Fiji's Narube criticises high remittances charges
Savenaca Narube, the governor of the Reserve Bank of Fiji, has argued that remittance charges, which in some cases amount to 50% of the amount sent, do not appear to reflect the actual costs involved.
Speaking in Nadi, which he described as a "jet-set town", Narube said the central bank is exploring alternative ways of sending money to Fiji. Remittances are the second most important source of Fiji's foreign exchange after tourism.
The governor also announced that the central bank and the finance ministry are currently working on establishing a financial ombudsman and a financial services commission for the island economy.
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