Reserve Bank of Fiji

The Reserve Bank of Fiji (RBF; ) is the central bank of the Pacific island country of Fiji. The responsibilities of the RBF include the issue of currency, control of money supply, currency exchange, monetary stability, promotion of sound finances, and fostering economic development. The Bank is the only institution that is permitted to issue Fijian dollars and put them into circulation. It is also responsible for setting the overnight policy rate, the main policy or bank rate for Fiji. History In 1914 the colonial government established the Currency Board with the sole right to issue notes and coins in the then Colony of Fiji. Following independence from Britain in 1970, a new institution was created in 1973, the Central Monetary Authority (CMA) which took over the issuing of currency and also took on an expanded remit. The CMA was tasked with regulating the issue of currency and the supply, availability, and international exchange of money; promoting monetary stability; promoting 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. 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.