The Reserve Bank of Fiji has reported a record profit of $136.2 million for the current financial year, the highest in its history. Prime Minister Sitiveni Rabuka officiated the handover ceremony to the government, emphasizing the remarkable progress of the central bank.
Rabuka expressed pride in the nation’s achievements, noting that profits have surpassed the $100 million mark since 2022, culminating in this year’s historic profit of FJ$136.2 million. He attributed this growth to the effective management of monetary policies by the Reserve Bank of Fiji and the country’s resilience in maintaining economic stability over the years.
The Prime Minister acknowledged the numerous challenges faced in recent times, including political instability, the global financial crisis, natural disasters, climate change impacts, and the COVID-19 pandemic, which have all tested the nation’s economic strategies.
He mentioned that the significant profit this year stemmed from the Bank’s strategic investment decisions using the country’s foreign reserves, capitalizing on favorable high interest rates in global financial markets.
RBF Governor Ariff Ali highlighted that this profit milestone is not just significant for the central bank but also for any financial institution or government entity in Fiji. He pointed out that the combined contributions over the last two years amount to $240 million, representing about 2% of the government’s GDP, effectively reducing the debt-to-GDP ratio by the same percentage.
Prime Minister Rabuka praised the central bank’s management and staff for their crucial role in the regulation and development of Fiji’s financial sector.