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Reserve Bank of Fiji ANNUAL REPORT 2013 Parliamentary Paper Number: 02/2014 Our Vision Leading Fiji to Economic Success Our Mission • Enhance our 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 Our Values • Professionalism in the execution of our duties • Respect for our colleagues • Integrity in our dealings • Dynamism in addressing our customers’ needs • Excellence in everything The principal purposes of the Reserve Bank shall be • 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; • to regulate the insurance industry; and • to regulate the capital markets and the securities industry. Section 4, Reserve Bank of Fiji Act (1983) and the Reserve Bank of Fiji (Amendment) Decree 2009 * The artist impression of new RBF Building and the photo of the new Airbus A330-200 courtesy of Architects Pacific Limited and Fiji Airways, respectively. Letter to the Minister for Finance 02 Our Functions 03 Governor’s Foreword 04 Organisation Structure 07 Contents Board of Directors 08 Executive Management 09 Corporate Governance 10 Economic Overview 14 Conduct Monetary Policy to Foster Economic Growth 17 • Monetary Policy Formulation 17 - Chronology of Monetary Policy Actions 17 - Monetary Policy Outcomes for 2013 17 • Monetary Policy Implementation 19 - Open Market Operations 19 - Management of Foreign Reserves 19 - Exchange Rates 19 - Foreign Exchange Derivatives Markets 19 - Foreign Currency Receipts and Payments 20 - Exchange Control 20 - Export Proceeds Reconciliation and Monitoring 20 Develop an Internationally Reputable Financial System 21 • Financial System Regulation and Supervision 21 - Supervisory Developments 21 - The Financial System 22 - Gross Assets of the Financial System 23 - The Banking Industry 23 - Credit Institutions 25 - The Insurance Industry 26 - Fiji National Provident Fund 26 - Capital Markets 27 - Complaints Management 28 • Combating Money Laundering 29 - Financial Institutions’ Compliance with the FTR Act 29 - Receipt and Analysis of Financial Transaction Information 29 - Border Currency Reporting 29 - Assistance to Partner Agencies, Domestic Coordination and Information Sharing, International Coordination and Initiatives 30 • Currency 31 - Currency Review, Note Processing, Currency in Circulation 31 - Cost of Currency, Banking Transactions, Mutilated and Old Design Currency Assessments, Counterfeit Notes 32 - Numismatics 33 • Payments and Settlements System 34 - FIJICLEAR 34 - National Payment System 34 - Mobile Money Development, e-Money Taskforce 34 - Remittances 34 Enhance Our Role in the Development of the Economy 36 • Import Substitution and Assistance to the Export Sector 36 • Natural Disaster Assistance, Housing Facility, Small and Medium Enterprises Credit Guarantee Scheme, Retail and Secondary Bond Market, Microfinance Development 36 • National Financial Inclusion Taskforce, Microinsurance, Financial Literacy, Local Advisory Board 37 • RBF in the Community 38 Provide Proactive and Sound Advice to Government 39 • Policy Coordination 39 • Registry and Banking Services 39 Disseminate Timely and Quality Information 41 • Financial Performance 41 - Income, Expenditure, Assets and Liabilities, Operating Profit and Payment to Government 41 • Publications and Press Releases, Information Technology, Records Management and Library, Domestic Relations 42 • International Relations 43 Recruit, Develop and Retain a Professional Team 44 • Staffing, Management Remuneration in 2013, Staff Development, Employment Relations, Labour Management Consultation and Cooperation, National Employment Centre 44 • Quality Performance Management, Health and Safety in the Workplace, General Administration Services, Property Management and Security 45 • Service Recognition, Acknowledgment 45 Reserve Bank of Fiji - 40 Years of Central Banking in Fiji 46 The Year Ahead 48 Financial Statements 49 Selected Events in 2013 81 Fiji: Key Economic and Financial Indicators 82 Abbreviations 83 RESERVE BANK OF FIJI Governor 3l March 2014 Rear Admiral J V Bainimarama Prime Minister and Minister for Finance Ministry of Finance Ro Lalabalavu House Victoria Parade SUVA Dear Sir RBF Annual Report and Accounts 2013 In terms of Section 56(1) of the Reserve Bank of Fiji Act 1983, and on behalf of the Reserve Bank of Fiji, I submit the following: (i) A copy of the RBF Annual Accounts for the year ended 31 December 2013 certified by the Auditors. (ii) A report on the RBF’s Operations for the 2013 fiscal year. Yours sincerely Barry Whiteside Governor Postal: Private Mail Bag, Suva, Fiji Tel: (679) 331 3611 Fax: (679) 330 4363 Email: [email protected] Website: www.rbf.gov.fj Reserve Bank of Fiji Annual Report 2013 02 Our Functions The Reserve Bank of Fiji (RBF) is the country's central bank. Monetary Policy Reporting (FTR) Act (2004) and the FTR Regulations (2007). nder Section 4(b) of the RBF Act (1983), the Bank is required to promote monetary stability To achieve these requirements, the Bank registers and through low and stable inflation and to licenses financial institutions and uses a risk based maintain an adequate level of foreign reserves. The supervision system. The Reserve Bank acts as banker Bank performs this responsibility through the to the commercial banks and provides payment and formulation and implementation of monetary policy. settlement services through FIJICLEAR. This is Policy tools include the Overnight Policy Rate (OPR), administered under the Payment and Settlement open market operations (OMO), statutory reserve Systems Oversight Regulations (2004). deposits, and other direct and indirect controls which have been used at various times. The Bank is also responsible for regulating, supervising and developing the capital markets in Fiji under the In managing the country’s foreign reserves, the Reserve Capital Markets Decree (2009). Bank also utilises and administers exchange control policies under the Exchange Control Act (Rev. 1985). Currency Financial Stability Pursuant to Section 22(1) of the RBF Act, the Bank Under Section 4(c), the RBF Act requires the Bank to has the sole right to issue currency in Fiji. The Reserve promote a sound financial structure. In undertaking Bank is the sole entity responsible for the printing of this function, the Bank monitors and takes action to notes and minting of coins and is also responsible for mitigate against financial system risks, and licenses and the destruction and disposal of used and unserviceable supervises institutions in the banking, insurance and notes and coins. The Reserve Bank also determines the superannuation industries, as well as foreign exchange denominational structure, design, content, material dealers. and composition of Fiji’s currency, subject to the approval of the Minister for Finance. In addition to the legislative requirement for these industries, supervised institutions are required to Other comply with prudential policies and guidelines issued by the Bank. These policies and guidelines complement The Reserve Bank provides banking, registry and foreign the Bank’s supervisory function with the aim of exchange services to Government and is a lender of last fostering financial stability and ensuring the soundness resort to the commercial banks. Policy advice to of supervised institutions. Supervised institutions are Government is provided through participation in required to comply with the RBF Act, Banking Act various committees and on request. (1995), Insurance Act (1998), the Fiji National Provident Fund Decree (2011) and the Exchange Control Act (Rev. 1985). The RBF also drives and facilitates projects in the areas of microfinance, mobile banking, financial literacy, As part of its mandate to ensure financial stability, complaints management and local value-adding. In macroprudential monitoring is undertaken to maintain addition, financial system development and financial systemic stability. The Bank identifies and takes steps inclusion initiatives are promoted. to mitigate and counter growing risks in the financial system. The Bank’s organisation structure is illustrated on page 7. Details of the Reserve Bank Board of Directors are Maintaining financial stability also encompasses the provided on page 8 and the roles of the Board, responsibility of combating money laundering and Management and Governance structure are described terrorist financing under the Financial Transactions on pages 10 to 13. Reserve Bank of Fiji Annual Report 2013 03 Governor’s Foreword !" # $ # % #& #' ( # he Fijian economy expanded by an estimated in claims reported and settled in relation to major 3.6 percent in 2013 with positive contributions catastrophes in 2012. In the superannuation industry, from all sectors except mining & quarrying and the reforms by the Fiji National Provident Fund have fishing. The improvement in business and consumer led to improved sustainability of the pension scheme confidence and the subsequent increase in while its investment portfolio recorded satisfactory consumption and investment spending were supported performance. The Reserve Bank also confirmed
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