The Reserve Bank of Fiji has announced that based on recent data collected over the past two months, they anticipate revising the forecasted two percent economic slowdown for Fiji this year. During a media conference, RBF Governor Ariff Ali indicated expectations of a slight economic growth of three percent for 2024. He also expressed optimism for a positive economic outlook in 2025.
The Central Bank reported that foreign reserves have reached an all-time high of $3.77 billion, sufficient to cover Fiji’s import expenses for the next six months. According to Ali, the total assets of financial institutions amount to $30 billion, ensuring their strength and stability.
Ali noted that as of Thursday, interest rates in global markets have decreased, with the United States cutting rates by 0.5 percent. He emphasized his hopes for a prosperous year in 2024.
In compliance with the Reserve Bank of Fiji Act (1983), a transfer of $136.2 million will be made to the Government, which includes the net profit earned and $1.7 million representing one-fifth of the Revaluation Reserve Account, following a net transfer of $1.0 million to the Reserve Bank’s General Reserves. This transfer reflects the Reserve Bank’s commitment to fulfilling its core mandates effectively, despite not being a profit-focused entity, particularly during the challenging times the country has faced.