Reserve Bank of Fiji

Reserve Bank of Fiji (tall building on the left)

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

The current governor of the bank is Barry Whiteside.^[1]

Statutory responsibilities

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:

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; and
To foster credit and exchange conditions conducive to the orderly and balanced economic development of the country".

Departments and functions

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 co-ordinating the Bank's publications; and

Co-ordinating 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 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.

Currency and Corporate Services

The Currency and Corporate Services department has primary responsibility for currency issue 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.

Other activities

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^[2] during the 2011 Global Policy Forum held in Mexico.

Reserve Bank of Fiji building

The Reserve Bank of Fiji Building is in Suva, Fiji and was Fiji's first skyscraper and the tallest building in Fiji. The fourteen story building was commissioned in the late 1970s and completed in 1984.

References

↑ Lal, Rachina (July 19, 2016). "RBF Recognises Potential In Mineral Water, Garments Among Other Sectors". Fiji Sun. Sun (Fiji) News Limited. Retrieved 17 August 2016.
↑ http://www.prnewswire.com/news-releases/maya-declaration-urges-financial-inclusion-for-worlds-unbanked-populations-130887928.html

External links

Central banks

Global

Global	Bank for International Settlements Basel Committee on Banking Supervision Financial Stability Board

By continent

Africa	Bank of Central African States Central Bank of West African States Bank of Algeria National Bank of Angola Bank of Botswana Bank of the Republic of Burundi Bank of Cape Verde Central Bank of the Comoros Central Bank of the Congo Central Bank of Djibouti Central Bank of Egypt Bank of Eritrea National Bank of Ethiopia Central Bank of The Gambia Bank of Ghana Central Bank of the Republic of Guinea Central Bank of Kenya Central Bank of Lesotho Central Bank of Liberia Central Bank of Libya Central Bank of Madagascar Reserve Bank of Malawi Central Bank of Mauritania Bank of Mauritius Bank Al-Maghrib (Morocco) Bank of Mozambique Bank of Namibia Central Bank of Nigeria National Bank of Rwanda Central Bank of São Tomé and Príncipe Central Bank of Seychelles Bank of Sierra Leone Central Bank of Somalia Bank of Somaliland South African Reserve Bank Bank of South Sudan Central Bank of Sudan Central Bank of Swaziland Bank of Tanzania Central Bank of Tunisia Bank of Uganda Bank of Zambia Reserve Bank of Zimbabwe

Americas	Central Bank of Argentina Central Bank of Aruba Central Bank of The Bahamas Central Bank of Barbados Bermuda Monetary Authority Central Bank of Brazil Bank of Canada Central Bank of Chile Bank of the Republic (Colombia) Central Bank of Cuba Central Bank of Curaçao and Sint Maarten Eastern Caribbean Central Bank Cayman Islands Monetary Authority Central Bank of Ecuador Bank of Guatemala Bank of the Republic of Haiti Central Bank of Honduras Bank of Jamaica Bank of Mexico Central Bank of Nicaragua Central Reserve Bank of Peru Central Bank of Suriname Central Bank of Trinidad and Tobago Federal Reserve System (United States) Central Bank of the Uruguay Central Bank of Venezuela

Asia	Da Afghanistan Bank Central Bank of Bahrain Bangladesh Bank Royal Monetary Authority of Bhutan Brunei Currency and Monetary Board Autoriti Monetari Brunei Darussalam National Bank of Cambodia People's Bank of China Hong Kong Monetary Authority Reserve Bank of India Bank Indonesia Central Bank of the Islamic Republic of Iran Central Bank of Iraq Bank of Israel Bank of Japan Central Bank of Jordan National Bank of Kazakhstan National Bank of the Kyrgyz Republic Bank of Korea Central Bank of the Democratic People's Republic of Korea Central Bank of Kuwait Banque du Liban Monetary Authority of Macao Bank Negara Malaysia Maldives Monetary Authority Bank of Mongolia Central Bank of Myanmar Nepal Rastra Bank Central Bank of Oman State Bank of Pakistan Palestine Monetary Authority Bangko Sentral ng Pilipinas Qatar Central Bank Saudi Arabian Monetary Authority Monetary Authority of Singapore Central Bank of Sri Lanka Central Bank of Syria Central Bank of the Republic of China (Taiwan) Bank of Thailand Central Bank of Turkmenistan Central Bank of the United Arab Emirates Central Bank of Uzbekistan State Bank of Vietnam Central Bank of Yemen

Europe	European Central Bank (Eurosystem) National Bank of the Republic of Abkhazia Bank of Albania Central Bank of Armenia National Bank of Austria Central Bank of Azerbaijan National Bank of the Republic of Belarus National Bank of Belgium Central Bank of Bosnia and Herzegovina Bulgarian National Bank Croatian National Bank Central Bank of Cyprus Czech National Bank Danmarks Nationalbank (Denmark) Deutsche Bundesbank (Germany) Bank of England Bank of Estonia Bank of Finland Banque de France National Bank of Georgia Bank of Greece Hungarian National Bank Central Bank of Iceland Central Bank of Ireland Banca d'Italia Central Bank of Kosovo Bank of Latvia Bank of Lithuania Central Bank of Luxembourg National Bank of the Republic of Macedonia Central Bank of Malta National Bank of Moldova Central Bank of Montenegro De Nederlandsche Bank Norges Bank Central Bank of the Turkish Republic of Northern Cyprus National Bank of Poland Banco de Portugal National Bank of Romania Central Bank of Russia National Bank of Serbia National Bank of Slovakia Bank of Slovenia Gosbank (Soviet Union) Bank of Spain Swedish National Bank Swiss National Bank Central Bank of the Republic of Turkey National Bank of Ukraine

Oceania	Reserve Bank of Australia Reserve Bank of Fiji Reserve Bank of New Zealand Bank of Papua New Guinea Central Bank of Samoa Central Bank of Solomon Islands National Reserve Bank of Tonga Reserve Bank of Vanuatu

Policies and implementation

Policies	Capital requirement Contractionary monetary policy Expansionary monetary policy Basel II Basel III Basel 4

Implementation	Capital control Discount rate Interest rates Money creation Open market operation Sovereign wealth fund

Bretton Woods system

International Monetary Fund World Bank Group International Bank for Reconstruction and Development International Centre for Settlement of Investment Disputes International Development Association International Finance Corporation Multilateral Investment Guarantee Agency

Lists

List of central banks Central banks and currencies of Africa Central banks and currencies of Asia-Pacific Central banks and currencies of the Caribbean Central banks and currencies of Europe Central banks and currencies of Central America and South America

Names in italics indicate non-sovereign (dependent) territories, former countries, or states with limited recognition

Coordinates: 18°08′23″S 178°25′30″E / 18.1396°S 178.4251°E / -18.1396; 178.4251

This article is issued from Wikipedia - version of the 9/27/2016. The text is available under the Creative Commons Attribution/Share Alike but additional terms may apply for the media files.