SUVA, Fiji (Fijilive, April 16, 2008) –The Reserve Bank of Fiji has made a profit of over FJD$20 million [US$13.5 million] from its operations in 2007. The profit for 2006 was FJD$10.76 million [US$7.2 million].

In a statement, the RBF governor and board chairman Savenaca Narube said the level of profit was a direct result of the higher level of foreign reserves and higher interest rates abroad.

Foreign reserves stabilised in the second half of the year and ended 2007 at FJD$958.5 million from FJD$880.1 million at the end of 2006.

"The rise in foreign reserves generally reflected the tightening stance of monetary policy, which has helped slow down imports."

In accordance with the Reserve Bank of Fiji Act, the RBF submitted its audited accounts and operational report to the Minister for Finance on 31 March, 2008.

On 1 April, after transferring FJD$1 million to General Reserves, the RBF transferred FJD$22.15 million to the Government, which comprised FJD$19.37 million of profit for the financial year 2007 and FJD$2.78 million, which is one fifth of the Revaluation Reserve.

Copyright © 2006 Fijilive. All Rights Reserved