Description

Pacific island economies depend heavily on remittances - more than many other regions in the world. For example, remittances account for 27 and 21 percent of GDP for Tonga and Samoa, respectively. Reliance on foreign exchange inflows makes access to low-cost financial services and correspondent banking for cross-border flows critical for these economies. Australia, New Zealand, and the United States each account for approximately one-third of the remittances to the region

Report on the Pacific Roundtables: actions to address correspondent banking and remittance pressure

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Paperback / softback by International Monetary Fund: Research Department , Jihad Alwazir

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Pacific island economies depend heavily on remittances - more than many other regions in the world. For example, remittances account... Read more

    Publisher: International Monetary Fund (IMF)
    Publication Date: 30/10/2019
    ISBN13: 9781498306447, 978-1498306447
    ISBN10: 1498306446

    Number of Pages: 29

    Non Fiction , Business, Finance & Law

    Description

    Pacific island economies depend heavily on remittances - more than many other regions in the world. For example, remittances account for 27 and 21 percent of GDP for Tonga and Samoa, respectively. Reliance on foreign exchange inflows makes access to low-cost financial services and correspondent banking for cross-border flows critical for these economies. Australia, New Zealand, and the United States each account for approximately one-third of the remittances to the region

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