The Reserve Bank of Fiji (RBF) has reported a record net profit of $135.5 million for the financial year 2023-2024, exceeding last year’s profit of $102.2 million.
This profit will lead to a total transfer of $136.2 million to the Fijian government, which includes the net profit and $1.7 million from one-fifth of the Revaluation Reserve Account, following a net transfer of $1.0 million to the Reserve Bank’s General Reserves.
The record profit is attributed to strong foreign reserves and favourable global interest rates. Despite facing challenges, foreign reserves remained robust at $3.6 billion, sufficient to cover 5.8 months of imports. The RBF maintained an overnight policy rate of 0.25% to support economic activity. The total assets of the Fijian financial system grew to $30.9 billion.
In a ceremony at the RBF office in Suva, Governor Ariff Ali handed over the profits to Prime Minister Sitiveni Rabuka and expressed gratitude to staff and stakeholders for their ongoing support.
Looking ahead, Ali anticipates a challenging but productive financial year for 2024-2025, noting that future profits will depend on the status of foreign reserves and global interest rates.
