The Reserve Bank of Fiji (RBF) has reported a record profit of $135.5 million for the financial year ending July 31, 2024. This figure represents an increase from the previous high profit of $102.2 million during the 2022-2023 financial year.
RBF Governor Ariff Ali attributed this “unprecedented” performance to the maintenance of a strong level of foreign reserves throughout the year, along with the bank’s careful investment strategies and favorable global interest rates.
The bank announced that a total of $136.2 million would be transferred to the Government, which includes the net profit and $1.7 million that accounts for one-fifth of the Revaluation Reserve Account, following a transfer of $1 million to the RBF’s general reserves.
Ali emphasized this transfer reflects the Reserve Bank’s commitment to fulfilling its core responsibilities, even though it is not a profit-making entity. He noted that this commitment has been crucial, especially during challenging economic times over the years.
However, Ali warned that future profits will be contingent on the levels of foreign reserves and the interest rates in the international financial market.
Following the approval of its audited financials at a special board meeting, RBF shared its profits for the 2023-2024 financial year with Prime Minister Sitiveni Rabuka and presented its annual report to Deputy Prime Minister and Minister of Finance Prof Biman Prasad.