Prime Minister Sitiveni Rabuka has highlighted the Reserve Bank of Fiji’s reported net profit of $136.2 million as a testament to its effective monetary policy management. During a cheque handover event, he noted that despite numerous challenges in recent years, including political instability, the global financial crisis, natural disasters, climate change effects, and the COVID-19 pandemic, Fiji’s economy has remained resilient thanks to sound strategic and economic policies.
The Prime Minister emphasized the vital role of an independent and robust Central Bank, one that consistently manages monetary policy effectively. He pointed out that a central bank’s primary contribution to a developing nation lies in ensuring monetary stability, which is essential for fostering economic growth and development.
Rabuka attributed the record profits achieved this financial year to the Bank’s careful investment strategies concerning the nation’s foreign reserves, capitalizing on the favorable high interest rates in global financial markets. As of yesterday, he announced that Fiji’s foreign reserves have reached a record high of $3.76 billion, sufficient to cover 6.1 months of the country’s retained imports of goods and services.