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RBF Posts $28.5m Profit

The Reserve Bank of Fiji recorded a $28.5 million profit for the 2014 financial year, slightly lower than the $31.9 million recorded in 2013. The central bank attributed historically low
08 Jul 2015 12:59
RBF Posts $28.5m Profit
Reserve Bank Governor Barry Whiteside.

The Reserve Bank of Fiji recorded a $28.5 million profit for the 2014 financial year, slightly lower than the $31.9 million recorded in 2013.

The central bank attributed historically low global interest rates which had affected its foreign reserves income stream in 2014.

This, it said, was a factor beyond its control.

But it was operational expenditure restraints against this income outcome which helped maintain the profit level.

A total of $35.2 million was transferred by the Bank to the Government, which included the entire profit of $28.5 million and one-fifth of the balance of revaluation reserves account of $6.7 million.

Reserve Bank Governor, Barry Whiteside, said consistent with its core Bank values, the Reserve Bank of Fiji will strive to consistently meet its objectives into the future.

The Minister for Finance, Aiyaz Sayed-Khaiyum, tabled the 2014 Annual Report of the Reserve Bank of Fiji in Parliament on Monday. The report included the audited accounts and the operations of the Reserve Bank for the year ended December 31, 2014.

 

Highlights

Mr Whiteside said robust financial intermediation, increased manufacturing and service-related activities, strong private and public sector construction and final demand underpinned the 2014 growth outcome.

This, he said, was on the back of government’s continued expansionary fiscal stance and the RBF’s accommodative monetary policy.

“Equally important, the 2014 Annual Report revealed that the Reserve Bank of Fiji successfully met its core objectives and statutory functions throughout 2014,” he said.

“During the year, the Bank’s twin monetary policy objectives of maintaining an adequate level of foreign reserves and low inflation remained intact.”

 

Financial system

Meanwhile, Mr Whiteside said satisfactory capital positions and earnings on both the banking and insurance fronts ensured the continued soundness and stability of Fiji’s financial system in 2014.

Guided by its role in the development of the economy, the Reserve Bank continued with financial inclusion initiatives and its use of unconventional policy tools.

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