25 May 2007

Fiji's financial system strong in 2006

11:08 am on 25 May 2007

The Reserve Bank of Fiji says the country's financial system was strong in 2006, growing by 10-point-6 percent to 5-point-3 billion US dollars.

The Fiji Times says the RBF gives the figures in its 2006 annual report which was released yesterday.

The Bank says it made a profit of 6-point-5 million US dollars in 2006 which was lower than in 2005 because of the lower levels of foreign reserves.

The Reserve Bank governor, Savenaca Narube, is forecasting a decline in the economy of 2-point-5 percent this year.

He says the political events of last December as well as the closure of the Vatukoula gold mine have adversely affected Fiji's economic performance.

But he expects the economy will grow again by 2-percent next year.