The Reserve Bank of Fiji (RBF) has indicated that it may revise its earlier expectations of a two percent economic slowdown for the country this year, based on recent data collected over the past two months. During a media conference, RBF Governor Ariff Ali announced a projection of a slight economic growth of three percent for 2024.
Ali also expressed optimism for a strong economic performance in 2025. The Central Bank reported that foreign reserves have reached a record high of $3.77 billion, sufficient to cover Fiji’s import expenses for the next six months. Additionally, total assets held by financial institutions were reported to be at $30 billion, with Ali assuring that all financial institutions remain strong and robust.
He noted a decrease in global interest rates, specifically mentioning a 0.5 percent cut in interest rates by the United States. “2024 is hopefully going to be a good year,” Ali remarked.
In accordance with the Reserve Bank of Fiji Act of 1983, a transfer of $136.2 million to the Government has been announced, which includes net profits and $1.7 million from the Revaluation Reserve Account. Following a net transfer of $1.0 million to the Reserve Bank’s General Reserves, this transfer highlights the Reserve Bank’s commitment to effectively meet its core mandates, even as a non-profit entity, especially during challenging economic times in past years.