{
  "title": "Monetary Operations and Liquidity Dynamics in Fiji",
  "publication": "Selected Issues Papers, June 23, 2026",
  "sourceUrl": "https://www.imf.org/en/publications/selected-issues-papers/issues/2026/06/23/monetary-operations-and-liquidity-dynamics-in-fiji-577196",
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  "summary": "This paper examines the implementation of monetary policy in Fiji, with a focus on liquidity dynamics and their implications for monetary transmission.",
  "sections": [
    {
      "heading": "Summary",
      "content": "- This paper examines the implementation of monetary policy in Fiji, with a focus on liquidity dynamics and their implications for monetary transmission.\n- It documents how persistent surplus liquidity—shaped by foreign exchange inflows and fiscal cash-management practices—has influenced the transmission of the policy rate and short-term money-market conditions.\n- It assesses how liquidity conditions have interacted with the existing operational framework and discusses options to strengthen monetary implementation and transmission."
    },
    {
      "heading": "Key findings on liquidity dynamics and monetary transmission",
      "content": "- Persistent surplus liquidity has been a defining feature of Fiji's money market.\n- Surplus liquidity has been shaped by:\n  - foreign exchange inflows\n  - fiscal cash-management practices\n- Effects documented:\n  - Influence on the transmission of the policy rate.\n  - Impact on short-term money-market conditions.\n- Interaction between liquidity conditions and the existing operational framework has affected monetary implementation."
    },
    {
      "heading": "Policy options and recommendations (themes discussed)",
      "content": "- Options to strengthen monetary implementation and transmission are discussed, focusing on:\n  - improvements to the operational framework to better manage surplus liquidity\n  - adjustments to liquidity management practices to enhance the pass-through of the policy rate\n  - consideration of measures addressing the drivers of surplus liquidity, including foreign exchange inflows and fiscal cash-management\n\n---\n\n Content in this bundle\n\n- Monetary Operations and Liquidity Dynamics in Fiji\n  - Monetary Operations and Liquidity Dynamics in Fiji (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Monetary Operations and Liquidity Dynamics in Fiji (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/selected-issues-papers/issues/2026/06/23/monetary-operations-and-liquidity-dynamics-in-fiji-577196"
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    "Authors: Sandra Milena Benitez Celis, Matteo Ghilardi, Shivneel Kirpal",
    "Published: June 23, 2026",
    "Series: Selected Issues Papers",
    "DOI: https://doi.org/10.5089/9798229052306.018",
    "This paper examines the implementation of monetary policy in Fiji, with a focus on liquidity dynamics and their implications for monetary transmission.",
    "It documents how persistent surplus liquidity—shaped by foreign exchange inflows and fiscal cash-management practices—has influenced the transmission of the policy rate and short-term money-market conditions.",
    "It assesses how liquidity conditions have interacted with the existing operational framework and discusses options to strengthen monetary implementation and transmission.",
    "Persistent surplus liquidity has been a defining feature of Fiji's money market.",
    "Surplus liquidity has been shaped by:",
    "Effects documented:",
    "Interaction between liquidity conditions and the existing operational framework has affected monetary implementation.",
    "Options to strengthen monetary implementation and transmission are discussed, focusing on:",
    "**Monetary Operations and Liquidity Dynamics in Fiji**"
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