#header-inner img {margin: 0 auto !important; #header-inner {text-align: Center ;} Fiji Coupfourpointfive: Reserve Bank transfers $33m including fiscal 2009 profits to Bainimarama govt

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Monday, April 5, 2010

Reserve Bank transfers $33m including fiscal 2009 profits to Bainimarama govt

Given the tough economic conditions in Fiji, the country's central bank has transferred its total profit attained in the last fiscal 2009 and one-fifth of the balance of the Revaluation Reserve Account worth $33 million, to the Government.

The Reserve Bank of Fiji's Governor Sada Reddy (right) explained that it was done in view of the terrible financial conditions in the country. He said that the bank decided to not keep any profits in the general reserves. And thus, the entire amount was transferred tothe Government.

Out of the total amount transferred to the Government, the fiscal 2009 profit accounted to $30 million and the remaining amount accounted to one-fifth of the Revaluation Reserve.

"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", said Reddy.

He further said that the total amount produced was greater than the estimations of the bank's budget and it brought with it improvement in foreign reserve levels. He also mentioned that the foreign reserves level has crossed the $1 billion mark for the first time.-Dominic Haber, Topnews.