#header-inner img {margin: 0 auto !important; #header-inner {text-align: Center ;} Fiji Coupfourpointfive: Reserve Bank millions to Bainimarama govt outed on Matavuvale blog

Monday, April 5, 2010

Reserve Bank millions to Bainimarama govt outed on Matavuvale blog

Details of the millions being transferred from Fiji's Reserve Bank to the interim government were first publicised last week on the Matavuvale blog, and picked up by Fiji 2006, but went undetected by the local Fiji meda. Here's the Matavuvale posting.

Bula vinaka to all Freedom fighters in this thread. I have copied below a release I received from a friend of a friend in Fiji. This man Reddy has no shame at all - he makes a big song and dance about the level of foreign reserves when everyone knows it is an artificial level of reserves. The major portion of that $1bio are made up of FNPF foreign investments that were recalled, and unrepatriated profits of the foreign owned banks operating in Fiji.

"The Reserve Bank of Fiji transferred $39,247,000 to Government today. This comprises its
entire profit of $16,600,000 for the financial year ended 31 December 2009 and $22,647,000,
which represents one fifth of the balance of the Revaluation Reserve Account. In view of the
prevailing weak economic conditions and tight fiscal position, the Reserve Bank of Fiji Board
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
$33,031,000 (profit was $30,460,000 and one-fifth of Revaluation Reserve was $2,571,000).

The Governor and Chairman of the Reserve Bank of Fiji Board, Mr. Sada Reddy said, 'The
2009 financial performance is a significant achievement when one takes into account the
global financial environment where interest rates were at historical low levels'. He added that
the outturn was much better than the Bank’s budget estimates and was greatly assisted by
improvement in the level of foreign reserves. In this regard, Governor Reddy said that 'Fiji
foreign reserves level moved above $1 billion for the first time'. 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

In accordance with the Reserve Bank of Fiji Act, the audited accounts and operations report
for the 2009 fiscal year were submitted to the Minister for Finance on 29 March 2010."

It is such people like Reddy who supports and props up Voreqe's regime. Be interesting however to see how long such injections of fund into the Treasury will last, or what percentage the Minister of Finance will pay himself from that. Na madua sa oti makawa, sa sega ni dua na ka e qai vo me tarovi koya e na gauna oqo.

I trust you all have had a great time of fellowship with God this Easter Friday. I have.


Girmit said...

Contrast in information. The first story almost sanitasing the dirt, while the blog story brings a more seedy feel to situation

Anonymous said...

They should just give the money to Bainimarama...he deserves it.

Anonymous said...

Don't have too give the money to Bainimarama - already stolen it.

Anonymous said...

o ka qori e a manidia tiko ni banking supervision ena Reserve Bank of Fiji donuya na gauna e davo kina na National Bank of Fiji e curu vakabalavu sara kina e vale ni bula ena stress ka tauvi koya.
o koya tale ga e a involve ena baleta tiko na sega ni cakava vinaka na nona i tavi ena gauna ya.

e involve tiko o koya ena veivoli vata kei na red cross me baleta na property ni reserve bank of fiji mai tamavua ka sa via volitaka tale tu oqo o koya me kenai lalasuti wale ga se me ubia toka na nona involvement vana deal ya. era kila tu qori na cakacaka ena reserve bank na kena i talanoa toro sobu

e tiko tale ga na nona otela volekata na wananavu kei na mokusiga mai rakiraki. na otela ya era sa kilai toka kina e so na rogo levu ni ra ya lai kune tale ga e keya vata kei na so na "other spouse"

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