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Reserve Bank of Fiji
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Reserve Bank of Fiji
The Reserve Bank of Fiji (RBF; Fijian: Maroroi Baqe ni Viti, Fiji Hindi: फिजी रिजर्व बैंक) is the central bank of the Pacific island country of Fiji. Its responsibilities include the issue of currency, control of the money supply, currency exchange, monetary stability, promotion of sound finances, and fostering economic development.
The Bank is the only institution that is permitted to issue Fijian dollars (FJD) and put them into circulation. It is also responsible for setting the overnight policy rate, the main policy or bank rate for Fiji.
In 1914, the colonial government established the Board of Commissioners of Currency of Fiji with the sole right to issue Fijian pound notes and coins in the then Colony of Fiji. Following independence from Britain in 1970, the Central Monetary Authority (CMA) was created in 1973 and took over the issuing of currency and further expanded responsibilities.
The CMA was tasked with regulating the issue, supply, availability and international exchange of the Fijian dollar (FJD); with promoting monetary stability and a sound financial structure; and fostering credit and exchange conditions for the economic development of Fiji. It also acted as a banker to the government. By the 1980s, the government of Fiji wanted to expand its role and the Bank of Fiji was created by the Reserve Bank of Fiji Act of 1983, replacing the CMA.
The functions, powers, and responsibilities of the Bank were specified in the Reserve Bank of Fiji Act, 1983. The principal purposes of the Bank as stated in Part 2, Section 4, of the Reserve Bank Act were as follows:
In 2009, due to the 2008 financial crisis, amendments expanded the bank's responsibilities to include the regulation of the insurance industry, securities industry, and capital markets.
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:
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Reserve Bank of Fiji
The Reserve Bank of Fiji (RBF; Fijian: Maroroi Baqe ni Viti, Fiji Hindi: फिजी रिजर्व बैंक) is the central bank of the Pacific island country of Fiji. Its responsibilities include the issue of currency, control of the money supply, currency exchange, monetary stability, promotion of sound finances, and fostering economic development.
The Bank is the only institution that is permitted to issue Fijian dollars (FJD) and put them into circulation. It is also responsible for setting the overnight policy rate, the main policy or bank rate for Fiji.
In 1914, the colonial government established the Board of Commissioners of Currency of Fiji with the sole right to issue Fijian pound notes and coins in the then Colony of Fiji. Following independence from Britain in 1970, the Central Monetary Authority (CMA) was created in 1973 and took over the issuing of currency and further expanded responsibilities.
The CMA was tasked with regulating the issue, supply, availability and international exchange of the Fijian dollar (FJD); with promoting monetary stability and a sound financial structure; and fostering credit and exchange conditions for the economic development of Fiji. It also acted as a banker to the government. By the 1980s, the government of Fiji wanted to expand its role and the Bank of Fiji was created by the Reserve Bank of Fiji Act of 1983, replacing the CMA.
The functions, powers, and responsibilities of the Bank were specified in the Reserve Bank of Fiji Act, 1983. The principal purposes of the Bank as stated in Part 2, Section 4, of the Reserve Bank Act were as follows:
In 2009, due to the 2008 financial crisis, amendments expanded the bank's responsibilities to include the regulation of the insurance industry, securities industry, and capital markets.
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:
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