RBF gives profit to govt

The Reserve Bank has given the government $39,247,000 which is its entire profit of $16,600,000 for the financial year ended 31st December 2009 and $22,647,000 representing one fifth of the balance of the Revaluation Reserve Account.

The Bank Board in view of the prevailing weak economic conditions and tight fiscal position decided not to set aside any profit to General Reserves, but instead transfer the full amount to Government.

The transfer to Government in 2009 for the 2008 financial year was $33,000,031.

The Governor and Bank Board Chairman Sada Reddy said that the 2009 financial performance is a significant achievement and the out-turn was much better than the Bank's budget estimates and was greatly assisted by improvements in the level of foreign reserves.

He said that the Fiji foreign reserves level moved above $1 billion for the first time.

He said the total foreign reserves level at the end of 2009 was $1,097,844,000, almost twice the level of $568,691,000 a year ago.