Prime Minister Sitiveni Rabuka has highlighted the Reserve Bank of Fiji’s reported net profit of $136.2 million as evidence of effective management of the bank’s monetary policies. During a cheque handover ceremony, he noted that Fiji has managed to endure recent challenges thanks to sound economic and strategic policies.
Rabuka pointed out that despite facing political instability, the global financial crisis and its lingering effects, natural disasters, climate change impacts, and the COVID-19 pandemic, Fiji’s economy has remained resilient.
He emphasized the significance of having a strong and independent Central Bank that consistently manages monetary policy. According to the Prime Minister, the primary role of central banks in developing countries is to maintain monetary stability, which is essential for economic growth and development.
Rabuka mentioned that the impressive profits for the financial year were largely due to the Bank’s strategic investment choices regarding the nation’s foreign reserves, capitalizing on the high interest rates globally. As of the previous day, he announced that Fiji’s foreign reserves had reached a new high of $3.76 billion, providing coverage for 6.1 months of the country’s imported goods and services.