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RBF transfers $16.9m to Govt

 

Oct 03, 2016 08:23:34 PM

RBF transfers $16.9m to Govt The Reserve Bank of Fiji transferred $16.9 million to the Fijian Government today.

This comprised its entire profit of $13.9 million and $3.0 million, which represents one fifth of the balance of the revaluation reserve account, in accordance with sections 8(3) and 34 of the RBF Act.

Section 54 of the Reserve Bank of Fiji Act 1983 states that the financial year of the bank shall coincide with the financial year of the Government, therefore in view of the recent change by Government, the financial year of the Bank now ends on 31 July instead of 31 December.

In this regard, the Board of the Reserve Bank of Fiji confirmed and signed off on the Bank’s annual audited financial statements for the seven months ended 31 July 2016 on 29 September.

On 30 September, the Bank provided to the Honorable Minister for Economy, Mr Aiyaz Sayed Khaiyum a certified auditor’s copy of the financial statements along with the Operations Report for the seven months period ended July 2016.

Governor and Chairman of the RBF Board, Mr Barry Whiteside, said this is a good result given the challenging domestic and international economic environment.

“This is the second time that the Bank has met the statutory obligation of providing the audited financial statements and the Operations Report to the Minister one month earlier than required”.

“The yields on foreign reserves – the principal source of the Bank’s income continued to be low in most of our trading partner countries and constrained income from investments of foreign reserves”.

The Bank’s expenditure for the January-July 2016 period was within budget at $15.6 million.

By Reginald Chandar

 

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