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 record profit of $102.2 million achieved in the 2022-2023 financial year.
During the announcement, RBF Governor Ariff Ali credited the bank’s exceptional performance to consistent foreign reserves management, effective investment strategies, and favorable interest rates in the global financial markets.
The bank stated that it will transfer a total of $136.2 million to the Government. This amount includes the net profit and $1.7 million from one-fifth of the Revaluation Reserve Account, following a net transfer of $1 million to RBF’s general reserves.
Ali emphasized that this transfer reflects the Reserve Bank’s commitment to fulfilling its core responsibilities despite not being a profit-oriented entity, especially during challenging economic periods.
He cautioned that future profits would hinge on foreign reserve levels and the interest rates in international markets.
After finalizing the audited financials at a special board meeting, RBF presented its financial results for the 2023-2024 year to Prime Minister Sitiveni Rabuka and its annual report to Deputy Prime Minister and Minister of Finance, Professor Biman Prasad.