Thursday, December 9, 2010

Reserve Bank Announces Reddy's Resignation

posted on coup four point five - 09 DECEMBER, 2010

Fiji's Reserve Bank has confirmed  what Coupfourpointfive revealed on November 12th, that the Reserve Bank Governor Sada Reddy, is no longer at his post.

In a press release issued today, the chairman of the Reserve Bank Board Governance Sub Committee, Mr. Deo Saran, said he had received Reddy's notice of resignation with immediate effect.

The Deputy Governor, Mr. Barry Whiteside, will act as Governor until further notice.

According to highly reliable sources inside the Reserve Bank, Reddy had allegedly transferred thousands of dollars to his private bank account in New Zealand last year, shortly before he devalued the valueless Fijian dollar.

On 9 April 2009, the Fiji dollar lost its value by 20 per cent. So while the poor feared more hunger and loss of employment, the man who devalued the Fiji dollar had the previous day allegedly secretly funnelled his own money, to the tune of $850,000 into his New Zealand private bank account, where his family reside, and he holds permanent residency.

The RBF’s Financial Intelligence Unit, tasked with the job of  monitor money-laundering, according to the reliable bank sources, turned a blind eye to the alleged money transfer.

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