THE Reserve Bank of Fiji has forecast that Fiji will receive $290 million in remittances this year.
This was revealed by Reserve Bank economist Apenisa Tuicakau in a presentation to the Suva Retailers Association yesterday.
The 2012 $290m estimate for remittances is the same as the RBF's estimate for 2011.
However Mr Tuicakau said the RBF had noticed a decline in remittances for the first five months of this year.
"This decline can be attributed to global economic growth stalling," he said. "As a result of this our source markets for remittances have become depressed which means less remittances."
Mr Tuicakau said Fiji's main source markets for remittances included Australia and New Zealand where seasonal workers like fruit pickers were in abundance.
"Other markets are the United Kingdom from our British Army Soldiers and sports personalities stationed there as well as the Middle East where some of our nurses are," he said.
"Any downturn in these labour markets will mean that there is a decrease in the remittances received by the country."
Mr Tuicakau said RBF estimated the sum of remittances made to Fiji to remain constant.
"We are forecasting a stable amount of remittances to be made to the country next year as well, our estimates for remittances in 2013 is $290 million as well," he said.
Mr Tuicakau said the remittances could increase if more workers from Fiji were sent overseas.