NZ and Australia plan to lower remittances costs in Pacific
Quoting Radio New Zealand – 9 September 2019
“New Zealand is in talks with Australia to lower hefty money transfer fees in several Pacific Island countries, as "stubbornly high" costs strain the region's economies and hamper UN targets.
“Remittances are a key source of earnings for many Pacific families who have relatives working abroad and the intervention comes as both Wellington and Canberra step up their engagement in the region.
“New Zealand has been working with its counterparts in Australia's Reserve Bank and Department of Foreign Affairs and Trade on the remittances project, documents said.
"We are now seeking a high-level commitment from Australia to work hand-in-hand with us on continuing to explore innovative options in this policy area."
“No funding has been agreed to yet, but the Reserve Bank is seeking MFAT's "high-level buy-in" for the project.”
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