The Reserve Bank of Fiji has reported a record profit of $136.2 million for this financial year, the highest in its history. Prime Minister Sitiveni Rabuka officiated the handover ceremony on behalf of the government, emphasizing the significant achievements of the nation’s central bank.
Rabuka expressed his satisfaction with the progress the country has made, noting that profits have exceeded $100 million since 2022, culminating in a remarkable profit of FJ$136.2 million this year. He attributed this growth to the effective management of monetary policies by the Reserve Bank of Fiji and the nation’s resilience in maintaining economic stability and steady growth.
The Prime Minister acknowledged the numerous challenges faced in recent years, including political instability, the global financial crisis, natural disasters, the impacts of climate change, and the recent COVID-19 pandemic, which have all tested the nation’s economic strategies.
He explained that the record profits this financial year stemmed from the Bank’s prudent investment decisions concerning the country’s foreign reserves, leveraging the high interest rates present in global financial markets.
RBF Governor Ariff Ali pointed out that this achievement represents not just a high for the central bank but for any financial institution or government entity in Fiji. He noted that the combined financial contributions from last year and this year total approximately $240 million, which accounts for around 2% of the government’s GDP, thus contributing to a reduction in the debt-to-GDP ratio.
Prime Minister Rabuka congratulated the central bank, its management, and staff for their vital contributions to regulating and developing the financial sector.