The Reserve Bank of Fiji (RBF) has reported a record profit of $135.5 million for the financial year ending July 31, 2024. This marks a significant increase from the previous year’s profit of $102.2 million, which was also a record.
During the announcement, RBF Governor Ariff Ali credited the bank’s “unprecedented” performance to the effective management of foreign reserves and prudent investment strategies, further enhanced by high global interest rates.
The bank will transfer a total of $136.2 million to the Government, which includes the net profit as well as $1.7 million from the Revaluation Reserve Account, after a $1 million transfer to the bank’s general reserves.
Ali emphasized that the transfer reflects the Reserve Bank’s commitment to its core responsibilities, especially during challenging economic periods. However, he warned that future profits would be influenced by foreign reserve levels and interest rates in the international financial markets.
After finalizing its audited financial statements in a special board meeting, RBF presented its financial results for the year 2023-2024 to Prime Minister Sitiveni Rabuka and its annual report to Deputy Prime Minister and Finance Minister Prof Biman Prasad.