RBF

Inward personal remittances grows by 14.6% in 2021 to reach a new record of $842.2 million

Inward personal remittances grows by 14.6% in 2021 to reach a new record of $842.2 million

By Vijay Narayan
Wednesday 02/02/2022

The Reserve Bank of Fiji confirms inward personal remittances grew by 14.6 percent in 2021 to reach a new record of $842.2 million.

Personal remittances is money sent from overseas to people in Fiji.

Of the total cash transfers received, $498.5 million were remitted via money transfer operators, $187.2 million through mobile money platforms and $156.5 million through commercial banks.

However, the RBF also says the trade deficit widened by 9 percent in the year to October 2021, compared to a narrowing of 32.8 percent in the same period in 2020.

Imports expanded by 6.2 percent, largely due to higher prices while total exports picked up by a marginally lower 3.1 percent.

Foreign reserves are currently around $3.146 billion, sufficient to cover 8.7 months of retained imports of goods and services and are expected to remain above adequate levels in the medium term.

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