Prime Minister Sitiveni Rabuka has stated that the Reserve Bank of Fiji’s reported net profit of $136.2 million reflects effective management of the country’s monetary policies. During a cheque handover event, he noted that Fiji has overcome several challenges in recent years through solid economic and strategic approaches.
Rabuka mentioned that despite facing political turmoil, the global financial crisis and its repercussions, natural disasters, climate change effects, and the recent COVID-19 pandemic, Fiji’s economy has remained resilient.
He also emphasized the critical role of a robust and independent Central Bank in managing monetary policy effectively. “The primary role of central banks in developing countries is to maintain monetary stability, as indicated by economic metrics. This stability is essential for the nation’s economic growth and development,” he remarked.
Furthermore, Rabuka highlighted that the record profits achieved this financial year stemmed from the Bank’s wise investment strategies regarding the country’s foreign reserves, successfully leveraging high interest rates in the global financial markets. As of yesterday, the country’s foreign reserves reached an all-time high of $3.76 billion, sufficient to cover 6.1 months of Fiji’s imports of goods and services.