Saturday, April 03, 2010

Fiji Reserves Continue to be Robbed by Illegal Regime

Posted on Matavuvale.com - 02 April 2010

Bula vinaka to all Freedom fighters in this thread. I have copied below a release I received from a friend of a friend in Fiji. 

This man Reddy has no shame at all - he makes a big song and dance about the level of foreign reserves when everyone knows it is an artificial level of reserves. The major portion of that $1billion are made up of FNPF foreign investments that were recalled, and unrepatriated profits of the foreign owned banks operating in Fiji.

"The Reserve Bank of Fiji transferred $39,247,000 to Government today. This comprises its 
entire profit of $16,600,000 for the financial year ended 31 December 2009 and $22,647,000, 
which represents one fifth of the balance of the Revaluation Reserve Account. In view of the 
prevailing weak economic conditions and tight fiscal position, the Reserve Bank of Fiji Board 
decided not to set aside any profit to General Reserves but instead transfer the full amount to 
Government. The transfer to Government in 2009 for the 2008 financial year was 
$33,031,000 (profit was $30,460,000 and one-fifth of Revaluation Reserve was $2,571,000).

The Governor and Chairman of the Reserve Bank of Fiji Board, Mr. Sada Reddy said, 'The 
2009 financial performance is a significant achievement when one takes into account the 
global financial environment where interest rates were at historical low levels'. He added that 
the outturn was much better than the Bank’s budget estimates and was greatly assisted by 
improvement in the level of foreign reserves. In this regard, Governor Reddy said that 'Fiji 
foreign reserves level moved above $1 billion for the first time'. 

The total foreign reserves 
level at the end of 2009 was $1,097,844,000, almost twice the level of $568,691,000 a year 
ago.

In accordance with the Reserve Bank of Fiji Act, the audited accounts and operations report 
for the 2009 fiscal year were submitted to the Minister for Finance on 29 March 2010."

It is such people like Reddy who supports and props up Voreqe's regime. Be interesting however to see how long such injections of fund into the Treasury will last, or what percentage the Minister of Finance will pay himself from that.

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