ANZ's New System to Ease up Money Transfer

Fiji Live News - 27 July 2011

New methods of sending money from Australia to Fiji are expected to make sending remittances home much easier.

ANZ Pacific CEO Michael Rowland said a new system of transferring money, the Pacific Money Transfer Card would be introduced in October.

He said the new system would allow customers ease of access to money being sent from Australia.

“This two-card solution is an effective option to reduce the costs of remittances because the system allows a person in Australia to upload funds to the card for immediate access for a small one off cost,” said Rowland.

“The nominated person in the Pacific can access the money as soon as the money is uploaded via our ATM network and through EFTPOS.”

He said the card would allow people in Australia to make regular small payments instead of sending lump sums of money.

He also said the system would be introduced first to Tonga, Samoa, Fiji and PNG as residents there received the highest volume of remittances.

The Pacific Money Transfer Card will be introduced across the Pacific in 2012.

Rowland said the overall cost for sending and receiving money through the new systems would go down from 20 per cent to around 6 percent.

Meanwhile, Australia's parliamentary secretary to the Treasurer, David Bradbury, this week told Pacific Forum Economic Ministers meeting in Apia that major companies involved in transferring cash, Western Union, Moneygram and the ANZ, are reducing their fees.

By Tevita Vuibau

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2011 will be Challenging for Fiji says Central Bank Chair

Fiji Live News - July 2011

Fiji’s Governor and Chairman of the Reserve Bank Board, Mr. Barry Whiteside says developments abroad as well as the success of its reform programs will influence the country’s performance in 2011.

And given the downside risks including high crude oil and food prices, unemployment in advanced countries and possible overheating in emerging economies which could dampen global growth prospects, Whiteside said, “Early indications show that 2011 will be another challenging year for Fiji.”

In its 2010 Annual Report which was tabled by the Prime Minister and Minister for Finance, Commodore Josaia Voreqe Bainimarama in Cabinet on July 19, showed that economic growth of 0.6 percent in 2010 was broad-based.

Whiteside said the 2.7 percent growth anticipated for 2011 is expected to be driven largely by the turnaround in the agriculture and forestry, manufacturing and fishing sectors. 

A statement issued by RBF said, “The twin objectives of monetary policy remained intact in 2010. Foreign reserves reached a new historical high of $1,307.4 million in November 2010 before falling slightly to $1,302.7 million by year-end, adequate to cover 4.1 months of goods and non-factor services. Inflation rose from 6.8 percent at the end of 2009 and peaked at 10.5 percent in April last year, before moderating to 5.0 percent at the end of 2010.”

Despite these outcomes, the Governor cautioned that monetary policy formulation has become increasingly challenging as the Reserve Bank attempts to balance the risks imposed by high commodity and food prices on local prices with the need to grow the domestic economy.

The 2010 Annual Report also highlighted the Reserve Bank’s focus on its wider role of developing the economy, with the creation of the Import Substitution and Export Finance facility to support domestic agricultural production and the establishment of a National Financial Inclusion Taskforce to promote greater financial inclusion in Fiji. 

Initiatives to develop small and medium enterprises, in partnership with private and public stakeholders, also continued via microfinance expositions during the year. The Reserve Bank also drove the implementation of the e-Money Fiji project and oversaw the establishment of Local Advisory Boards of commercial banks. 

Governor Whiteside noted that despite the macroeconomic challenges, Fiji’s financial system remains strong and continues to grow. Total assets of the financial system (excluding the RBF) rose by 1.9 percent to $10.5 billion in 2010.

The Report also noted that the Reserve Bank transferred $38.9 million to Government. This comprised its entire profit of $21.5 million for the financial year ended 2010 and one fifth of the balance of the Revaluation Reserve Account of $17.4 million.

Governor Whiteside said monetary policy would be continuously assessed with the view to revive the economy as well as maintaining macroeconomic stability.

“Domestic reforms that are now being implemented need to continue their momentum. We need the cooperation and support of Government, financial institutions, relevant stakeholders and all citizens in order to achieve better growth for Fiji and a higher standard of living.”

By Lavenia Vuadreu

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If All Goes Well, First Fiji Sugar Export in August: FSC

Fiji Live News - 07 July 2011

The Fiji Sugar Corporation (FSC) is expecting to make its first export of 29 thousand tonnes of sugar in August.

Speaking to FijiLive, FSC executive chairman Abdul Khan said the FSC was looking to make the export in early to mid August.

He said the export would go to Tate and Lyle’s sugar refinery in London where it would be refined before being distributed.

Khan also said the FSC was confident of meeting its export target of 190,000 to 200,000 tonnes of sugar this year.

Meanwhile he revealed the Rakiraki, Ba and Lautoka mills had so far crushed over 125,000 tonnes of cane.

By Tevita Vuibau

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