Press Release No. : 28/2025
Date : 03 December 2025
Press Release No 28 – Reserve Bank of Fiji Releases its August 2024-July 2025 Annual Report
The Minister for Finance, Commerce and Business Development, Honourable Esrom Immanuel, tabled the August 2024 – July 2025 Annual Report of the Reserve Bank of Fiji (RBF) in Parliament on 28 November 2025. The Report outlined the RBF’s audited financial statements and its operational activities for the financial year (FY) ending 31 July 2025.
In his foreword, Governor Ariff Ali reaffirmed the RBF’s unwavering commitment to its core mandates and highlighted the Bank’s ongoing efforts to support the Fijian economy, amidst global uncertainties and emerging challenges. The Bank’s dual monetary policy objectives remained stable at the end of the FY which supported the Bank’s accommodative monetary policy stance. Inflation eased during the FY, with headline inflation falling to -1.5 percent[1] in July 2025 from 6.1 percent in July 2024. This decline was primarily driven by lower energy and commodity prices, improved post-pandemic supply chains, and the normalisation of tax changes from the previous FY’s National Budget. Additionally, Government loan drawdowns, grants and higher inflows from tourism and remittances kept foreign reserves adequate at around $3.8 billion sufficient to cover 6.0 months of retained imports. Against this backdrop, the economy is projected to expand for the fourth consecutive year by 3.4 percent in 2025,[2] following a provisional 3.5 percent growth in 2024, underpinned mainly by contribution from the services sector.
Fiji’s financial sector remained sound, stable and competitive throughout the FY, providing a conducive environment for economic growth. This was reflected in the continued expansion of private sector credit, supported by strong capital position, ample liquidity and a low-interest rate environment across the banking system. These favourable conditions enabled further easing of exchange controls from 01 August 2024 making foreign exchange payments more accessible and boosting overall economic activity.
A major highlight of the FY was the implementation of the RBF’s Strategic Plan 2024–2029 which provides a clear framework to guide the Bank’s operations and aligned with its new vision of a ‘Progressive and Resilient Central Bank, Trusted by Our People‘. The plan is built around three central themes: safeguarding our institutional resilience; promoting sustainability and inclusion; and enabling digital transformation with safety. The RBF has also established its People and Culture Group, marking a strategic shift in human resource management to prioritise employee-centric development and institutional alignment under its new strategic plan.
Key milestones achieved by the Bank during the FY included the launch of the Fiji Innovation Hub, a pioneering initiative aimed at empowering entrepreneurs to develop inclusive, locally relevant solutions as well as its digital transformation efforts, particularly in the payments sector with the rollout of interoperable digital payments system under the Automated Clearing House. Furthermore, the RBF commenced work on the National Digital ID Project, a critical step in Fiji’s digital transformation with legislative development and stakeholder consultations underway to support its implementation.
In recognition of its innovative efforts to advance financial inclusion and empower underserved communities, the RBF was awarded the Nestor Espenilla Jr. Financial Inclusion Innovation Award from the Alliance for Financial Inclusion, becoming the first Pacific Island member to receive this prestigious recognition.
In terms of climate resilience, the Bank led the expansion of parametric microinsurance for vulnerable households. It also partnered with the International Finance Corporation to develop Environmental and Social Risk Management Guidelines and increased holdings of Environmental, Social and Governance bonds. Internally the Bank also established its Climate Change Unit, which plays a pivotal role in driving the Bank’s climate-related initiatives and fostering stakeholder engagement on sustainability efforts.
During the FY, the Bank also completed extensive preparations for the introduction of the nation’s new banknote series. This initiative underscores our commitment to maintaining a secure, modern, and efficient currency system for all Fijians. The new series, which incorporates advanced security features and design elements that celebrate Fiji’s national heritage, biodiversity and culture was officially launched on 02 December 2025. This exercise marks an important step in maintaining the quality and authenticity of our currency and in supporting the nation’s evolving economic needs.
Governor Ali expressed gratitude to the Board, staff, and stakeholders for their dedication and collaboration, noting that the achievements reflect their collective effort to build a progressive and resilient central bank that is trusted by the people of Fiji.
RESERVE BANK OF FIJI
For further details, please contact:
Communications Office
Telephone: (679) 3223 381 Email: info@rbf.gov.fj
Mervin Singh – Manager Corporate Communications
Telephone: (679) 3223 229 Email: mervin@rbf.gov.fj
[1]The inflation rate reported is under the 2019 base. Under the 2014 base, the July 2025 headline inflation rate was registered at -0.4 percent, much lower compared to the 6.8 percent recorded in July 2024.
[2] The 2025 growth rate of 3.4 percent reflects the Macroeconomic Committee’s (MC) approved forecasts released on 19 November 2025. This represents an upward revision from the 3.2 percent reported in the 2024–2025 Annual Report, which was based on the MC’s forecasts approved in June 2025.