ISSUE
Friday, August 22, 2025
Volume 16 . Issue 73
Suva, Fiji: The Reserve Bank of Fiji, the country's central bank has transferred all its profits for its last financial year ending December 31, 2009 to the government, according to a report in Pacific Business Online quoting a Fiji Times report.
The paper reported Governor Sada Reddy as saying that the profits totalled $16.6m, however, the RBF also transferred $22.6m, one fifth of the balance of the Revaluation Reserve Account.
“In view of the prevailing weak economic conditions and tight fiscal position, the Reserve Bank of Fiji Board decided not to set aside any profit to General Reserves but instead transfer the full amount to Government,” he said.
“The transfer to Government in 2009 for the 2008 financial year was $33,031,000 (profit was $30,460,000 and one-fifth of Revaluation Reserve was $2,571,000).
“The 2009 financial performance is a significant achievement when one takes into account the global financial environment where interest rates were at historical low levels.”
He added that the outturn was much better than the bank's budget estimates and was greatly assisted by improvement in the level of foreign reserves.
“Fiji foreign reserves level moved above $1 billion for the first time.”
The total foreign reserves level at the end of 2009 was $1.09, almost twice the level of $568,691,000 a year ago.
The Fiji dollar was devalued by 20 per cent in April 2009.
Suva, Fiji: The Reserve Bank of Fiji, the country's central bank has transferred all its profits for its last financial year ending December 31, 2009 to the government, according to a report in Pacific Business Online quoting a Fiji Times report. The paper reported Governor Sada Reddy as saying...
Suva, Fiji: The Reserve Bank of Fiji, the country's central bank has transferred all its profits for its last financial year ending December 31, 2009 to the government, according to a report in Pacific Business Online quoting a Fiji Times report.
The paper reported Governor Sada Reddy as saying that the profits totalled $16.6m, however, the RBF also transferred $22.6m, one fifth of the balance of the Revaluation Reserve Account.
“In view of the prevailing weak economic conditions and tight fiscal position, the Reserve Bank of Fiji Board decided not to set aside any profit to General Reserves but instead transfer the full amount to Government,” he said.
“The transfer to Government in 2009 for the 2008 financial year was $33,031,000 (profit was $30,460,000 and one-fifth of Revaluation Reserve was $2,571,000).
“The 2009 financial performance is a significant achievement when one takes into account the global financial environment where interest rates were at historical low levels.”
He added that the outturn was much better than the bank's budget estimates and was greatly assisted by improvement in the level of foreign reserves.
“Fiji foreign reserves level moved above $1 billion for the first time.”
The total foreign reserves level at the end of 2009 was $1.09, almost twice the level of $568,691,000 a year ago.
The Fiji dollar was devalued by 20 per cent in April 2009.
Leave a Comment