Fiji’s central bank pays Government $29.4m

Update: 3:55PM WHILE profit maximisation is not our goal, making losses is also not acceptable, says Governor of the Reserve Bank of Fiji (RBF) Ariff Ali.

He said the RBF made a profit of $28.3million for the August 2016-July 2017 financial year and paid Government $29.4m, which included one-fifth or $2.1m of the revaluation reserve account (RRA).

“This compares with a transfer of $16.9m to Government ($13.9m profits plus one-fifth RRA $3m) for the seven-month period ended December 31, 2015, with no transfers to the general reserve account,” Mr Ali said.

He said similar to past years, RBF’s profits were underpinned by income earned from our foreign reserves holdings, which amounted to $41.7m for the financial year under review.

The RBF governor was making a presentation to the Standing Committee on Economic Affairs on RBF’s Annual Report for August 2016-July 2017, which also included responses to nine questions from the committee regarding their report.

More in tomorrow’s Business section of The Fiji Times.