The Reserve Bank of Fiji (RBF) has reported a record profit of $135.5 million for the fiscal year ending July 31, 2024. This marks a significant increase from the previous high of $102.2 million achieved during the 2022-2023 financial year.
RBF Governor Ariff Ali credited the bank’s exceptional performance to the effective management of foreign reserves, which was supported by prudent investment strategies and favorable global interest rates. He noted that the robust profit reflects the RBF’s ongoing commitment to its core mandates, despite not being a profit-driven institution.
The bank will transfer a total of $136.2 million to the government, which includes the reported net profit and $1.7 million from the Revaluation Reserve Account, following a net transfer of $1 million to the RBF’s general reserves.
Ali cautioned that future profits will largely depend on the levels of foreign reserves and the prevailing interest rates in international markets. After finalizing the audited financials during a special board meeting, RBF presented its financial results for the 2023-2024 fiscal year to Prime Minister Sitiveni Rabuka and shared its annual report with Deputy Prime Minister and Minister of Finance Prof Biman Prasad.