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.