The Reserve Bank of Fiji (RBF) today presented its highest-ever profit of $136.2million for this financial year to the Fiji Government.
Prime Minister Hon. Sitiveni Rabuka officiated at the handover ceremony on behalf of the Government, highlighting the significant growth made by the country’s central bank.
“I am pleased to see how far we’ve progressed as a nation, with profits exceeding $100 million since 2022 – and today we are celebrating a record profit of FJ$136.2m million this financial year,” the PM asserted.
“This growth is not only a reflection of the sound management of monetary policies of the Reserve Bank of Fiji, but also of Fiji’s resilience in economic stability and steady growth over the years.
“Despite the unprecedented challenges that has confronted us in recent years – such as political upheavals, the global financial crisis and its aftershocks, natural disasters and the impacts of climate change, and more recently the COVID 19 pandemic – these have tested our economic policies and strategies.”
In this regard, PM Rabuka stated that we must acknowledge that our progress highlights the importance of maintaining a strong and independent central bank – one that remains persistent and consistent in its management of monetary policy.
“The most important contribution central banks make in a developing country is to ensure monetary stability, determined by country’s economic indicators. This is critical for economic growth and development in the country,” added the PM.
“It is clear that the unprecedented profits made this financial year, is the result of the Bank’s prudent investment decisions with the nation’s foreign reserves, where it took advantage of prevailing high interest rates in global financial markets.
“I am told that as of yesterday, foreign reserves reached a new record of $3.76 billion, covering 6.1 months of Fiji’s retained imports of goods and services.”
Also in attendance at the event were the Deputy Prime Minister and Minister for Finance Hon. Biman Prasad and the senior management of the RBF.
Prime Minister Rabuka congratulated the central bank, its management and staff for its important role in the regulation and development of the financial sector.
The Reserve Bank of Fiji has contributed to various initiatives over the years, most notably, the reform of the payment system in Fiji in the last three years.
