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 an increase from the previous year’s profit of $102.2 million.
During an announcement made yesterday, RBF Governor Ariff Ali credited the central bank’s remarkable performance to consistent foreign reserves management, prudent investment practices, and favorable global interest rates throughout the financial year.
The RBF will transfer a total of $136.2 million to the Government, which includes both the net profit and $1.7 million from the Revaluation Reserve Account, after setting aside $1 million for the Reserve Bank’s general reserves.
Ali emphasized that this transfer reflects the Reserve Bank’s commitment to fulfilling its core mandates, even as a non-profit organization, particularly during challenging times over the years.
However, he cautioned that future profits could fluctuate based on the levels of foreign reserves and prevailing international interest rates.
Following the approval of its audited financials in a special board meeting yesterday, RBF presented its profits for the fiscal year 2023-2024 to Prime Minister Sitiveni Rabuka and its annual report to Deputy Prime Minister and Minister of Finance Prof Biman Prasad.