1.0 Introduction
The functions, powers, and responsibilities of the Bank are specified in the Reserve Bank of Fiji Act (rev, 1985).
“The principal purposes of the Reserve Bank as stated in Section 4 of the Reserve Bank of Fiji Act are as follows:-
- to regulate the issue of currency, and the supply, availability and international exchange of money;
- to promote monetary stability;
- to promote a sound financial structure; and
- to foster credit and exchange conditions conducive to the orderly and balanced economic development of the country.”
The Banking Act (1995), Exchange Control Act (rev. 1985), Insurance Act (1998) and the Insurance (Amendment) Act 2003 provide the Reserve Bank of Fiji the power to regulate and supervise the financial institutions that fall under its supervisory ambit.