The Reserve Bank of Fiji has announced plans to revise its earlier prediction of a two percent economic slowdown for this year, based on data collected over the past two months. During a media conference, RBF Governor Ariff Ali revealed that the bank now anticipates a slight economic growth of three percent for 2024. He also expressed optimism for a favorable economic outlook in 2025.
The Central Bank reported that foreign reserves have reached a record $3.77 billion, sufficient to cover Fiji’s import expenses for the next six months. Ali noted that financial institutions in the country collectively hold total assets amounting to $30 billion, assuring the public of their strength and stability.
Ali pointed out that global interest rates have recently decreased, with the United States implementing a 0.5 percent cut. He expressed hope that 2024 will prove to be a promising year for the economy.
Additionally, a total of $136.2 million will be transferred to the Government, as mandated by the Reserve Bank of Fiji Act (1983). This amount includes net profit earned, along with $1.7 million representing one-fifth of the Revaluation Reserve Account, following a net transfer of $1 million into the Reserve Bank’s General Reserves. This transfer underscores the Reserve Bank’s commitment to effectively fulfilling its core responsibilities, even as a non-profit entity, particularly during challenging times for the country.