The Reserve Bank of Fiji has indicated that recent data gathered over the past two months will lead to a revision of their earlier prediction of a two percent economic slowdown for the country this year. During a media conference, RBF Governor Ariff Ali announced expectations of a modest economic growth of three percent for 2024. He also expressed optimism for the economy 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. Ali noted that financial institutions in the country have total assets amounting to $30 billion and reassured that they are stable and resilient.
In light of recent developments, Ali mentioned that global interest rates have decreased, with the United States lowering its rates by 0.5 percent. He expressed hope that 2024 will be a favorable year.
Additionally, in compliance with the Reserve Bank of Fiji Act of 1983, a transfer of $136.2 million will be made to the government. This figure includes net profits and $1.7 million from the Revaluation Reserve Account, following a net transfer of $1 million to the Reserve Bank’s General Reserves. This transfer demonstrates the Reserve Bank’s ongoing commitment to fulfill its core mandates, even as it is not a profit-driven entity, particularly during challenging economic periods.