Savenaca Narube: A voice of reason - the writings of Savenaca Siwatibau
Address by Mr Savenaca Narube, Governor of the Reserve Bank of Fiji, at the launch of "A
Voice of Reason: the writings of Savenaca Siwatibau", Suva, 23 February 2009.
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Introduction
Mrs. Suliana Siwatibau
The Vice Chancellor of the University of the South Pacific (USP) Professor Rajesh Chandra
Distinguished Guests
It has been over five years since Mr. Siwatibau left us. But looking around this theater today,
Siwa as he is commonly called, is still fondly remembered by colleagues and friends in Fiji
and the Pacific.
We remember Siwa for many reasons - his professionalism, his technical proficiency, his
character and his personality. I think that a common thread running through his legacy was
that he fiercely believed in the power of logic and reason. When Siwa was on to something
that he knew was logical, it was extremely impossible to persuade him to an alternative view.
Such was his passion for reason.
"A Voice of Reason: the writings of Savenaca Siwatibau" is therefore a fitting tribute to Siwa.
I am personally honored to be here today to launch this excellent piece of work.
Firstly, I must acknowledge the excellent initiative of Professor Wadan Narsey in putting this
book together in his own time. I know this was not an easy task. Some of Siwa's best
speeches were off the cuff or from notes scribbled at the back of an envelope. It would take
something like Wadan's persistence, patience and plain hard work to put all these together.
Secondly, as I read the tributes in the book, it struck me that I have the honour of sharing a
few things with Siwa. For a start, we have the same first name. We were educated at Queen
Victoria School where we came away with the Dux prize of the school. We both went to
Auckland University. We held the position of the Permanent Secretary of Finance. We both
served in the International Monetary Fund. And finally I have the privilege to share the office
that he first occupied in the Reserve Bank of Fiji.
But there I am afraid was where our commonalities ended. In my view, Siwa does not have
many equals. As Wadan so eloquently puts it, Siwa was an icon not only in Fiji but also in the
region and beyond.
Reserve Bank of Fiji
Today I thought of sharing some of my personal experiences with Siwa.
I first met Siwa at the Central Monetary Authority in Dominion House in late 1980 when he
took over from Mr. Tomkins as General Manager after his return from the IMF. He was the
first local at the position. So naturally there was a lot of interest on how a local was going to
perform in one of the last key national positions to be localized in Fiji. Very quickly, Siwa
dispelled any concerns on his ability to lead the Central Monetary Authority. Siwa became
the first Governor of the Reserve Bank of Fiji when the transition occurred in 1984.
We honor Siwa for his humility, caring and down to earth qualities. But in my assessment,
underneath all that was a firm and strong leader. For us that worked under him, we came
face to face with his strong leadership qualities in our work. While he mixed easily amongst
us, he applied the rules very strictly. I remember the strike that I led when I was a Trade
Union representative at the Bank in 1983. At the end of the two week strike, while the Union
did not get all that we wanted, everyone acknowledged that the resolution was a fair one and
was made possible by Siwa's compassion and goodwill to the workers. During this rather
difficult negotiation and tension, Siwa was very calm as he always was in any kind of
situation. I could clearly witness the clarity of his thinking and his strong belief in fairness and
consistency.
Siwa was our boss and also our father. I recall one day when he called me into his office. I
had applied for a loan for my first car, a small Honda Civic. You know, Siwa adopted a slow
drawl when he told people off. When you heard that drawl you knew you were in trouble. In
that telling off voice he said "Savenaca, why are you buying a car when you don't have a
house. You should buy a house first when you are still young." This signified the caring
personality that Siwa had for everyone. He was strict but ever concerned about our welfare!
By the way I got the loan but with the condition that I buy a house within five years which I
did.
