The Reserve Bank of Fiji (RBF) has announced that they are likely to revise their earlier forecast of a two percent economic slowdown for Fiji this year, based on recent data collected over the past two months. In a media briefing, RBF Governor Ariff Ali indicated that the economy is now expected to experience slight growth of about three percent in 2024.
Ali also expressed optimism for the economy’s performance in 2025, predicting a positive outlook. The Central Bank reported that foreign reserves have reached a record high of $3.77 billion, which is sufficient to cover Fiji’s import expenses for the next six months. Additionally, the total assets held by financial institutions amount to $30 billion.
Ali reassured that all financial institutions in the country are stable and robust. He noted that as of Thursday, interest rates in global markets have decreased, with the United States reducing its rates by 0.5 percent. “2024 is hopefully going to be a good year,” he stated.
In compliance with the Reserve Bank of Fiji Act (1983), a total of $136.2 million will be transferred to the Government, which includes net profits 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 underscores the Reserve Bank’s ongoing commitment to fulfill its core responsibilities, even though it is not a profit-making entity, especially during challenging times in the past years.