The Reserve Bank of Fiji has announced a net profit of $135.2 million as of July 31, 2024. During a Cheque Handover event, RBF Governor Ariff Ali revealed that the total transfer to the Government amounts to $136,231,255.80. This figure includes one-fifth of the bank’s revaluation reserves, in accordance with the RBF Act.
Governor Ali explained that although the RBF is required by the Act to submit its financial reports within three months following the end of the financial year, the Board, with the accountant’s endorsement, has already approved the financial accounts.
He noted that if the RBF had provided these funds to the Government by the end of October, the Government could have saved $750,000 in interest. Over the past two years, the RBF has contributed a total of $240 million in profit, which represents about two percent of Fiji’s Gross Domestic Product (GDP). Additionally, this contribution has reduced the debt-to-GDP ratio by another two percent.
In the last decade alone, the RBF has transferred over $500 million to the Government and has contributed nearly $1 billion in accumulated profits since its establishment. Governor Ali pointed out that without these profits, Fiji’s debt-to-GDP ratio would be ten percent higher. He emphasized that the RBF is the only statutory body consistently sharing its profits with the Government.