23 January, 2022, 9:33 am Central - 29°C Rain

Personal remittances rose by 17.8% to $690.6 million in the year to October - RBF
Remittances, 2nd payout of $360 cash assistance and labour market improvements to increase consumption spending in Dec

Personal remittances rose by 17.8% to $690.6 million in the year to October - RBF

Remittances, 2nd payout of $360 cash assistance and labour market improvements to increase consumption spending in Dec

By Vijay Narayan
Thursday 02/12/2021
Reserve Bank of Fiji.

The Reserve Bank of Fiji says the influx of personal remittances along with the second payout of the Government’s $360 cash assistance and improvement in labour market conditions is expected to provide some additional impetus to consumption spending during the December festive season.

According to the November economic review, the inward personal remittances rose by 17.8% to a total of $690.6 million in the year to October, of which, $409.6 million was received through money transfer operators, $142.6 million via the mobile money platform and $138.5 million through commercial banks.

The RBF says domestic demand is strengthening as shown by the positive movements in latest partial indicators of consumption and investment activity in the country.

Net Value Added Tax collections increased further by 8.3% over the month of October, partly reflecting an increase in consumer spending stemming from the August payout of Government’s unemployment assistance.

New vehicle sales are up by 53.3% and secondhand vehicle registrations also rose in October.

For investment activity, partial indicators such as cement production is up by 29.9% and sales is up by 2.9% in the month of October, following a pick-up in construction demand as COVID-19 restrictions were relaxed.

The lull in lending to the building and construction sector in 2020 has also noted a turnaround as new loans cumulative to October picked up by 16.5%.

The RBF says lending to the real estate sector remained lower by 2.1%, however, the contraction has moderated from last year.

The Central Bank says labour market conditions improved in October as the RBF Jobs Advertisement Survey reflecting recruitment intentions noted a monthly growth of 16.6% as firms progressively attempt to return to pre-lockdown normalcy.

Higher recruitment intentions were mostly noted for the construction, wholesale and retail trade, restaurants, hotels, transport, storage and communication, manufacturing, electricity and water categories.

Latest Videos

Stay tuned for the latest news on our radio stations

CFL radio frequencies
Current increase in COVID-19 cases represents the beginning of the third wave of COVID-19 in Fiji - Dr Fong
Doctor Fong confirms we have the Omicron variant of COVID-19 in the community as cases continue to rise during this 3rd wave of COVID-19 in ...
3 days ago

New COVID variant Omicron emerges in different parts of the world
WHO labels new COVID strain named omicron a variant of concern
9 days ago

Fiji continues to be affected by COVID-19
Contact tracing continues for most parts of Suva and Nausori. Mon 19th Apr Tue 20th Apr Wed 21st Apr Thu 22nd Apr Sat 24th Apr Sun ...
24 days ago
The COVID-19 response should now be a community-wide, whole-of-society program – Dr Fong
Permanent Secretary for Health Dr James Fong says health workers and frontliners have done their best for two years to protect as many of us as possib...
50 minutes ago
Government to provide logistical support for people who intend to send relief supplies to Tonga
The Fijian Government says in their effort to assist locals in reaching out to the Tongan victims of the recent volcanic eruption and tsunami, they ...
23 minutes ago

Arnold Schwarzenegger involved in Los Angeles car crash
Actor Arnold Schwarzenegger has been involved in a car accident in Los Angeles. LA Police say a woman was hurt in the four-vehicle crash, which ...
44 minutes ago

Save the Children to establish temporary learning and child friendly spaces in Tonga
Save the Children says they will join the response to assist families in Tonga affected by the volcanic eruption by establishing temporary learning ...
47 minutes ago

Match between NZ Fijian 7s team and NZ Barbarians ends in a draw
The New Zealand Fijian 7’s team drew their third game in the World School 7s Tournament against NZ Barbarians 10-10. The Alfred Uluinayau ...
16 hours ago

All schools I’ve visited are in compliance with the COVID safe protocols - Kumar
Minister for Education, Premila Kumar says all schools that she has visited are in compliance with the COVID safe protocols. She highlighted this ...
16 hours ago