Prime Minister Sitiveni Rabuka has announced that the Reserve Bank of Fiji’s net profit of $136.2 million reflects the effective management of the country’s monetary policies. During a recent cheque handover event, he emphasized that despite facing numerous challenges in recent years, including political turmoil, the global financial crisis, natural disasters, climate change impacts, and the COVID-19 pandemic, Fiji’s economy has remained resilient.
Rabuka underscored the importance of a robust and independent Central Bank capable of consistently managing monetary policy. He stated, “The most important contribution central banks make in a developing country is to ensure monetary stability, determined by the country’s economic indicators. This is critical for economic growth and development in the country.”
He also noted that the Bank’s impressive profits for the financial year were attributed to its careful investment strategies concerning the nation’s foreign reserves, particularly by capitalizing on high global interest rates. As of the latest update, Fiji’s foreign reserves have reached a record high of $3.76 billion, which is sufficient to cover 6.1 months of the country’s imports of goods and services.