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 bank’s monetary policies. During a cheque handover event, he emphasized that despite the numerous challenges Fiji has faced in recent years, the nation has managed to navigate these difficulties through robust economic and strategic measures.
Rabuka mentioned various adversities, including political turmoil, the global financial crisis and its lingering effects, natural disasters, climate change impacts, and the recent COVID-19 pandemic, asserting that Fiji’s economy has remained resilient in the face of these shocks.
He highlighted the necessity of having a strong and independent Central Bank that consistently manages monetary policy. “The central bank’s most significant contribution in a developing country is to ensure monetary stability, guided by the country’s economic indicators. This is vital for the nation’s economic growth and development,” he said.
The Prime Minister noted that the bank’s remarkable profits this financial year stem from wise investment choices regarding the country’s foreign reserves, capitalizing on the high interest rates in global financial markets. He also mentioned that as of the previous day, Fiji’s foreign reserves had 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.