The Reserve Bank of Fiji has announced plans to revise its initial forecast of a two percent economic slowdown for the country this year, based on recently collected data. During a media conference, RBF Governor Ariff Ali projected a modest economic growth of three percent for 2024. He also indicated expectations for a positive economic outlook in 2025.
The Central Bank noted that foreign reserves have reached a record high of $3.77 billion, sufficient to cover Fiji’s import expenses for the next six months. Additionally, Ali reported that total assets held by financial institutions have reached $30 billion, assuring that all financial institutions remain strong and reliable.
Ali remarked on the recent decrease in global interest rates, with the United States lowering its rates by 0.5 percent. He expressed optimism about 2024 being a favorable year for Fiji’s economy.
In compliance with the Reserve Bank of Fiji Act of 1983, a total of $136.2 million will be transferred to the Government. This amount includes the net profit earned and $1.7 million allocated from the Revaluation Reserve Account, following a $1.0 million transfer to the Reserve Bank’s General Reserves.
The transfer of these funds underscores the Reserve Bank’s commitment to effectively fulfilling its core responsibilities, even though it is not a profit-driven entity, particularly during challenging economic times.