2 Apr 2013

Fiji Reserve Bank gives its full profit to government, delves into its reserves

8:00 pm on 2 April 2013

Fiji's Reserve Bank has transferred 19 point 8 million US dollars to the Fiji Government.

It comprises its entire profit for the last financial year and 5 point 6 million dollars - one fifth of the balance in the Revaluation Reserve Account.

In a statement the Bank says it has decided not to set aside any profit to General Reserves but

instead to transfer the full amount to Government.

The Bank's Governor and Chairman, Barry Whiteside, calls the 2012 financial performance a significant achievement.

He says Fiji's foreign reserves were at 896 million US dollars at the end of 2012, compared with 840 at the end of 2011.