16 Apr 2008

Fiji Reserve Bank reports thirteen million dollar profit

9:13 am on 16 April 2008

The Reserve Bank of Fiji has made a profit of over thirteen million US dollars from its operations in 2007.

The profit for 2006 was $7 point 2 million US dollars.

In a statement, the RBF governor and board chairman Savenaca Narube said the level of profit was a direct result of the higher level of foreign reserves and higher interest rates abroad.

He said the rise in foreign reserves generally reflected the tightening stance of monetary policy, which has helped slow down imports.

In accordance with the Reserve Bank of Fiji Act, the RBF submitted its audited accounts and operational report to the Minister for Finance on 31 March, 2008.