Reserve Bank of Fiji

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Mobile Wallet Intergration GO-LIVE https://lnkd.in/gDFZ9ApK

Press Release No. : 25/2024 Date : 14 October 2024 Press Release No 25 – Mobile Wallet Integration GO – LIVE The Reserve Bank of Fiji (RBF) today announced a major milestone in Fiji’s financial landscape with the successful integration of mobile money wallets with bank accounts through the successful onboarding of Fiji’s Mobile Network Operators (MNOs) into FIJICLEAR the backbone of the National Payment System administered by the RBF to process and clear payments between commercial bank customers. This integration allows customers to instantly transfer funds between their mobile wallets and bank accounts. It also enables direct transfers between customers of M-PAiSA and MyCash, an unprecedented development that enhances convenience and accessibility for all Fijians. This advancement follows the Go-Live of the Real-Time Gross Settlement System and Central Securities Depository in 2022 and the launch of the Automated Clearing House in 2023 marking another critical step in modernising Fiji’s payment infrastructure. https://lnkd.in/gwkxmUTT

Press Release No. : 24/2024 Date : 11 October 2024 Press Release No 24 – Reserve Bank of Fiji Releases 2024 Financial Stability Review The Reserve Bank of Fiji (RBF) has today, released its Financial Stability Review for 2024, which provides the assessment of the state of, and risks to, the financial stability of the Fijian financial system. In releasing the Report, the Acting Deputy Governor RBF, Mr Petaia Tuimanu, stated that Fiji’s financial system continues to remain resilient amid the significant level of global economic challenges that could undermine confidence and exacerbate traditional banking risks. https://lnkd.in/gunTxaps

Happy Fiji Day!

Congratulations to the Reserve Bank of Fiji for a trailblazing partnership to expand parametric insurance and build climate resilience. 🔗 Find out more: https://bit.ly/3XBZZFk #Financialinclusion #InclusiveGreenFinance

Press Release No. : 22/2024 Date : 26 September 2024 Press Release No 22 – Monetary Policy Stance Maintained The Reserve Bank of Fiji (RBF) Board kept the Overnight Policy Rate unchanged at 0.25 percent at its meeting today. The Governor and Board Chairman, Mr Ariff Ali stated that recent indicators point to an improved economic outlook for 2024 compared with earlier assessments of domestic activity. He highlighted that record tourist arrivals in the year to August has outperformed expectations, growing twice the forecast at 6.9 percent. In addition, higher disposable incomes and remittances support consumption spending. More positive outcomes were noted on the sectoral front (electricity, sawn timber and woodchips) while leading indicators suggest a pick-up in investment activity. Click here for more Information: https://lnkd.in/gwa7rEMy

Media Release No. : 01/2024 Date : 20 September 2024 Media Release No. 1 - Reserve Bank and Local Insurers Partner with InsuResilience Solutions Fund to Enhance Parametric Insurance in Fiji The Reserve Bank of Fiji (RBF) in collaboration with SUN Insurance Company Ltd (SUN) and Tower Insurance (Tower) have partnered with InsuResilience Solutions Fund (ISF) in a project aimed at enhancing financial resilience among vulnerable communities throughout Fiji. The initiative, titled "Introducing New and Scaling Up Existing Climate Risk Parametric Insurance Products in Fiji," will be for two years from 01 August 2024 and will also involve collaboration with demand side partners including Fiji Crop and Livestock Council and The Sugar Cane Growers Council. The ISF, an implementing programme of the InsuResilience Global Partnership, is funded by the German development bank KfW on behalf of the Federal Ministry for Economic Cooperation and Development and managed by Frankfurt School of Finance & Management. The ISF supports the development of innovative and sustainable climate risk insurance products and insurance markets to improve the resilience of vulnerable households against the impacts of climate change and natural disasters. The ISF provides grant-based co-financing for this project, which is designed to extend the reach of micro-level parametric insurance products to those who are particularly susceptible to the impacts of extreme weather events in Fiji. Click here for more information: https://lnkd.in/gK8X-yZD

Press Release No. : 21/2024 Date : 19 September 2024 Press Release No 21 – RBF Transfers Record Profit for its 2023-2024 Financial Year to Government The Reserve Bank of Fiji, following the signing of its audited financials at a special Board meeting today (19 September 2024) presented its profit for the financial year (FY) 2023-2024 to the Prime Minister and Minister for Foreign Affairs, Climate Change, Environment, Civil Service, Information, Public Enterprises and Veteran Affairs, Honourable Mr Sitiveni Rabuka. The Governor and Chair of the Reserve Bank Board, Mr Ariff Ali in making the presentation highlighted that the Reserve Bank had achieved a new record net profit of $135.5 million for the financial year ended 31 July 2024, surpassing the all-time high profit of $102.2 million recorded in FY2022-2023. The unprecedented profit was attributed to the maintenance of a comfortable level of foreign reserves throughout the financial year guided by the Reserve Bank’s prudent investment strategies and complimented by prevailing higher interest rates in the global financial markets. https://lnkd.in/gNTgM8Wj