Prime Minister Sitiveni Rabuka has highlighted 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 noted that Fiji has navigated various challenges over the years, maintaining resilience through robust economic and strategic measures.
Rabuka pointed to significant issues such as political instability, the global financial crisis and its repercussions, natural disasters, climate change effects, and the recent COVID-19 pandemic, asserting that these obstacles did not severely impact Fiji’s economy.
He emphasized the necessity of a strong and independent Central Bank that effectively manages monetary policy. According to Rabuka, the central bank’s primary contribution in a developing country is to ensure monetary stability, which is crucial for economic growth and development.
The Prime Minister further stated that the record profits this fiscal year stem from the bank’s cautious investment strategies concerning the nation’s foreign reserves, capitalizing on the high interest rates present in global financial markets. As of the latest report, Fiji’s foreign reserves have reached an all-time high of $3.76 billion, sufficient to cover 6.1 months of the country’s imports of goods and services.