Prime Minister Sitiveni Rabuka has stated that the Reserve Bank of Fiji’s reported net profit of $136.2 million is a testament to the effective management of the bank’s monetary policies. During a cheque handover event, Rabuka highlighted that despite the numerous challenges faced by Fiji in recent years, including political instability, the global financial crisis and its aftermath, natural disasters, climate change, and the COVID-19 pandemic, the nation’s economy has remained resilient.
He emphasized the critical role of a robust and independent Central Bank, which consistently manages monetary policy. “The primary contribution of central banks in developing countries is to ensure monetary stability, which is essential for economic growth and development,” the Prime Minister remarked.
Rabuka attributed the record profits for the financial year to the bank’s prudent investment strategies concerning the nation’s foreign reserves, especially by capitalizing on high interest rates in the global markets. Additionally, he announced that 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.