Economy

RBF transfers $32.2 million to Government

The Reserve Bank will today transfer $32.2 million to the Fijian Government. This comprises its entire profit of $27.9 million for the financial year ended 31 December 2015 and $4.3 million, which represents one-fifth of the balance of the revaluation reserve account. The Governor and Chairman of the Board, Mr Barry Whiteside said it was […]

Verleshwar Singh

March 1, 2016 7:21 am

The Reserve Bank will today transfer $32.2 million to the Fijian Government. This comprises its entire profit of $27.9 million for the financial year ended 31 December 2015 and $4.3 million, which represents one-fifth of the balance of the revaluation reserve account.

The Governor and Chairman of the Board, Mr Barry Whiteside said it was a remarkable achievement to meet the statutory obligations of providing the audited accounts and Operations Report to the Minister one month earlier than required.

Although the amount transferred is a little lower than the previous year, it is still a notable achievement.

Yields on foreign reserves, which are the principal source of income for the Bank, continued to be low in Fiji’s trading partner countries. The Bank’s 2015 expenditure was only marginally higher than the 2014 level.

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