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.
B1, 21 Apr 2009
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.
What does it look like?
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.
Chief of State President Ratu Epeli NAILATIKAU (since 30 July 2009)
Head of Government Prime Minister Laisenia QARASE (since 10 September 2000); note - although QARASE is still the legal prime minister, he has been confined to his home island; former President ILOILOVATU appointed Commodore Voreqe BAINIMARAMA interim prime minister under the military regime
Cabinet Cabinet appointed by the prime minister from among the members of Parliament and is responsible to Parliament; note - coup leader Commodore Voreqe BAINIMARAMA has appointed an interim cabinet
Elections under the constitution, president elected by the Great Council of Chiefs for a five-year term (eligible for a second term); in 2007 the Great Council of Chiefs was suspended from its role in electing the president; prime minister appointed by the president
Election Results Ratu Epeli NAILATIKAU was appointed by Chief Justice Anthony GATES
Key Economic Factors
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.
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.
|1 FJD =||1||0.648||0.626||0.434||49.795||0.352||0.484|
|1 AUD =||1.543||1||0.966||0.669||76.847||0.544||0.747|
|1 CAD =||1.598||1.035||1||0.693||79.548||0.563||0.774|
|1 EUR =||2.305||1.494||1.443||1||114.789||0.813||1.116|
|1 JPY =||0.02||0.013||0.013||0.009||1||0.007||0.01|
|1 GBP =||2.837||1.838||1.776||1.231||141.274||1||1.374|
|1 USD =||2.065||1.338||1.292||0.896||102.813||0.728||1|