The Reserve Bank of Fiji has reported a net profit of $135.2 million as of July 31, 2024. During a Cheque Handover event, RBF Governor Ariff Ali announced that the total transfer to the Government amounts to $136,231,255.80, which includes one-fifth of the bank’s revaluation reserves in accordance with the RBF Act.
Governor Ali explained that while the RBF is required by law to present its financial reports three months after the conclusion of the financial year, the Board, along with the accountant’s approval, has finalized the approved financial accounts ahead of schedule. He noted that the Government could save $750,000 in interest if the funds had been provided by the end of October.
In the past two years, the RBF has contributed a total of $240 million in profits, representing approximately two percent of Fiji’s Gross Domestic Product. The bank has successfully reduced the debt-to-GDP ratio by an additional two percent.
Over the last decade, the RBF has transferred more than $500 million to the Government, and since its establishment, it has provided nearly $1 billion in accumulated profits. Governor Ali emphasized that without these profit transfers, the nation’s debt-to-GDP ratio would have been 10 percent higher. He also pointed out that the RBF is the only statutory body consistently delivering profits to the Government.