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Fiji earn $395.2m in remittances

Fiji earned a total of $395.2 million (US$190 million) in inward remittances cumulative to September of this year, which noted an increase of 1.7 per cent compared with the same period last year.

This was highlighted in the Reserve Bank of Fiji's Quarterly Review for September 2017 released recently.

Inward remittances are the second largest foreign exchange earner for Fiji just behind tourism earnings.

The major types of remittances to Fiji are gifts and donations of money from former citizens, friends.

This includes gifts and donations from Fijian citizens working abroad as peacekeepers, nurses, caregivers and sports personnel.

Fiji has maintained a steady annual growth of inward personal remittances over the past five years with a 19 per cent increase annually from 2000 to 2016.

According to the review for the third quarter of this year, the growth in inward remittances was largely contributed by gifts, maintenance and donations (3.3 per cent) and immigrant transfers (0.2 per cent), which more than offset the decline in personal receipts (-1.9 per cent).

Total inward personal remittances recorded for Fiji in 2016 had increased by 10.2 per cent from 2015 to reach a new annual record level of $541.8m (US$260.9 million).

While inward remittances rose last year, the central bank said this was a slower increase compared with the 28.3 per cent (to $491.7m ($236.8 million) growth registered in 2015.

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