Prime Minister Sitiveni Rabuka has highlighted the Reserve Bank of Fiji’s reported net profit of $136.2 million as evidence of effective monetary policy management. During a recent cheque handover ceremony, the Prime Minister pointed out that despite several challenges, including political turmoil, the global financial crisis, natural disasters, climate change impacts, and the COVID-19 pandemic, Fiji has managed to maintain economic resilience.
Rabuka emphasized the necessity of a robust and independent Central Bank, which plays a crucial role in consistent monetary policy management. He stated, “The most important contribution central banks make in a developing country is to ensure monetary stability, determined by the country’s economic indicators. This is critical for economic growth and development.”
He attributed the exceptional profits for the financial year to the Bank’s wise investment strategies concerning the nation’s foreign reserves, which capitalized on high interest rates in global markets. Furthermore, the Prime Minister reported that Fiji’s foreign reserves have reached a record high of $3.76 billion, sufficient to cover 6.1 months’ worth of the country’s imports of goods and services.