RESERVE Bank of Fiji Governor Ariff Ali says despite the challenging economic environment, the Fijian economy was still able to record a growth of 3.5 per cent in 2018.
Mr Ali’s comments were made as the RBF Board signed off on the bank’s audited financial accounts for the year ending July 31.
A statement from the RBF said for its 2018-2019 financial performance, the RBF reported a net profit of $28.9million, slightly lower than the $31.5m recorded in the preceding financial year.
It said a transfer of $29.4m would be made to Government, inclusive of $1.5m being one-fifth of the Revaluation Reserve Account, as required under section 34(3) of the Reserve Bank of Fiji Act.
“The Reserve Bank similar to other central banks in the region and financial institutions in Fiji has taken necessary action to align to the International Financial Reporting Standards in the adoption of the IFRS 9 standard in its 2018-2019 financial accounts,” he said.
