Academic journal article The Reserve Bank of New Zealand Bulletin

Relief from High Remittance Costs

Academic journal article The Reserve Bank of New Zealand Bulletin

Relief from High Remittance Costs

Article excerpt

19 August 2008 (Niue)

The cost to Pacific workers of remitting money from New Zealand will drop when proposed regulatory changes are made, Prime Minister Helen Clark announced today at the Pacific Islands Forum in Niue.

"Many Pacific people living permanently or working temporarily in New Zealand, regularly remit money home to their families," Helen Clark said.

"Currently the average cost of remittances to the Pacific is between 15 and 25 percent of the monetary value of the remittance, thus greatly reducing the value of their earnings.

"The Labour-led Government wants remittance transfer services between New Zealand and the Pacific region to be transparent, lower cost, safe, and efficient. Spearheaded by work undertaken by the Ministry of Pacific Island Affairs, NZAID, and the Reserve Bank of New Zealand, the goal is to reduce the transaction cost of remittances to between 5 and 7 per cent by 2009," Helen Clark said.

"This month our government is releasing a discussion document on a proposal for a remittance card facility regulation. …

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