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The head of Fiji’s Capital Markets Development Authority Mereia Volavola has been fired as the Reserve Bank of Fiji moves to take over the Authority’s operations.
Prime Minister and Minister for Finance, Commodore Voreqe Bainimarama announced in a statement this afternoon that effective from August 13, the administration of the CMDA was being transferred to the Reserve Bank of Fiji (RBF).
Reserve Bank governor Sada Reddy said the move would consolidate the supervision and regulation of Fiji’s financial system and bring about greater efficiency and effectiveness in the operations of the CMDA.
CMDA CEO Volavola’s contract was terminated as the announcement was made.
The RBF was yet to comment on how the change would affect the rest of the CMDA’s staffing and executive structure.
Reddy said it made sense to bring the CMDA under the RBF.
“Apart from reducing the cost of operations, this will enhance the professional support and the institutional strength to the fledgling operations of CMDA,” he said in the same statement as Bainimarama’s.
Reddy said it would take some time to consolidate the CMDA’s operations into the RBF but in the interim the CMDA would “continue to function normally but report to the Reserve Bank Governor”.
He said a final move of staff to the Reserve Bank was expected to take place in October.
The CMDA is responsible for developing and regulating Fiji’s capital markets.
