Personal remittance surpasses traditional exports contribution
February 2, 2019 12:14 pm
The Reserve Bank has revealed that the money received from personal remittances has grown significantly.
Governor, Ariff Ali says the remittances have surpassed the combined contribution from our traditional exports of sugar, gold, and fish.
Ali adds personal remittance is a significant source of foreign reserves.
He says a significant amount of personal remittances are collected from Fijian overseas sending money to their families.
“Some of these goes into consumption, however, what we’ve also noticed is that it goes into some very basic things like paying for children’s school fees or buying education-related goods which is again an investment. Some of the funds are sometimes directed into paying bills, weddings, and funerals.”
The Governor says more Fijians are becoming financial savvy in terms of spending.
“Unit Trust, as well as life insurance companies, have spoken to Fijians particularly our rugby players who earn significant amounts. Therefore, many players are now investing in Unit Trust and are investing in property as well.”
Personal Remittances were over $300 million from January to August last year as per the September quarterly review.