The Reserve Bank of Fiji has indicated that it will likely revise its earlier prediction of a two percent economic slowdown for the year, based on data collected over the last two months. In a media briefing, RBF Governor Ariff Ali announced a revised forecast, projecting a slight economic growth of three percent for 2024.
Ali also conveyed optimism for the economy in 2025. The Central Bank noted that foreign reserves are currently at a record high of $3.77 billion, sufficient to cover Fiji’s import expenses for the next six months. Additionally, total assets of financial institutions are reported to be at $30 billion, with Ali assuring that all financial entities remain strong and robust.
As of Thursday, global market interest rates have decreased, with the United States reducing rates by 0.5 percent. “We hope that 2024 will be a good year,” said Ali.
In compliance with the Reserve Bank of Fiji Act (1983), a total of $136.2 million will be transferred to the Government. This amount includes net profits and $1.7 million from the Revaluation Reserve Account, following a $1.0 million transfer to the Reserve Bank’s General Reserves. This transfer reflects the Reserve Bank’s ongoing commitment to fulfill its core mandates effectively, especially during challenging times, despite not being a profit-driven entity.