Fiji sugar industry will benefit through devaluation

Reserve Bank Governor Sada Reddy says the devaluation of the Fiji dollar by 20 percent means benefit to the Sugar Industry as they will get more per dollar for their product.

Reddy says for every 100 dollars they will earn 20 percent meaning they will get $120.
He says although predictions are that the global financial crisis will lower the price per tonne for sugar the devaluation will not be having an effect to the sugar industry.

Reddy says there is a need to increase exports and the Sugar industry needs to produce more cane and for that reason he says he will now be asking government to solve the land problems.

He says in may hotels most of the items used are imported and these items can be produced locally and he is encouraging people to plant more two three time more then what they are doing now.

source: radiofiji