Prime Minister Sitiveni Rabuka stated that the Reserve Bank of Fiji’s reported net profit of $136.2 million highlights the effective management of the bank’s monetary policies. During a cheque handover event, he emphasized that despite recent challenges faced by Fiji, including political instability, the global financial crisis, natural disasters, and the COVID-19 pandemic, the country’s economy has proven resilient due to strong economic and strategic policies.
Rabuka stressed the importance of a robust and independent Central Bank that consistently manages monetary policy. He noted that a central bank’s key contribution in a developing country is to maintain monetary stability as indicated by various economic indicators, which is essential for fostering economic growth and development.
He further remarked that the impressive profits achieved this financial year are a product of the bank’s wise investment strategies regarding the nation’s foreign reserves, taking advantage of high interest rates in global financial markets. As of the latest report, Fiji’s foreign reserves have reached a record high of $3.76 billion, sufficient to cover 6.1 months’ worth of the country’s imports of goods and services.