Prime Minister Sitiveni Rabuka has highlighted the Reserve Bank of Fiji’s net profit of $136.2 million as evidence of effective management of the bank’s monetary policies. During a recent cheque handover, he expressed that despite the numerous challenges faced by Fiji in recent years, the nation has successfully navigated these obstacles due to robust economic and strategic policies.
Rabuka noted that Fiji has endured political turmoil, the global financial crisis and its repercussions, natural disasters, the impacts of climate change, and the COVID-19 pandemic, all of which have tested the resilience of the economy.
He emphasized the significance of having a strong and independent Central Bank that consistently manages monetary policy. He stated, “The most important contribution central banks make in a developing country is to ensure monetary stability, which is measured by the country’s economic indicators. This stability is essential for economic growth and development.”
The Prime Minister further elaborated that the remarkable profits achieved in the current financial year were a result of the bank’s careful investment strategies with the nation’s foreign reserves, capitalizing on high interest rates in global financial markets. He announced that as of yesterday, Fiji’s foreign reserves have reached a record high of $3.76 billion, sufficient to cover 6.1 months of the country’s imports of goods and services.