[Photo: FILE]

Parliament has passed a series of budget amendment bills aimed at strengthening Fiji’s financial regulatory framework while implementing key budget measures for the 2026–2027 financial year.

The legislation includes amendments to the Fiji National Provident Fund Act, the Reserve Bank of Fiji Act, and the Exchange Control Act.

Minister for Finance Esrom Immanuel says the Fiji National Provident Fund Budget Amendment Act 2026 introduces changes to the Fiji National Provident Fund Act 2011 as part of the government’s budget policy.

The amendment, which comes into force on 1 August 2026, temporarily reduces the total mandatory contributions made by employers and employees by two percent until 31 July 2027.

Parliament also approved amendments to the Reserve Bank of Fiji Act to strengthen the central bank’s regulatory and operational framework.

The changes align the accounting treatment of foreign exchange gains and losses with International Financial Reporting Standards, establish a framework for determining distributable profits, and maintain an unrealised revaluation reserve account for unrealised gains and losses.

The amendments also revise the distribution of the Reserve Bank’s net profits to Government to ensure payments are made in line with the updated accounting framework.

In addition, outdated provisions relating to the treatment of foreign exchange gains and losses have been removed, while the legislation now allows external auditors to be appointed for terms of up to two years, with the option of reappointment.

The Reserve Bank amendments takes effect and will be implemented during the Bank’s 2025–2026 financial year.

Parliament also passed the Exchange Control Amendment Act 2026, strengthening the Reserve Bank of Fiji’s powers under the Exchange Control Act.

The new law enables the Reserve Bank to impose sanctions on authorised dealers for breaches of the Act or other written laws and establishes the grounds and penalties for such sanctions.

The Exchange Control amendments will come into force on 1 August 2026.

The government says the reforms are intended to modernise Fiji’s financial regulatory system, align key legislation with international standards, and strengthen oversight of the country’s financial sector.