The Reserve Bank of Fiji (RBF) has announced a net profit of $135.2 million as of July 31, 2024. During a Cheque Handover event, RBF Governor Ariff Ali mentioned that the total amount transferred to the Government amounts to $136,231,255.80. This figure includes one-fifth of the bank’s revaluation reserves, as stipulated by the RBF Act.
Governor Ali stated that while the RBF is required to provide its financial reports three months after the financial year ends, the Board, along with the accountant’s approval, has already signed off on the financial accounts. He noted that had the bank transferred these funds to the Government at the end of October, it would have saved the Government $750,000 in interest.
Over the past two years, RBF has contributed a total of $240 million in profits, representing approximately two percent of Fiji’s Gross Domestic Product (GDP). The bank has also helped reduce the debt-to-GDP ratio by an additional two percent.
In the last decade, the RBF has transferred over $500 million to the Government, and since its establishment, it has contributed nearly $1 billion in accumulated profits. Ali emphasized that without these contributions, Fiji’s debt-to-GDP ratio would be 10 percent higher. He also pointed out that the RBF is the only statutory body consistently providing profits to the Government.