$24.1bn assets: Fiji’s financial system remains sound – RBF

The Reserve Bank of Fiji (RBF) says our foreign reserves are expected to remain comfortable till end-2018. Picture: JOVESA NAISUA

The Reserve Bank of Fiji (RBF). Picture: JOVESA NAISUA/FT FILE

Fiji’s financial system remains sound with total gross assets at $24.1billion.

The Reserve Bank of Fiji’s audited financial statements for the year ending July 31, 2021 showed the bank recorded a net profit of $31.7million for the 2020-2021 financial year, slightly higher than the $30.1m in the preceding financial year.

A statement from the bank said a transfer of $32.9m would be made to the Government, inclusive of $2.2m being one-fifth of the Revaluation Reserve Account, following the transfer of $1.0m to the General Reserve Account as required under the RBF Act.

According to RBF governor Ariff Ali, despite the challenging global and domestic economic environment, the bank achieved its monetary policy objectives of adequate level of foreign reserves and low inflation.

Mr Ali said at the end of July 2021, foreign reserves totaled $3.1billion (equivalent to 10.8 months of retained imports cover), while inflation stood at -0.4 per cent.

He also reiterated that economic recovery was largely dependent on the progressive easing of COVID-19 related restrictions, reopening of domestic businesses and the resumption of international tourism.

Mr Ali said the reopening of domestic businesses and tourism resumption was in turn tied directly to vaccinating at least 80 per cent of the adult population, adding that the bank would continue to assist vulnerable segments of society which was imperative for sustaining livelihoods.

In addition, Fiji’s financial system remained sound, with total gross assets at $24.1billion, as at July 31, 2021.

The RBF’s audited financial statements for the year ending July 31, 2021, was tabled in Parliament last week.

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