The Fijian dollar, denoted by FJD, is the official currency of Fiji. Subdivided into 100 cents, the FJD maintains a composite peg.
As for the history of the currency, the Fijian coins display Queen Elizabeth II and pieces of Fijian culture, most notably the tabua, the polished tooth of a sperm whale. Such pieces were generally given as gifts among tribe leaders and buried with bodies to help in the afterlife. Such pieces of Fijian culture remain highly important in Fiji today, and their removal is prohibited.
| Moody's Rating |
| Ba2- |
| S&P Rating |
| N/A |
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Sovereign credit ratings play an important part in determining a country's access to international capital markets, and the terms of that access. Sovereign ratings help to foster dramatic growth, stability, and efficiency of international and domestic markets. |
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Political Structure
Fiji is a republic with three braches of government including the executive, legislative, and judicial branches. The executive branch of government has a president, vice president, prime minister, and a cabinet. A Presidential Council is also present to advise the president when matters of national importance arise. Higher than this council is the Great Council of Chiefs, which is made up of the members of highest rank of the traditional chief system. This council elects the president for a five-year tern, who then appoints the prime minister, who then appoints cabinet members. The legislative branch is a bicameral parliament, made up of a senate (34 members) and a house of representatives (71 members). The judicial branch is made up of a Supreme Court, Court of Appeal, High Court, and Magistrates' Courts. The president appoints each of the Supreme Court judges.
Prominent Figures
President: Ratu Josefa Iloilovatu Uluivuda, since 2000
Vice President: Jope Seniloli, since 2000
Prime Minister: Lisenia Qarase, elected by the president on September 10, 2000
Central Bank: Reserve Bank of Fiji
Chairman of Board and Governor: S. Narube
Unique Characteristics
Within the country of Fiji are significant gold mines containing an estimated 3 million ounces of gold reserves. Since 1934, Emperor Gold Mines has been mining the gold reserves in Vatukoula, which is on the north side if Viti Levu. Emperor produces around 130,000 ounces of gold annually and the exports make up six percent of Fiji's foreign income. This strong presence of gold has created a smaller garment industry, which is able to sustain a cheap (and often illegal) labor force.
Key Economic Factors
Tourism: The tourism industry in Fiji has been rapidly growing since the 1960's, reaching an all time high of 507,000 visitors in 2004. The industry serves as a major source of foreign exchange, as the country has spent more that $226 million on tourism. Tourism is seen to be an area extremely important to the development of Fiji, and ever since this was realized, has been strategically thought out in order to generate the most revenue possible for the country. The tourists who come to Fiji are attracted to the beautiful scenery, fishing opportunities, snorkeling, and diving throughout the area.
Sugar Industry: Fiji's main export, sugar, is also a major source of foreign exchange for Fiji and also feeding over 20,000 farmers and their families. About one-third of the industrial activity in Fiji is made up of sugar processing. However, the sugar industry is one that is declining in value. A combination of expiring land leases and no cash for the country's four sugar mills to keep up with competitive technology is leading the industry to contract and experience massive job losses.
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