RBF records $42m profit despite challenges

September 24, 2022 4:10 pm

[File Photo]

The Reserve Bank of Fiji has recorded a net profit of $42m for the financial year despite challenging global financial markets.

Governor, Arrif Ali says unlike, previous years where interest income from foreign reserves contributed the bulk of the Bank’s revenue, out-turn in the 2021-2022 financial year was underpinned by higher interest income from domestic bonds and increased numismatic sales.

As required under the RBF Act, a transfer of $44.4million will be made to the Government, inclusive of $3.4 million being one-fifth of the Revaluation Reserve Account–foreign currency, and a net transfer of $1.0 million to the General Reserves.

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This compares with a transfer of $32.9m to the Government for the previous financial year.

Ali says despite the global economic turbulence caused by the Russia-Ukraine war and the uncommonly higher prices of commodities affecting the Fijian economy, the Bank achieved its key objectives.

At the end of July, foreign reserves was adequate at $3.6 billion, while the inflation rate was 5.2 percent.

Ali says Fiji’s financial system remained resilient, with total gross assets of $26.7 billion as at 31st, July.