15 Jan 2008

Fiji remittances drop after years of massive rise

2:29 pm on 15 January 2008

The Reserve Bank of Fiji says there has been a substantial drop in remittances from Fiji people working overseas.

Figures for September last year show that the transfers amounted to 120 million US dollars which is 50 million US dollars less than recorded in September 2006.

The Bank's acting deputy governor Barry Whiteside has told the Fiji Times that the reasons for the decline could not be ascertained by the central bank.

He says the remittances help Fiji's balance of payments position, especially as the rising trends occurred during a period when exports were generally flat.

Up until 2006, remittances grew swiftly for several years.