Reserve Bank Manages Over $19bn In Assets: Whiteside
As of June this year, the total gross assets of Fiji’s financial system stand at over $19 billion, says Reserve Bank of Fiji Governor Barry Whiteside.
This was revealed by Mr Whiteside yesterday while making submissions before the Standing Committee on Economic Affairs in Parliament.
He said it was an increase from $14 billion in 2014 and the hike was an indication that the financial system was strong.
“It has the responsibility for all those institutions except credit unions and non-bank-financial institutions.
“So in essence around 96 per cent of the financial system comes under the Reserve Bank in terms of our supervision, a very critical and important role for us to play,” he said.
Mr Whiteside said incidentally credit unions were in the process of putting in a supervision framework which would be in place in the New Year, bringing them under the central bank as well in terms of supervising.
He said currency quality and issues had met required standards for the year 2014 to 2015.
Mr Whiteside said they played a major role in the development of the economy where the bank had tried to put loan facilities with low interest rates.
He said in 2015, outstanding loans were at $51 million.
Mr Whiteside said they had a financial system development plan, the overall financial system which was a five year plan and a capital market development plan.
He said it was important that they coordinated their efforts with Government in regards to their policies.
Mr Whiteside said in the previous years they had consistently transferred profits to the Government.
Edited by Rusiate Mataika