23 MAY 2000 SUVA (Pacnews) - Fiji's economy appeared to be at a
curiously buoyant level despite the drastic and violent effects the
illegal takeover by a group of pro-indigenous Fijian rights activists.
Bank exchange rates remained stable with the Westpac Bank quoting very
little change in the value of the Fiji dollar for the past few days.
But it is early days yet with very little information and assessment
available to the media at this stage.
Other than issuing a statement to tighten up on bank withdrawals in
order to conserve the nation's financial reserves, Reserve Bank of
Fiji officials were unavailable for comment on whether they had been
able to ascertain the impact of the crisis which has now entered its
fifth day.
The President of Fiji, Ratu Sir Kamisese Mara said at yesterday's
media briefing that he had no idea of what the damage entailed.
However, he said that economic recovery during the 1987 coup had been
satisfactory.
That was a military coup executed by former prime minister, Sitiveni
Rabuka, against a similar Indian-dominated government of now deceased
Fijian leader, Dr Timoci Bavadra.
The 1987 coup was not as vicious or violent in its intensity and
backlash as the capital, Suva, experienced on Friday (May 19)
following a pro-indigenous march through the city. However, it was
still a time of great uncertainty with sporadic violent attacks
against the Indian community.
About 159 shops and stores have been affected and were targets of
looting in the capital of Suva last Friday, May 23.
A rough estimate of the damage has been put at FJ$30 million (US$15.5
million) by Fiji's police chief, Isikia Savua, but this figure is
unsubstantiated and may well be in excess of it.
Fiji's losses may well mount into the multi-millions with analysis and
recovery work yet to be established....PNS (ENDS)
PACNEWS Second Edition 23 May 2000 Page 1 (c) Copyright PIBA 2000
Pacific Islands Broadcasting Association, Private Mail Bag, GPO, Suva,
Fiji Islands Phone (679) 315 732, Fax (679) 315 379
E-mail pacnews@pacnews.org Web Site www.pacnews.org
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