Prime Minister Sitiveni Rabuka highlighted the Reserve Bank of Fiji’s reported net profit of $136.2 million as an indication of effective monetary policy management. During a cheque handover event, he noted that despite recent challenges, including political instability, the global financial crisis and its repercussions, natural disasters, climate change effects, and the COVID-19 pandemic, Fiji’s economy has remained resilient.
He emphasized the critical role of a strong and independent Central Bank, which should consistently manage monetary policy. Rabuka pointed out that central banks in developing countries are vital for ensuring monetary stability, influencing economic growth and development.
The Prime Minister attributed the record profits for the financial year to the Bank’s careful investment strategies utilizing the country’s foreign reserves, especially by taking advantage of high-interest rates in global markets. He also reported that Fiji’s foreign reserves have reached an all-time high of $3.76 billion, which is sufficient to cover 6.1 months of the nation’s import needs for goods and services.