THE Reserve Bank of Fiji (RBF) has announced a record profit of $135.5 million for the financial year ended July 31, 2024.
This was an improvement from the all-time high profit of $102.2million recorded during its 2022-2023 financial year.
Making the announcement yesterday, RBF Governor Ariff Ali attributed the central bank’s “unprecedented” performance to “the maintenance of a comfortable level of foreign reserves throughout the financial year guided by the Reserve Bank’s prudent investment strategies and complimented by prevailing higher interest rates in the global financial markets.”
A total of $136.2million will be transferred to the Government, inclusive of the net profit earned and $1.7million constituting one-fifth of the Revaluation Reserve Account, after a net transfer of $1million to the Reserve Bank’s general reserves, RBF stated.
“The transfer of the $136.2 million testifies to the ongoing commitment of the Reserve Bank though not a profit making entity, to remain effective in meeting its core mandates not only in the 2023-2024 financial year but particularly over the years that the Reserve Bank had to steer the country in very challenging times,” Mr Ali said.
He cautioned however that future profit will depend on the level of foreign reserves and prevalent interest rates in international financial market.
Following the signing of its audited financials at yesterday’s special board meeting, RBF presented its profit for the financial year 2023-2024 to Prime Minister Sitiveni Rabuka and its annual report to Deputy Prime Minister and Minister of Finance Prof Biman Prasad.
