4 Apr 2011

Fiji Reserve Bank transfers all profits to interim government

2:28 pm on 4 April 2011

The Reserve Bank of Fiji has decided not to set aside any of last year's profit for its general reserves but instead transfer it all to the interim government.

Government coffers will be boosted by a total of 21 point 4 million US dollars which includes one fifth of the Revaluation Reserve Account amounting to nearly ten million dollars.

The amount transferred is just slightly lower than the amount transferred at the end of the 2009 financial year.

The acting governor and chairman of the Reserve Bank, Barry Whiteside, says relatively low interest rates helped the Bank's financial performance in 2010 which was achieved in a challenging global environment.

He says the financial outcome was significantly better than what was originally budgeted for due mainly to the higher than expected level of foreign reserves.