Fiji’s central bank earned a net profit of $102.2 million in the latest fiscal year.
It more than doubled the prior year’s $42 million record, marking the highest profit in the Reserve Bank of Fiji’s 50-year history.
Handing over its financial documents along with its operations report to Minister for Finance Professor Biman Prasad in Suva this morning RBF Governor Ariff Ali said the “high profit directly resulted from higher interest rates in the global financial markets and prudent management of the nation’s foreign reserves invested in our major trading partners.”
As required under the Act. $103.4 million will be paid to the government, including $2.1 million being one fifth of the Revaluation Reserve Account, after a net transfer of $1.0 million to the General Reserves.
In the 2021-2022 financial year, $44.4 million was transferred to the government.