The Reserve Bank of Fiji has announced a net profit of $135.2 million as of July 31, 2024. During a Cheque Handover event, RBF Governor Ariff Ali stated that the total transfer to the Government amounts to $136,231,255.80. This figure includes one-fifth of the bank’s revaluation reserves, in accordance with the RBF Act.
Ali explained that while the RBF is required by law to submit financial reports three months after the close of the financial year, the Board, along with the accountant’s approval, has finalized the approved financial accounts ahead of schedule. He noted that if the Bank had transferred the funds to the Government by the end of October, it could have saved the Government $750,000 in interest.
In the past two years, the RBF has provided a total of $240 million in profit, which represents about two percent of Fiji’s Gross Domestic Product. This contribution has helped reduce the country’s debt-to-GDP ratio by an additional two percent.
Over the last decade, the RBF has transferred more than $500 million to the Government, and since its establishment, has given close to $1 billion in accumulated profits. The Governor emphasized that without the profit contributions from the Central Bank, Fiji’s debt-to-GDP ratio would be 10 percent higher. Ali also pointed out that the RBF is the only statutory body consistently providing its profits to the Government.