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$28.3m profit

Filipe Naigulevu
Tuesday, March 06, 2018

THE central bank's total assets, on average, grew by 12.5 per cent over the past eight years which stood at $2.8 billion as of July 31, 2017.

This was highlighted in the Reserve Bank of Fiji (RBF) August 2016-July 2017 Annual Report which was tabled in Parliament yesterday by the Minister of Economy Aiyaz Sayed-Khaiyum.

According to the report, the RBF's $2.8b total assets at the end of July 2017 represented a 13.0 per cent rise attributed to the increase in foreign reserves holdings.

The bank also registered a $28.3 million in operating profits for the financial year ended 31 July 2017, compared with $15.7m in the previous financial year.

On the income and expenditure side, the RBF's total income largely comprised interest income from foreign currency investments and domestic securities.

For the year ended July 31, 2017, the central bank's total income was $56.1m led by the high foreign interest income emanating from the high level of foreign reserves held by the RBF.

RBF's total expenditure incurred in the year was $27.8m.

Breaking this down, the RBF's administrative expenditure was $20.4m with staff costs representing the single largest operating expenditure for the central bank accounting for over 49 per cent of total operating costs. Other expenses for the year totalled $5.4 million.

The RBF's increase on its liability front was mainly reflected in the build-up of bank liquidity and currency in circulation, the report noted.

Meanwhile, Mr Sayed-Khaiyum had approved the transfer of $1.0m from the operating profit to the general reserve account.

As required under the RBF Act (1983), the balance of the operating profit was subsequently transferred to Government at the end of September last year.

The bank transferred $29.4m to the Government in late September 2017, which included $27.3m in net profits after the transfer of $1.0m to the General Reserve Account and $2.1m from the Revaluation Reserve Account.

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