Remittances

Remittances to Samoa up over Christmas

The Samoa Observer reports this was highlighted in the Central Bank of Samoa "Visitor Earnings & Remittances Report" for December.

The report recorded a 36 percent or 21 million tālā increase to 79 million tālā compared to December 2020.

The report says that despite the effects of Covid-19 on Samoa's main source markets for remittances, increases during this period were still recorded from New Zealand increasing by 9 million tālā, Australia up also by 9 million, United States by 2 million and American Samoa up by 2 million.

     

Sending money home to the Pacific more often

In July 2021, ANZ customers in Australia and New Zealand sent 11,668 International Money Transfers to family and friends in the Pacific, worth AUD$ $13.1m (US$9.6 million), a 21 percent increase in volume when compared to the same period last year.

“In the Pacific, international money transfers - also known as remittances - are about more than money: they are about family, safety, culture, and community,” ANZ Regional Executive, Pacific, Tessa Price said.

South Pacific Central Bank Governors' committed to cost effective remittances

A key focus has been their collective effort to develop a regional ‘Know Your Customer’ (KYC) facility. The central banks, with support from the International Monetary Fund and other international agencies, have successfully completed an initial phase of work on a KYC facility for the South Pacific region.