Reserve Bank of Fiji

The Reserve Bank of Fiji (RBF) is the central bank of the Pacific island country of Fiji. The responsibilities of the RBF include issue of currency, control of money supply, currency exchange, monetary stability, promotion of sound finances, and fostering economic development.

The current governor of the bank is Barry Whiteside.

The functions, powers, and responsibilities of the Bank are specified in the Reserve Bank of Fiji Act, 1983. The principal purposes of the Bank as stated in Part ll, Section 4 of the Reserve Bank Act are as follows:

To regulate the issue of currency, and the supply, availability and international exchange of money;
To promote monetary stability;
To promote a sound financial structure; and
To foster credit and exchange conditions conducive to the orderly and balanced economic development of the country".

The Bank has four main departments – economics, financial markets, financial institutions and currency and corporate services. The key roles of each department are as follows:

The Economics department's main responsibility is to conduct economic analysis and provide advice on the formulation of monetary policy. Some of the key tasks performed by the department are as follows:

Monitoring economic and financial developments and providing advice on appropriate monetary policy settings in Fiji;

Undertaking research and preparing economic forecasts;

Writing and co-ordinating the Bank's publications; and

Co-ordinating economic policy with relevant authorities.

The Financial Markets department has the primary responsibility for implementing monetary policy, managing Fiji's foreign reserves and providing banking services to the Government. It also handles foreign exchange regulation and control as well as exchange rates. Its key functions include:

Conducting open market operations to achieve operational monetary policy targets;

Managing Fiji's foreign reserves;

Maintaining appropriate exchange rate arrangements;

Acting as a fiscal agent of the Fiji Government and registrar for debt instruments issued by the Fiji Government. This function has also been extended to a number of statutory corporations;

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