Press Release No. : 24/2024
Date : 11 October 2024
Press Release No 24 – Reserve Bank of Fiji Releases 2024 Financial Stability Review
The Reserve Bank of Fiji (RBF) has today, released its Financial Stability Review for 2024, which provides the assessment of the state of, and risks to, the financial stability of the Fijian financial system.
In releasing the Report, the Acting Deputy Governor RBF, Mr Petaia Tuimanu, stated that Fiji’s financial system continues to remain resilient amid the significant level of global economic challenges that could undermine confidence and exacerbate traditional banking risks.
Mr Tuimanu further stated that the prevailing low-interest rate environment continues to stimulate credit growth within the economy by helping offset debt servicing costs, incentivising demand for credit, hence fostering economic activity. Credit over the year increased by 9.3 percent to $11.8 billion as at 30 June 2024 and is expected to grow further with the expected positive economic outlook for 2024.
In this regard, the monitoring and management of credit risk in the broader financial system will be an important focus area going forward. Consequently, the RBF will continue to closely monitor the performance of banks and other supervised entities and, if warranted, implement measures considered necessary to maintain the safety and soundness of the Fijian financial system.
Moreover, this year’s edition of the Financial Stability Report also explores the impact of digital transformation on the Fijian financial system. Given the significant changes in the Fijian payment system landscape, the RBF will continue to monitor developments in this space in collaboration with key stakeholders.
The 2024 Financial Stability Review is available on the RBF website: https://www.rbf.gov.fj/financial-stability-review-2024/
RESERVE BANK OF FIJI
For further details, please contact: –
Mr Mervin Singh – Manager Corporate Communications:
Telephone: (679) 3223 229 Email: mervin@rbf.gov.fj