The Reserve Bank of Fiji has reported a record profit of $136.2 million for the current financial year, marking its highest earnings to date.
Prime Minister Sitiveni Rabuka officiated the handover ceremony to the government, emphasizing the central bank’s significant progress.
“I am delighted to see how far we’ve advanced as a nation, with profits surpassing $100 million since 2022, and today we celebrate a record profit of FJ$136.2 million for this financial year,” he stated.
Rabuka noted that this growth demonstrates not only the effective management of monetary policies by the Reserve Bank of Fiji but also the country’s economic resilience and steady development over the years.
“Despite the unprecedented challenges we have faced recently—including political instability, the global financial crisis and its aftermath, natural disasters, the effects of climate change, and the COVID-19 pandemic—our economic policies and strategies have undergone significant testing,” he added.
The Prime Minister highlighted that this year’s exceptional profits stemmed from the bank’s careful investment decisions regarding the nation’s foreign reserves, particularly capitalizing on high interest rates in global markets.
RBF Governor Ariff Ali mentioned that this achievement is the largest profit not only for the central bank but for any financial institution or government entity in Fiji’s history.
“Over the past two years, we have contributed a total of $240 million, which represents about 2% of the government’s GDP. This indicates that if we consider the debt-to-GDP ratio, we have effectively reduced it by 2%,” he noted.
Prime Minister Rabuka commended the central bank, its management, and staff for their crucial role in regulating and developing the financial sector.