(MarketWatch) -- The Reserve Bank of Fiji said Wednesday that it has devalued its currency by 20%, the same day it appointed a new governor for the central bank, news reports said.
Sada Reddy was named as the new Reserve Bank governor. He said the devaluation was made to the Fijian dollar to cushion the severe effects of the global financial crisis on the nation's economy, according to a report from Agency France-Presse.
The Fiji dollar will now be in line with its major trading partners, such as Australia and New Zealand, the report cited Reddy as saying. The central bank governor also said that correcting the value of the currency will likely benefit exporters and boost tourism.
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