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

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:

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

The mission of Reserve Bank of Fiji is to:

• Enhance Bank’s role in the development of the economy;
• Provide proactive and sound advice to Government;
• Develop an internationally reputable financial system;
• Conduct monetary policy to foster economic growth;
• Disseminate timely and quality information;
• Recruit, develop and retain a professional team;

The Reserve Bank of Fiji has five main departments. The key roles of each group are:

• Economics Group — The Economics Group conducts economic analysis and provides policy advice on the formulation of monetary policy. The Group’s core functions also include the preparation and analysis of monetary and economic forecasts and the production and issue of economic publications.
  
  
• Financial Markets Group — The Financial Markets Group has primary responsibility for monetary policy implementation, registry and banking services, foreign reserves management and exchange control. The Group ensures that the country’s foreign reserves are managed within the parameters of safety, liquidity and profitability.
  
  
• Financial Institutions Group — The Financial Institutions Group’s major functions are to supervise the financial system by licensing, formulating and implementing prudential policy guidelines for financial institutions. The Group’s other functions include the development and strengthening of institutional infrastructure to prevent money-laundering activities.
  
  
• Currency and Corporate Services Group — The Currency and Corporate Services Group is primarily responsible for ensuring the issue of an adequate supply of quality currency. The Group is also responsible for all the Bank’s internal services, including:
  • accounts and financial reporting;
  • human resources;
  • information technology;
  • plant and properties;
  • security;
  • records management;
  • corporate projects; library and general administration;
  
  
  
• Financial Systems Development and Compliance Group — The Financial Systems Development and Compliance Group’s role is a development and monitoring one in the areas of microfinance, financial institutions complaints, fees and charges, remittances, demonopolization of Fiji National Provident Fund, Local Advisory Boards for commercial banks, small medium enterprises, rural banking and financial literacy.

Useful links

Currency of Fiji:

Fijian dollar

List of Central Banks:

Central Banks

Official website of Reserve Bank of Fiji:

www.reservebank.gov.fj

Association of Banks in Fiji:

www.abif.com.fj

Fiji Institute of Bankers:

www.fib.com.fj

Ministry of Finance & National Planning of Fiji:

www.mfnp.gov.fj