Prime Minister Sitiveni Rabuka has expressed that the Reserve Bank of Fiji’s reported net profit of $136.2 million reflects effective management of the bank’s monetary policies. During a cheque handover event, he highlighted that despite facing numerous challenges in recent years, Fiji’s economy has remained resilient due to sound economic and strategic policies.
Rabuka pointed out various obstacles the country has confronted, including political instability, the global financial crisis and its lingering effects, natural disasters, climate change impacts, and, more recently, the COVID-19 pandemic, all of which Fiji has weathered.
He emphasized the significance of having a strong and independent Central Bank that consistently manages monetary policy effectively. The Prime Minister noted that the central bank’s key contribution in a developing nation is maintaining monetary stability, which is essential for the country’s economic growth and development.
Rabuka further stated that the record profits achieved this financial year stem from the bank’s wise investment strategies concerning the nation’s foreign reserves, particularly by capitalizing on high interest rates available in the global financial markets. He also announced that as of the previous day, the country’s foreign reserves had reached a historic high of $3.76 billion, sufficient to cover 6.1 months of Fiji’s imported goods and services.