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Commercial banks and credit companies operating in Fiji have been told that people heading their Fiji operations should be “cultural sensitive” and prepared to assist in developing the nation.
The directive has come from the Reserve Bank of Fiji (RBF) as regulations re-impose on commercial business activity in the aftermath of the recent global financial crisis.
The central bank this week announced it had enacted the “Minimum Requirements for Appointing Heads of Licensed Financial Institutions in Fiji” effective March 1, 2010.
RBF governor Sada Reddy said in the current economic climate, they were hoping banks and financial institutions would work with Government in developing the nation.
“It is therefore critical that heads of these institutions possess a good understanding of the banking environment and culture in developing countries, have a willingness to understand and work within the policies of the Reserve Bank and generally be prepared to prioritise the developmental aims of the country,” Reddy said.
He said the RBF will continue to implement policy guidelines to strengthen the resilience of the financial sector and ensure “responsiveness in crisis situations”.
Earlier this week, Fiji’s Consumer Council said complaints against banks were on the rise, with customer’s annoyed about non-disclosure of information by banks, fees charged without prior knowledge, high interest rates and poor service delivery.
