Fiji central bank $39.9m transfer - Solomon Star News

Fiji central bank $39.9m transfer

03 April 2014

THE central bank transferred $39.9million to the Fijian Government on Wednesday for the financial year ending December 31, 2013.

In a statement, Reserve Bank governor Barry Whiteside said this comprised its total profit of $31.9m for the past financial year and $8m, which represented one-fifth of the balance of revaluation account as per the RBF Act.

"This amount is higher than transfer to government for the 2012 financial year, which was $35.4m. The improved profit was achieved in a challenging global environment as the returns on foreign reserves, which are the principal source of income for the bank, continued to be affected by very low interest rates in our major trading partner economies," he said.

"The outcome in 2013 is due to a combination of higher income as well as containing expenditure. The Reserve Bank successfully met all its objectives in 2013. Our monetary policy objectives were achieved and provided the necessary impetus for economic growth, which is estimated at 3.6 per cent."

Suva (Fiji Times)