Fiji'a Banking System Profitable but Operating Without Competition

An Interesting Blog popped onto a blog promoting Fiji Investment. I can't vouch for the numbers, this appears to be a commercial site - definitely coming down on the Indo-Fijian side of recent political issues; But he presents some interesting Figures and allegations:

• The Reserve Bank of Fiji has announced a net profit of F$10.7 million for 2006
• 50% of such profits are paid to the Government Consolidated Fund
• Total assets grew by 10.6 per cent to $8.7billion in 2006
• In 2007, the economic growth is expected to decline by 2.5 per cent compared to an initial growth forecast of 2 per cent.
• Fiji does not currently have a purely competitive financial system.
• The banking industry is led by two major banks.
• Non-bank financial institutions are also very few thus affecting competition

Read here the entire series of articles on the Fiji Reserve Bank