Remittances notes a 3.7 per cent rise
29 May, 2018, 1:00 pm
FIJI’S inward personal remittances rose by 3.7 per cent to $128.1 million in the first quarter of 2018, similar to the same period last year.
According to the Reserve Bank of Fiji’s Quarterly Review for March 2018, the out-turn was largely contributed by gifts, maintenance and donations (9.4 per cent).
This more than offset the decline in personal receipts (-5.7 per cent).
Personal remittances have been the second largest foreign exchange earner for Fiji since 2004 next only to tourism.
Earnings from this out rank traditional foreign exchange earners such as sugar, timber, gold and garments.
Many Fijian households are reliant on personal remittances as a source of income, increasing the significance of remittances as a reliable source of foreign exchange for the Fijian economy.
These are mainly sent by early childhood teachers, peacekeepers, caregivers and sports personnel working abroad.
Personal remittances are mainly in the form of gifts and maintenance capture donations and other gifts sent to individuals in Fiji by friends and relatives living abroad.
This also includes personal receipts which capture salaries and allowances of expatriates on a work permit in Fiji and pension payments for retirees residing in Fiji.