The Reserve Bank of Fiji (RBF) has not been included in the National Disaster Risk Management Council or the Disaster Risk Reduction Committee, despite its request for participation. This information was disclosed through documents presented to Parliament this week.
RBF Governor Ariff Ali had submitted comments to the Standing Committee on Justice, Law and Human Rights regarding the draft National Disaster Risk Management Bill 2024. In his submission, Ali recommended that the council and committee consider including the RBF as a member, citing the crucial role the central bank plays in executing its core responsibilities.
These responsibilities encompass regulating currency issuance, managing the supply and availability of money, promoting monetary and financial stability, establishing a sound financial framework, and fostering credit and exchange conditions that support the country’s economic development. The RBF noted that these functions are vulnerable during disasters and emergencies, which may require the bank to provide insights on their impact on the economy and financial stability.
Additionally, the RBF raised concerns about whether “cyber” events are included in the National Disaster Risk Management Bill 2024. According to their observations, while the term “cyber” seems to be acknowledged in the definition, the overall phrasing of the act appears predominantly focused on natural disasters like cyclones or floods.
A draft of the National Disaster Risk Management Bill 2024 indicates that the RBF has not been included in either the National Disaster Risk Management Council or the Disaster Risk Reduction Committee. Furthermore, the draft does not explicitly define “cyber” as requested by the RBF.