The Reserve Bank of Fiji (RBF) has announced that, based on recent data gathered over the past two months, they will revise the previously anticipated two percent economic slowdown for the country this year. In a media briefing, RBF Governor Ariff Ali indicated that they are now projecting a slight growth of three percent for Fiji’s economy in 2024. He also mentioned expectations of a strong economic performance in 2025.
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. Ali noted that total assets held by financial institutions amount to $30 billion, assuring the public that all financial institutions are currently robust and stable.
Ali pointed out that interest rates in global markets have decreased, with the United States recently reducing its rates by 0.5 percent. He expressed optimism that 2024 is likely to be a prosperous year.
In accordance with the Reserve Bank of Fiji Act of 1983, a transfer of $136.2 million will be made to the Government, which includes net profit earned and $1.7 million from one-fifth of the Revaluation Reserve Account, following a transfer of $1.0 million to the Reserve Bank’s General Reserves. This transfer highlights the Reserve Bank’s ongoing commitment to fulfilling its core responsibilities, reflecting its effectiveness during challenging times despite not being a profit-driven entity.