Siwa rose in the public limelight as the Governor of the Reserve Bank, a position that he held
for 7 years. At that time, the Reserve Bank was a new organisation and many people did not
understand what we did. The Bank was in this impressive new 16 storey building - still the
tallest in Fiji. Siwa made a lot of efforts to explain the role of the Bank. I listened to many of
his speeches. I recall when he explained why the country needed foreign reserves to a
meeting of YMCA members. He explained the process of how the commercial banks use Fiji
dollars to buy foreign reserves from the Reserve Bank and how the foreign currency
eventually ended up with the importer's bank account abroad. I was deeply impressed by
how he could simplify a complicated and complex process for the ordinary person to
understand. At the end of his talk a young man asked, "Is keeping enough foreign reserves a
difficult thing to do?" Siwa replied, "Well, you see my hair, they were all black last year, now
they are rapidly turning grey." If you can see me now Siwa, my hair is not only grey they have
turned all white in the last six months.
Siwa was a firm believer in getting the views of everyone. He established forums that are still
active today. He established the Macroeconomic Policy Committee to help government
formulate policies and make forecasts. This Committee is extremely busy right now revising
the prediction for the economy in light of the floods and the global economic meltdown. Given
what is happening around us, we will do extremely well to achieve the 2.4 percent growth
that was released in November last year. I hope that the Reserve Bank will not be blamed for
this economic scenario.
We live in challenging times. The world economy is buckling from the fall outs from the
financial crisis. Fiji will not be immune from this global recession. Our economy was already
under some stress. While Siwa may not have faced the same situation as the Governor of
the Reserve Bank, I have often wondered what Siwa would advise us to get us through these
unprecedented difficult times. For one thing, Siwa was clear with his thoughts and eloquent
in outlining them particularly to non-economists like politicians. Siwa was also a stickler for
economic stability. I am sure that he would emphasise to us today that while we have a host
of economic problems we must deal with the stability first before we can solve the others.
This would be a wise counsel. We will do well to heed it. Without stability you do not have a
foundation for growth.
Siwa always liked a lively intellectual debate. He established the Economic Association
which is still functioning today. I remember in the first meeting of the Association, he was
actually the speaker and speaking - yes, you can guess it--on economic stability and the
importance of maintaining our foreign reserves. At the end of his talk, an USP economic
student asked him why Fiji could not convert these foreign reserves to Fiji dollars and use the
money for development as one of his lecturers had suggested. Obviously a bit perplexed
about the question, Siwa replied, "You should ask that lecturer to go back to school. You see,
for Fiji to hold this foreign exchange, the Fiji dollar equivalent would have been credited
already to the entity or person who earned that foreign exchange". Obviously, the student
and perhaps his lecturer may not have fully comprehended how foreign reserves end up with
the RBF. I do not think that the exchange is a reflection of the quality of the economic
teachings at USP today.
Siwa left the Reserve Bank after the 1987 coup. He took his skills, knowledge and
experience to the region. Fiji's loss was the region's gain. Of course, Siwa went on to be the
Vice Chancellor of the USP for a few years.
Tribute to Mr. Savenaca Siwatibau
Siwa to me was the embodiment of a wholesome leader. Professionally, I have always
admired his immovable logic, his soft touch and firm hand, his technical sharpness and
breath of knowledge. Personally, his humility, inclusiveness and compassion were very
touching. He had taught me many things that I have tried to emulate in my professional and
personal life.
This book is an excellent reflection of Siwa - simple and modest. I am sure that this is how
Siwa wanted to be remembered.
Acknowledgement
Finally, I wish to acknowledge a few people.
Firstly, I acknowledge the presence of Mrs Suliana Siwatibau and Siwa's relatives that are
here today. Thank you for coming.
Secondly, I extend my appreciation to our host Vice Chancellor Chandra for the
arrangements.
Thirdly, I big vinaka vakalevu to Wadan for his initiative, perseverance and hard work in
putting together this excellent book.
Finally, I thank you all for accepting our invitation to attend this launch.
I trust that we will all enjoy the book and more importantly emulate the qualities of Siwa in our
lives and in our leadership.