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 ceremony to present the profit to the government, highlighting the impressive growth achieved by the central bank.
“I’m delighted to witness our national progress, with profits surpassing $100 million since 2022. Today, we celebrate a historic profit of FJ$136.2 million for this financial year,” he stated.
Rabuka emphasized that this growth reflects not only the effective management of the Reserve Bank’s monetary policies but also Fiji’s resilience in maintaining economic stability and steady growth through various challenges.
“Despite facing significant challenges in recent years—including political instability, the global financial crisis, natural disasters, and the impacts of climate change, as well as the COVID-19 pandemic—our economic policies and strategies have been put to the test,” he noted.
The Prime Minister explained that the unprecedented profit for this year resulted from the Bank’s strategic investment decisions regarding the nation’s foreign reserves, leveraging favorable interest rates in the global financial markets.
RBF Governor Ariff Ali remarked that this achievement represents the largest profit recorded for any financial institution or government entity in Fiji. He mentioned that the combined contributions from last year and this year amount to $240 million, which accounts for about 2% of the government’s GDP, effectively reducing the debt-to-GDP ratio by the same percentage.
Prime Minister Rabuka extended his congratulations to the central bank’s management and staff for their crucial role in the oversight and development of the financial sector.