in Australian dollars.
The devaluation has come at a time when the apparel sector was going through depressing times and this act of the apex bank, may help them survive through the crisis, aver experts.
The Fiji dollar was strengthening against major currencies, particularly the Australian dollar, which was making exports of clothing unattractive for the exporters from this island.
Fibre2fashion News Desk - India
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