Reserve Bank of Fiji reports net profit of $31.5 million for 2017‑2018 financial year

The Reserve Bank of Fiji has reported a net profit of $31.5  million for the 2017‑2018 financial year.  

Along with the transfer of $1 million to the General Reserve Account, and accounting for $2 million being one fifth of the Revaluation Reserve Account, the Reserve Bank will transfer $32.5 million to the Fijian Government, as required under the Reserve Bank of Fiji Act. 

While providing a certified auditor’s copy of the Bank’s financial statements along with its Operations Report for the year ended 31^st July this year to Acting Prime Minister, Aiyaz Sayed‑Khaiyum, Governor Ariff Ali attributed the positive outturn to higher returns derived from foreign reserves holdings which was a record $46.9 million. 

RBF says the Operations Report sets out how the Reserve  Bank delivered on its mandate of safeguarding monetary and financial stability, and the missions of developing the  financial system and protecting consumers.

In highlighting the key outcomes detailed in the Operations Report, Governor Ali stated that the Reserve Bank continued to effectively achieve its key objectives of low inflation and maintaining an adequate level of foreign reserves. 

At the end of July 2018, inflation was 4.7% and the level of  foreign reserves stood at around $2.2 billion, equivalent to 5 months of retained imports cover. 

RBF says the Fijian financial system remained sound and growing, with total gross assets of $19.8 billion as at July 2018.