Fiji Dollar

Overview

The Fiji Dollar (FJD) is the official currency of Fiji. The symbol for it is the dollar sign. The symbol FJ$ is used to distinguish the Fiji Dollar from the US Dollar. The FJD is subdivided into 100 cents.

Economy

• Fiji’s economy is one of the best developed in the Pacific islands. Tourism plays a major role in the economy.
• In 2006 Fiji launched a 20-year plan for the coconut industry.
• Import products are tobacco, beverages, foodstuffs, minerals, fuels, and machinery.
• Export products are garments, sugar, lumber, fish, ginger, and coconut oil.
• Agricultural products are rice, sweet potatoes, ginger, tapioca, sugar cane, goats, shrimp, pickles, pigs, and cattle.
• The service industry accounts for 77% of the annual GDP.
• The unemployment rate is estimated at 6% and inflation at 1.6%.
• Shrinkage in the economy occurred after the big drought in 1998 and the cyclone in 2003. Approximately 7,500 jobs became redundant because of these natural disasters.
• The economy of Fiji is also suffering because of the military coups that have taken place. Almost 61% of the skilled population has immigrated or left on working visas, due to the unstable political environment.

History

• The Fiji Dollar was introduced in 1867 and was used until 1873.
• In 1969, the Fiji Dollar was reintroduced.
• In 1974, the Central Monetary Authority was appointed as the official printers of paper money.
• In 1987, the Reserve Bank of Fiji started issuing banknotes.
• In 1995, the $1 bill was replaced with a coin, and the $50 note was introduced.
• In 2006, the Reserve Bank of Fiji announced the introduction of plastic-coated notes
• In 2007, the first $100 banknote was introduced.