The Reserve Bank of Fiji has announced a net profit of $135.2 million as of July 31, 2024. During a Cheque Handover event, RBF Governor Ariff Ali revealed 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.
Ali noted that while the RBF Act requires the bank to provide financial reports three months after the end of the financial year, the Board, with the accountant’s approval, has already signed off on the financial accounts.
He mentioned that the Government would save $750,000 in interest if these funds had been allocated to them by the end of October. Over the past two years, the RBF has contributed a combined total of $240 million in profit, representing approximately two percent of Fiji’s Gross Domestic Product (GDP) and contributing to a two percent reduction in debt to GDP.
Ali further noted that over the last decade, the RBF has provided the Government with more than $500 million, with cumulative profits since its establishment approaching $1 billion. He emphasized that without these profits, the debt to GDP ratio would have been 10 percent higher. Ali stated that the RBF is the only statutory body consistently returning profits to the Government.