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.
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.