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, underscoring the central bank’s significant growth and progress.
Rabuka expressed his satisfaction with the nation’s advancements, noting that profits have exceeded $100 million since 2022, culminating in this historic profit figure. He attributed this growth not only to the effective management of monetary policies by the Reserve Bank but also to Fiji’s resilience in maintaining economic stability and growth over the years.
He acknowledged the various challenges faced in recent times, including political instability, the global financial crisis and its repercussions, natural disasters, climate change effects, and the COVID-19 pandemic, all of which have tested the country’s economic policies and strategies.
The Prime Minister highlighted that this year’s exceptional profit was a result of the Reserve Bank’s prudent investment strategies concerning the nation’s foreign reserves, capitalizing on high interest rates in global markets.
Governor of the Reserve Bank, Ariff Ali, commented that this milestone represents the largest profit achieved not only by the central bank but by any financial institution or government entity in Fiji. He noted that the combined contributions of last year and this year amount to $240 million, which equates to about 2% of the government’s GDP, thus aiding in reducing the debt-to-GDP ratio by the same percentage.
Prime Minister Rabuka commended the central bank’s management and staff for their critical role in the regulation and development of the financial sector.