Reserve Bank of Fiji

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 ll, Section 4 of the Reserve Bank Act were 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;
• To foster credit and exchange conditions conducive to the orderly and balanced economic development of the country".

General Managers of the Central Monetary Authority of Fiji 1973-1983[4]

• 1973-1974: Ian Craik
• 1974-1977: R J A Earland
• 1977-1980: H J Tomkins
• 1980-1983: Savenaca Siwatibau

Governors of the Reserve Bank of Fiji since 1983[4]

• 1983-1988: Savenaca Siwatibau
• 1988-2000: Ratu Jone Kubuabola
• 2000-2009: Savenaca Narube
• 2009-2010: Sada Reddy
• 2010-2017: Barry Whiteside
• 2017-: Faizul Ariff Ali

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 coordinating the Bank's publications; and

Coordinating 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;

Providing banking services to Government and commercial banks; and

Administering exchange controls to monitor and regulate capital flows through the banking system.

The Financial Institutions department's major objective is to maintain a sound market-based financial system through the prudential supervision of licensed financial institutions and the insurance industry. Key areas of duties include:

Regularly reviewing international developments in the area of financial system supervision and payment system structure and their impact on the supervisory arrangements in Fiji;

Supervising licensed financial institutions and maintaining confidence by minimising detriments to the interests of depositors and policyholders;

Processing applications for those wishing to become licensed banks, credit institutions, insurers, brokers, and agents; and

Ensuring that prudential policies and guidelines are up to date and that licensed institutions conform to these standard requirements.

The Currency and Corporate Services department has primary responsibility for currency issues and internal administration of the Bank, including financial reporting and human resources management. Its key areas of work include:

Ensuring availability and supply of good quality currency;

Ensuring that the Bank has a qualified and trained workforce to meet the output requirements;

Providing support services to other departments in the Bank; and

Ensuring that the financial accounts of the Bank are prepared in a timely manner.

The Bank is also active in promoting financial inclusion policy and is a leading member of the Alliance for Financial Inclusion. It is also one of the original 17 regulatory institutions to make specific national commitments to financial inclusion under the Maya Declaration[5] during the 2011 Global Policy Forum held in Mexico.