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Friday, March 02, 2007

Revised National Budget 2007 : Need for a local bank

The Interim Minister for Finance has made reference to the need now to have a local bank up and running in Fiji. He made reference to this in announcing Government's Revised National Budget for 2007 in a move to see that profits are retained in Fiji, among other reasons.

ANZ and Westpac had announced last January their profits totalling over F$77 million for their financial years ending 30 September 2006, which I had analysed in this blog in an entry on 30 January 2007.

As I mentioned, it is usual practice that banks remit their entire profits to their head offices abroad having met the 8% capital adequacy ratio requirement set by the Reserve Bank of Fiji.

The set up of a Fiji bank would do well for the country's financial reputation and standing and help in moves to promote a more dynamic regional financial powerhouse in Fiji.

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