Press Release No. : 24/2023
Date : 28 November 2023
Press Release No 24 – RBF Releases August 2022-July 2023 Annual Report
The Honourable Deputy Prime Minister and Minister for Finance, Strategic Planning, National Development and Statistics, Professor Biman Prasad, tabled the 2022-23 financial year (FY) Annual Report of the Reserve Bank of Fiji (RBF) in Parliament on 24 November 2023. The report details the audited accounts and operations of the RBF for the period August 2022-July 2023.
Commenting on the publication, Governor Ariff Ali stated that the annual report provides a comprehensive overview of the RBF’s initiatives in safeguarding its core mandates. He highlighted that the RBF has contributed immensely towards the post-pandemic recovery of the domestic economy through both conventional and unconventional measures. The monetary policy stance was kept accommodative throughout the FY to ease any liquidity constraints and facilitate the necessary credit support required by Fijians to regain their footing and expand. In terms of the Bank’s monetary policy objectives, the 2022-23 FY annual average headline inflation moderated to 2.7 percent from 3.1 percent noted in the 2021-22 FY, while foreign reserves were at adequate levels of $3.6 billion, equivalent to 6.3 months of retained imports cover at the end of the FY (July 2023). Regarding economic growth, an expansion of 8.2 percent is now estimated for 2023, following a solid post-pandemic recovery of 20.0 percent in 2022.
The banking sector remained well capitalised and maintained satisfactory liquidity and earnings positions to buffer against the marginal performance of asset quality. The insurance industry also remained resilient, aided by the absence of natural disasters, and sustained appropriate solvency positions as well as satisfactory earnings and liquidity levels. The Fiji National Provident Fund also maintained its solvency levels above the minimum statutory requirement.
The RBF’s annual report highlights its efforts to promote innovation and dynamism in the financial system. Among its major achievements is the RBF’s collaboration with multiple stakeholders to reform the National Payment System (NPS). The objective is to provide seamless payment experiences to the people of Fiji while promoting investment and innovation opportunities in various economic sectors. In September 2022, the 2021 NPS Act and the 2022 NPS Regulations came into effect, and in November 2022, the upgraded Real Time Gross Settlement and Central Securities Depository were launched. Furthermore, the Bank continued efforts in the FinTech Regulatory Sandbox space to facilitate the testing and entry of new digital financial products and players during the FY.
The RBF is also working on climate-related initiatives and has hosted awareness sessions on the Climate Change Act 2021 for its supervised entities. Additionally, the Bank has supported businesses engaged in the renewable energy sector through its Import Substitution and Export Finance Facility.
This year, the RBF celebrates its five decades of existence and acknowledges the collective contribution, dedication, and unwavering support of its staff, management, Board, and key stakeholders. The RBF continues to play its part in shaping a prosperous and stable future for the country, and it is grateful to everyone who has been a part of this journey.
RESERVE BANK OF FIJI
For further details, please contact:-
Communications Office
Telephone: (679) 3223 381 Email: info@rbf.gov.fj
Mr Mervin Singh – Manager Corporate Communications
Telephone: (679) 3223 229 Email: mervin@rbf.gov.fj