Fiji’s financial system has grown significantly over the past 10 years, with assets valued at $29.5 billion in December 2023, compared to $12.7 billion in 2013.

Deputy Prime Minister and Minister for Finance Professor Biman Prasad states that the financial sector is one of the key drivers of economic growth in Fiji.

He also notes that this sector is crucial for the economy by facilitating the free flow of liquidity and capital.

Prasad says the financial system in Fiji remains stable and resilient despite the impact of the COVID-19 pandemic.

“Reserve Bank was able to invest and earn interest, and therefore Reserve Bank has provided one of the greatest profits to the government this year. And a lot of this is based on confidence, a lot of this is based on big tourism numbers.”

Prasad also commends the increase in remittances in the country.

“Our remittances have also remained very, very strong, about $1.2, $1.3 billion. And so all those positive factors have added towards a very, very healthy foreign reserve.”

He adds reforms to the payment system have modernized the financial sector, further promoting economic activity and growth.