The Reserve Bank reported a net profit of $28.9 million for its 2018-2019 financial performance.

It is slightly lower than the $31.5 million recorded in the preceding financial year.

The RBF in its financial statements states that a transfer of $29.4 million will be made to Government, inclusive of $1.5 million being one-fifth of the Revaluation Reserve Account, as required under section 34(3) of the Reserve Bank of Fiji Act.

Inflation stood at 0.7 percent and foreign reserves totalled $2.1 billion at the end of July 2019.

The Fijian financial system remained stable throughout the year, with total gross assets at $21.7 billion, as at July 2019.”

Governor Ariff Ali says despite the challenging economic environment, the Fijian economy was still able to record a growth of 3.5 percent in 2018.

Governor Ariff Ali

Considering the economic outlook for the next 12 months, Ali further says the domestic economic activity is likely to moderate further in line with the global economic slowdown, and sluggish performances are expected in some major economic sectors.

In this regard, he says the Reserve Bank in seeking to strengthen its central banking role, will continue to partner with local and international stakeholders to ensure the effective protection of its mandate of macroeconomic and financial stability.