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RBF Transfers $32.2m To Government Coffers

The Reserve Bank of Fiji transferred $32.2 million to the Fijian Government yesterday following confirmation and signing off on the central bank’s 2015 audited accounts. The amount comprised of its
02 Mar 2016 12:58
RBF Transfers $32.2m To Government Coffers
Reserve Bank of Fiji Governor, Barry Whiteside.

The Reserve Bank of Fiji transferred $32.2 million to the Fijian Government yesterday following confirmation and signing off on the central bank’s 2015 audited accounts.

The amount comprised of its entire profit of $27.9 million for the financial year ended December 31, 2015 and $4.3 million, which represents one fifth of the balance of the revaluation reserve account.

Governor, Barry Whiteside, said this was a remarkable achievement proviathe Minister one month earlier than required.

He thanked his team for working together to produce the results early.

“Although the amount transferred is a little lower than the previous year, it is still a notable achievement,” he said.

Yields on foreign reserves, which are the principal source of income for the Bank, continued to be low in Fiji’s trading partner countries.

The central bank’s 2015 expenditure was only marginally higher than the 2014 level.

It was also pleasing to note that in 2015 RBF met all its key objectives.

The Bank’s monetary policy stance remained accommodative throughout the year and, along with Government’s expansionary fiscal stance, this added impetus to economic growth, which has been estimated at 4.0 percent.

Mr Whiteside said: “Inflation was 1.6 per cent in December and the level of foreign reserves was $1.9 billion.”

The Board of Directors thanked the staff of the Bank for meeting their key objectives and also extended their appreciation to all the Bank’s stakeholders for their continued support during the course of 2015.

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