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((Short description|Central Bank of Fiji))
((More citations needed|date=September 2014))
((Infobox Central bank
|logo = Reserve Bank of Fiji logo.png
|logo_size = 140px
|image = Mercury House Suva MatthiasSuessen-7834.jpg
|caption = Reserve Bank of Fiji (tall building on the left) in [[Suva]]
|image_size = 200px
|bank_name_in_local = 
|ownership = 100% [[state ownership]]<ref name="dnbinfo">((cite web |last1=Weidner |first1=Jan |title=The Organisation and Structure of Central Banks |url=https://d-nb.info/1138787981/34 |website=Katalog der Deutschen Nationalbibliothek|year=2017|format=PDF))</ref>
|headquarters = [[Suva]]
|established = 1 January 1984 ((small|(commenced operations)))
|president = [[Faizul Ariff Ali]]<ref>((cite web|url=http://www.radionz.co.nz/international/pacific-news/339224/fiji-appoints-new-reserve-bank-governor|title=Fiji appoints new Reserve Bank Governor &#124; RNZ News|date=12 September 2017))</ref>
|leader_title = Governor
|bank_of = [[Fiji]]
|currency = [[Fijian dollar]]
|currency_iso = FJD
|reserves = 820 million USD<ref name="dnbinfo"/>
|website = ((URL|www.rbf.gov.fj/))
|preceded = Central Monetary Authority of Fiji
|succeeded =
|footnotes =
))
The '''Reserve Bank of Fiji''' ('''RBF'''; ((lang-fj|Maroroi Baqe ni Viti))) is the [[central bank]] of the [[Pacific]] [[island]] [[country]] of [[Fiji]].  Its responsibilities include the issue of [[currency]], control of the [[money supply]], [[Foreign exchange market|currency exchange]], monetary stability, promotion of sound finances, and fostering [[economic development]].

The Bank is the only institution that is permitted to issue [[Fijian dollar]]s (FJD) and put them into circulation.  It is also responsible for setting the overnight policy rate, the main policy or [[bank rate]] for Fiji.

==Background==
In 1914, the colonial government established the Currency Board 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.<ref>((cite web |url=https://www.rbf.gov.fj/our-history/ |title=Reserve Bank of Fiji - Our History |accessdate=December 20, 2022 |publisher=Reserve Bank of Fiji))</ref>  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.<ref name=RBFA>((cite act|title=Reserve Bank of Fiji Act|year=1983|legislature=[[Parliament of Fiji]]|url=https://laws.gov.fj/Acts/DisplayAct/2964))</ref>

== Statutory responsibilities ==
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:<ref name=RBFA />

*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.

In 2009, following the [[2007–2008 financial crisis]], amendments expanded the bank's responsibilities to include the regulation of the insurance industry, securities industry, and capital markets.

== Departments ==

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:

===Economics===

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.

===Financial Markets===

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.

===Financial Institutions===

The Financial Institutions department's major objective is to maintain a sound market-based financial system through the 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.

===Currency and Corporate Services===

The Currency and Corporate Services department has primary responsibility for currency issues and internal administration of the RBF, 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.

===Other activities===

The RBF is also active in promoting [[financial inclusion]] policy and is a member of the [[Alliance for Financial Inclusion]] (AFI).<ref>[http://www.afi-global.org Alliance for Financial Inclusion]</ref> It is also one of the original 17 regulatory institutions to make specific national commitments to financial inclusion under the [[The Maya Declaration|Maya Declaration]]<ref>((cite web |url=http://www.prnewswire.com/news-releases/maya-declaration-urges-financial-inclusion-for-worlds-unbanked-populations-130887928.html |title=Maya Declaration Urges Financial Inclusion for World's Unbanked Populations -- RIVIERA MAYA, Mexico, Sept. 30, 2011 /PRNewswire-USNewswire/ -- |website=www.prnewswire.com |access-date=17 January 2022 |archive-url=https://web.archive.org/web/20111004080445/http://www.prnewswire.com/news-releases/maya-declaration-urges-financial-inclusion-for-worlds-unbanked-populations-130887928.html |archive-date=4 October 2011 |url-status=dead))</ref> during the 2011 [[AFI Global Policy Forum]].

==Reserve Bank of Fiji building==

The Reserve Bank of Fiji Building is in [[Suva]], [[Fiji]]. The fourteen-storey building was commissioned in the late 1970s and completed in 1984, at which time it was the tallest building in Fiji.

==Governors==
The CMA's general managers (1973–1983) and RBF's governors (since 1983) are:<ref name="bankhistory">((Cite report |url=https://www.rbf.gov.fj/getattachment/Publications-(1)/Reserve-Bank-Annual-Reports/RBF-Annual-Report-2013.pdf.aspx |publisher=Reserve Bank of Fiji |title=Annual Report 2013 |access-date=2020-01-14 |page=47 |archive-date=2020-01-14 |archive-url=https://web.archive.org/web/20200114005643/https://www.rbf.gov.fj/getattachment/Publications-(1)/Reserve-Bank-Annual-Reports/RBF-Annual-Report-2013.pdf.aspx |url-status=dead ))</ref>
* 1973–1974: [[Ian Craik]]
* 1974–1977: [[R. J. A. Earland]]
* 1977–1980: [[H. J. Tomkins]] 
* 1980–1988: [[Savenaca Siwatibau]]
* 1988–2000: Ratu [[Jone Kubuabola]]
* 2000–2009: [[Savenaca Narube]]
* 2009–2010: [[Sada Reddy]]
* 2010–2017: [[Barry Whiteside]]
* 2017–: [[Faizul Ariff Ali]]

==See also==
* [[List of central banks]]

==References==
((Reflist))

==External links==
*[http://www.rbf.gov.fj/ Reserve Bank of Fiji official site]
*[https://web.archive.org/web/20040902204753/http://www.emporis.com/en/wm/bu/?id=120096 Reserve bank building data sheet] 
*[https://web.archive.org/web/20060226091544/http://www.architectspacific.com/commercial/rbf.html Architect's page on reserve bank]

((Fiji topics))
((Central banks))
((Authority control))

((Coord|18.1396|S|178.4251|E|source:wikidata|display=title))

[[Category:Government buildings completed in 1984]]
[[Category:Central banks|Fiji]]
[[Category:Buildings and structures in Fiji|Reserve Bank building]]
[[Category:Skyscraper office buildings]]
[[Category:Buildings and structures in Suva]]
[[Category:1984 establishments in Fiji]]

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