Reserve Bank of Fiji hands over $103.4 million in profit to Govt

The Reserve Bank of Fiji has handed over a record breaking profit of $103.4 million to Deputy Prime Minister and Minister for Finance Professor Biman Prasad.

RBF Governor, Ariff Ali says this is compared to the $44.4 million transferred to the government for the 2021-2022 financial year.

He says the high profit directly resulted from higher interest rates in the global financial markets.

Ali says the role of the Central Bank is not necessarily to make a profit, the bigger role is to manage the economy.

The Deputy Prime Minister says when they do their budget they anticipate several sources of income whether its tax revenue, dividends from government companies, and these are usually estimated and budgeted for.