22 Apr 2005

Fiji's Reserve Bank posts US$9 million profit

8:47 am on 22 April 2005

The Reserve Bank of Fiji has reported a profit of 9-million US dollars for the 2004 financial year.

Of this it has given 8-point-4 million to the government as well as one fifth of the revaluation of bank's reserves or 4-million.

This makes the total payout to the government of 12-point-4 million US dollars.

The Reserve Bank's annual report says it has revised economic growth prospects for this year downwards because of the erosion of preferential prices for sugar from the EU and loss of guaranteed markets for garments in the United States.

It says national efforts must be made to raise exports because Fiji is still faced with the fundamental problem of building growth on consumption.