THERE is no room for complacency in the future plans of the Reserve Bank of Fiji, Governor Barry Whiteside said.
"Building greater resilience against future shocks through monetary, financial sector and exchange rate policies, apart from maintaining the momentum of current structural reforms will be important in the coming year," he said in the RBF 2011 annual report.
Released last week, the report said the Global Financial Crisis and four consecutive years of low and negative growth compelled the bank to implement policy measures outside its traditional monetary policy to ensure financial and external stability and assist in the recovery of the economy.
"We expanded the coverage of our Import Substitution and Export Finance Facility to include honey, poultry and pig farming.
"Continued partnership between the bank and the country's two mobile network operators has seen a reduction in the costs of remitting funds into Fiji following the launch of international remittance services in Australia and New Zealand by the two providers during the year," Mr Whiteside said.
The bank paid out all its profits of $34.5 million to the government for the financial year ending 2010 against $47.8 million for 2011.
Mr Whiteside said the macroeconomic policy would continue to target the restoration of confidence and financial sector health that are critical to ensuring that the recovery on the domestic and global front were on firm footing.
"The comfortable level of foreign reserves, stable core inflation, sound financial system, effective payments, settlements and current management, mean that the bank is equipped to forge ahead with work on its core objectives and wider responsibilities of supporting domestic economic activity," he said.