The Reserve Bank of Fiji has indicated that it may reassess the earlier prediction of a two percent economic slowdown for this year, following the recent data collected over the past two months. During a media briefing, RBF Governor Ariff Ali announced that the economy is now anticipated to grow by approximately three percent in 2024.
Ali also expressed optimism for the economic outlook in 2025. The Central Bank reported that the country’s Foreign Reserves have reached a record high of $3.77 billion, which is sufficient to cover Fiji’s import expenses for the next six months.
He noted that total assets held by financial institutions amount to $30 billion, assuring that all financial institutions remain strong and resilient. Additionally, Ali mentioned that global interest rates have recently declined, with the United States lowering its rates by 0.5 percent.
“2024 is hopefully going to be a good year,” Ali stated.
In compliance with the Reserve Bank of Fiji Act (1983), a transfer of $136.2 million to the Government was 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 underscores the Reserve Bank’s ongoing dedication to fulfilling its core responsibilities, despite not being a profit-driven entity, especially as it guides the country through challenging economic times.