Prime Minister Sitiveni Rabuka has highlighted the Reserve Bank of Fiji’s reported net profit of $136.2 million as evidence of effective management of the bank’s monetary policies. During a cheque handover event, Rabuka noted that despite recent challenges, including political instability, global financial crises, natural disasters, climate change effects, and the COVID-19 pandemic, Fiji’s economy has remained resilient due to sound economic strategies.
He emphasized the need for a strong and independent Central Bank, which should consistently manage monetary policy effectively. Rabuka 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.”
The Prime Minister further explained that the record profits for the financial year stemmed from the Bank’s strategic investment decisions regarding the nation’s foreign reserves, particularly capitalizing on high global interest rates. As of yesterday, Fiji’s foreign reserves reached a historic high of $3.76 billion, which is sufficient to cover 6.1 months of the country’s imports of goods and services.