Remittances increases by 22.3% to $574.3 million

The Reserve Bank of Fiji says cumulative to July, inward remittances increased by 22.3 percent to $574.3 million, driven by high growth in mobile money inflows.

The RBF says due to the high demand for Fijian workers abroad, remittances are projected to remain stable in the short term.

Meanwhile foreign reserves remained comfortable at $3.545 billion equivalent to cover 8.3 months of retained imports on 31st August, sustained by high tourism receipts and personal remittances inflows.

The Central Bank says foreign reserves are expected to remain adequate in the near to medium term.