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 all-time high profit of $102.2 million during the 2022-2023 financial year.
During the announcement, RBF Governor Ariff Ali credited the central bank’s “unprecedented” performance to the consistent maintenance of a healthy level of foreign reserves throughout the year, supported by the bank’s prudent investment strategies and the favorable higher interest rates in the global financial markets.
RBF stated that a total of $136.2 million would be transferred to the Government, which includes the net profit generated and $1.7 million, representing one-fifth of the Revaluation Reserve Account, after a net transfer of $1 million to the bank’s general reserves.
Mr. Ali emphasized that the transfer of $136.2 million highlights the Reserve Bank’s continuous commitment to effectively fulfilling its core mandates, especially during challenging times over the years, even though it is not a profit-making entity. He also warned that future profits would depend on the levels of foreign reserves and prevailing interest rates in the international financial market.
After finalizing its audited financials during a special board meeting, RBF presented its profit figures for the 2023-2024 financial year to Prime Minister Sitiveni Rabuka, along with its annual report to Deputy Prime Minister and Minister of Finance Prof Biman Prasad.