Prime Minister Sitiveni Rabuka highlighted that the Reserve Bank of Fiji’s net profit of $136.2 million reflects effective management of the bank’s monetary policies. During a recent cheque presentation, he noted that despite challenges over the years, including political instability, the global financial crisis, natural disasters, climate change effects, and the COVID-19 pandemic, Fiji’s economy has remained resilient due to sound economic strategies.
Rabuka emphasized the vital role of a robust and independent Central Bank that consistently manages monetary policies. He stated, “The primary role of central banks in developing countries is to maintain monetary stability, which is essential for the nation’s economic growth and development.”
He further explained that the substantial profits obtained this financial year resulted from the Bank’s wise investment decisions regarding the country’s foreign reserves, capitalizing on high interest rates in the global financial marketplace. As of the latest update, Fiji’s foreign reserves have reached an all-time high of $3.76 billion, sufficient to cover 6.1 months of the nation’s imports of goods and services.