6 Feb 2008

Remittances to Fiji drop in 2007

11:35 am on 6 February 2008

The Reserve Bank of Fiji or RBF says remittances to Fiji have declined by 27.3 per cent cumulative to November when compared with the same period in 2006.

In the latest economic review, the RBF told Fiji Live online that this has contributed further to subdued consumption activity.

In 2006, remittances brought around 350 million Fiji dollars or 250 million US dollars in foreign exchange earnings.

It is unclear what the remittance inflow is for 2007.

Local money transfer exchanges agree that remittances into Fiji are declining.

Last year, Finance Minister Mahendra Chaudhry had said high costs are incurred by people remitting money to Fiji

He said this is clearly not acceptable and that he had asked the Reserve Bank of Fiji to look into the matter with due urgency.