14 Jun 2006

Remitttances now Fiji's second biggest earner

2:06 pm on 14 June 2006

Fiji's second highest foreign exchange earner last year was remittances which now make up seven percent of the country's GDP.

The Reserve Bank of Fiji says workers overseas sent 170 million US dollars in remittances last year, second only to money earned from tourism.

The bank's deputy governor, Sada Reddy, says remittances have increased greatly from 28 million US dollars six years ago and now earn more than the country's ailing sugar industry.

Mr Reddy says the bank now wants to get more details.

"We do recognize the importance of remittances and we really did not have a good system of capturing the information but given that it is now becoming a very important source of revenue for Fiji we're planning on strengthening our statistics collection so we'll be better informed in future in terms of source and type of remittances coming into the country."

The deputy governor of Fiji's Reserve Bank Sada Reddy