Prime Minister Sitiveni Rabuka has highlighted the Reserve Bank of Fiji’s net profit of $136.2 million as a testament to the effective management of the bank’s monetary policies. During a recent cheque handover event, he pointed out that despite various challenges faced by Fiji in recent years, the country has managed to endure these difficulties thanks to sound economic and strategic measures.
Rabuka noted that Fiji’s economy has remained resilient in the face of political turmoil, the global financial crisis and its repercussions, natural disasters, climate change impacts, and the COVID-19 pandemic. He emphasized the crucial role of a strong and independent central bank that consistently manages monetary policy effectively.
“One of the key contributions that central banks provide in developing nations is to maintain monetary stability, which is determined by economic indicators. This stability is essential for the country’s economic growth and development,” he stated.
He further explained that the remarkable profits recorded by the bank in the current financial year stem from the bank’s wise investment choices regarding the nation’s foreign reserves, particularly by capitalizing on the high interest rates available in global financial markets. Additionally, Rabuka reported that as of yesterday, 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.