3 Apr 2012

Reserve Bank of Fiji hands over 26 US million to interim government

8:32 am on 3 April 2012

The Reserve Bank of Fiji has handed over 26 million US dollars to the interim government.

The amount comprises the Bank's entire profit for the 2011 financial year and has been topped up with one-fifth of the Revaluation Reserve Account.

The Bank reports that the Board decided to not to set aside any profit to General Reserves but to transfer the full amount to the Government.

It says the financial outcome in 2011 was significantly better than what had been budgeted for, largely due to higher than expected level of foreign reserves, which were substantially up on a year earlier at 844 million US.