The Reserve Bank of Fiji has indicated that it plans to reassess its earlier forecast of a two percent economic slowdown for the nation, based on recent data from the last two months. During a press conference, RBF Governor Ariff Ali announced an expected economic growth of three percent for 2024. Ali also projected a promising economic outlook for 2025.
The Central Bank reported that Foreign Reserves have reached a record high of $3.77 billion, which is sufficient to cover Fiji’s import costs for the next six months. Additionally, Ali noted that the total assets of financial institutions amount to $30 billion, assuring the public of the strength and stability of these institutions.
Since Thursday, global interest rates have seen a reduction, with the United States lowering its rates by 0.5 percent. Ali expressed optimism about the economic prospects for 2024, saying, “2024 is hopefully going to be a good year.”
In a compliance move under the Reserve Bank of Fiji Act (1983), a transfer of $136.2 million will be made to the Government. This amount includes net profits and $1.7 million, which represents one-fifth of the Revaluation Reserve Account, following a net transfer of $1.0 million to the Reserve Bank’s General Reserves. This transfer reflects the Reserve Bank’s commitment to fulfilling its core responsibilities, even though it does not operate as a profit-generating entity, particularly during challenging economic periods in recent years.