Personal remittances into the country amounted to $951.6 million, states the Reserve Bank of Fiji August 2021-July 2022 annual report that was tabled in Parliament yesterday.
The RBF said this continued to increase with a significant rise in funds received via the mobile money platform.
“Inward remittances (including international mobile money transfers) rose by 15.9 per cent to $951.6 million in the 2021-22 FY (financial year), following a 28.1 per cent growth in the previous FY,”‘ stated the report.
“In terms of the remittances components, inflows under the personal transfers category surged (17.7 per cent), while employee compensation (-2.7 per cent) and migrant transfers (-91.9 per cent) fell during the review period.”
Inward remittances via the mobile money channel totalled $272.8 million.
RBF said this trend continued to gain momentum, surpassing the record set during the preceding period.
“As at 31 July 2022, a total of $1.1 million inward remittances transactions valued at $272.8 million were recorded, an increase of 115 per cent and 100.8 per cent respectively,” states the report.
“Major source markets for mobile money remittances include Australia, New Zealand, the United Kingdom and the United States who account for 97.4 per cent of total remittances received through mobile money during the reporting period.”
