Record remittances in 2020 as $652.75 million was sent through to families in Fiji by Fijians abroad

Record remittances in 2020 as $652.75 million was sent through to families in Fiji by Fijians abroad

By Vijay Narayan
04/03/2021
[image: File]

Fiji’s total remittances received from January to December last year was the highest ever standing at $652.75 million, which is an annual increase of 11%.

International remittances refer to the transfer of money to domestic households from family and friends working or living abroad.

The Reserve Bank of Fiji says in December 2020, remittances rose by 44.9% to $75 million. That is also a record monthly high.

November 2020 also exceeded expectations, surpassing 2019’s highest monthly remittance inflow of $60.5 million.

The RBF confirmed that with restricted borders and tourism travel, remittances has displaced tourism as the major foreign exchange earner in 2020, much to the credit of Fijians working and living abroad.

In Fiji, remittances over the last ten years averaged $433.2 million, equivalent to 4.7% of GDP, with more than 60% of the funds originating from Australia, New Zealand and the United States.

In 2019, remittances sent through formal channels was $587.5 million and accounted for 5.0% of GDP. However, the RBF says given that a sizeable amount of remittances also comes through mobile money platforms and informal channels, the actual inflows could be much higher.

From February to April last year, following the intensification of the COVID-19 pandemic, the flow of remittances into Fiji fell markedly. However, inflows started to pick up as the pandemic persisted and job losses rose, prompting Fijians living abroad to increase their assistance to their families back home.

Inward remittances through the mobile money platform increased by 278.6% to $50.4 million from January to October 2020, compared to the same period in 2019.

The RBF says it continues to collaborate with mobile money service providers, money exchange dealers and commercial banks to facilitate cheaper, easier and faster transfer of international remittances to Fiji.

FEATURE NEWS
It’s not a panic budget, the panic is from the Opposition – Prof. Prasad
Deputy Prime Minister and Minister for Finance Professor Biman Prasad says this is not a ‘panic budget’, as described by the Leader of the Opposit...
6 hours ago
LATEST NEWS
Tabuya says 2025/2026 National Budget pays attention to details and hears the war cry against poverty
The 2025/2026 National Budget is a budget that pays attention to details, taking simple yet meaningful changes, and hears the war cry of Prime ...
7 hours ago

I could not hold back my tears, Sayed-Khaiyum needs urgent specialist treatment - Lal
Opposition MP, Ketan Lal says he could not hold back his tears when he visited former Attorney General, Aiyaz Sayed-Khaiyum at Lautoka Aspen Hospital ...
7 hours ago

VAT cut is not a cure – Koya
Opposition MP Faiyaz Koya says the VAT cut is not a cure but it is a band-aid solution to the cost of living problem. While opposing the 2025-2026 ...
8 hours ago

Vosarogo says no budget is perfect and the last 16 years were a disastrous starting point
We can all agree that no budget is perfect — just as nothing in life or this world truly is. Minister for Lands and Mineral Resources, Filimoni ...
8 hours ago

652 people displaced by fires in the first half of this year – NFA
The number of people displaced by property fires in the first half of this year has increased to 652 compared to 566 in the same period last year, ...
10 hours ago



fijivillage Straight Talk with Vijay Narayan
Latest Videos

Stay tuned for the latest news on our radio stations

CFL radio frequencies
IN DEPTH
Professor Prasad on fijivillage Straight Talk With Vijay Narayan
The show will focus on the 2025/2026 National Budget.
8 days ago

Tui Nayau and Tui Lau Installation
The ceremony for the installation of the Tui Nayau Sau ni Vanua o Lau will be held tomorrow, while the installation ceremony of the Tui Lau will be held in Tubou on Thursday.
10 days ago

CFL 40th Birthday
CFL’s 40th Anniversary celebrations to culminate with free concert at Albert Park on ...
13 days ago

TOP