The Reserve Bank of Fiji has announced that, based on data collected over the past two months, it plans to revise its earlier prediction of a two percent economic slowdown for the nation this year. During a recent media conference, RBF Governor Ariff Ali indicated an optimistic forecast, predicting a slight economic growth of three percent for 2024. Ali also anticipates a prosperous economic outlook for 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. Ali stated that the total assets held by financial institutions amount to $30 billion, assuring that these institutions are in a strong and sound position.
Ali further noted that global interest rates have decreased, with the United States cutting its rates by 0.5 percent. He expressed hope that 2024 will be a better year for the economy.
As mandated by the Reserve Bank of Fiji Act of 1983, the Bank will transfer $136.2 million to the Government, which includes the net profit earned and $1.7 million from one-fifth of 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 fulfilling its core responsibilities, particularly during challenging times the country has faced over the years.