The Reserve Bank of Fiji has indicated that it may revise its initial forecast of a two percent economic slowdown for the year, based on recent data collected in the past two months. In a press conference, RBF Governor Ariff Ali announced expectations for a slight economic growth of three percent in 2024. He also mentioned promising predictions for the economy in 2025.
The Central Bank reported that Foreign Reserves have reached a record high of $3.77 billion, sufficient to cover Fiji’s import expenses for the next six months. Ali stated that total assets for financial institutions total approximately $30 billion, assuring that all financial institutions remain strong and resilient.
Additionally, Ali noted a recent decline in global interest rates, with the United States reducing its rates by 0.5 percent. He expressed optimism for 2024, stating, “2024 is hopefully going to be a good year.”
As mandated by the Reserve Bank of Fiji Act (1983), a total of $136.2 million is set to be transferred to the Government. This amount includes net profits and $1.7 million, which is one-fifth of the Revaluation Reserve Account, following a net transfer of $1 million to the Reserve Bank’s General Reserves. This transfer of funds demonstrates the Reserve Bank’s ongoing commitment to fulfill its core responsibilities, even as a non-profit entity, particularly in navigating Fiji through challenging economic times.