The Reserve Bank of Fiji reported a record profit of $136.2 million for this financial year, the highest in its history, which was presented to the government. Prime Minister Sitiveni Rabuka officiated the handover ceremony, noting the significant advancements made by the central bank.
Rabuka expressed his satisfaction with the nation’s progress, indicating that profits have surpassed $100 million since 2022, culminating in this year’s unprecedented figure of FJ$136.2 million. He attributed this growth not only to the effective management of monetary policies by the Reserve Bank of Fiji but also to the country’s resilience in maintaining economic stability and steady growth over the years.
He acknowledged the exceptional challenges faced recently, including political instability, the global financial crisis, natural disasters, climate change impacts, and the COVID-19 pandemic, which have tested the nation’s economic strategies.
The Prime Minister highlighted that the remarkable profits this year were driven by the bank’s prudent investment decisions concerning the nation’s foreign reserves, capitalizing on the prevailing high interest rates in global financial markets.
RBF Governor Ariff Ali stated that this achievement is significant not only for the central bank but also for any financial institution or government entity in Fiji. He noted that the cumulative contribution of $240 million over the past two years represents about 2% of the government’s GDP, effectively reducing the debt-to-GDP ratio.
Rabuka congratulated the central bank, its management, and staff for their crucial role in regulating and developing the financial sector.