2 Mar 2005

Fiji Reserve Bank profit falls

2:21 pm on 2 March 2005

The Reserve Bank of Fiji has blamed a decrease in overseas interest income for the decline in its operating profits.

The governor of the Reserve Bank, Savenaca Narube, says profits of 35 million US dollars in the year 2000 had declined to only 17.5 million by 2003.

Foreign reserves also fell from 480-million US dollars in 2000 to 404 million dollars by 2003.

Mr Narube says interest income declined because of lower interest rates around the world.