Parliament

Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search

 

Relief from high remittance costs


Relief from high remittance costs

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 fifteen and 25 per cent 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 five and seven 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. The new regulation would make it possible for mainstream financial institutions to offer a two-card remittance transfer facility using international ATM and EFTPOS networks. This facility would allow people to load money on to a remittance card account in New Zealand and then have family or friends withdraw that money in the Pacific. This process would incur much lower transaction fees than do current arrangements. “The new regulation could be in force by the end of September, paving the way for commercial products to come on the market,” Helen Clark said.

Remittances to the Pacific region tripled over the past decade to reach US$425 million, according to recent figures from the World Bank. New Zealand is one of the main source countries. The World Bank says unofficial or unrecorded remittances could add at least another fifty per cent to the official estimate.


ends

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Back Again: Government Approves TPP11 Mandate

The Government has approved a negotiating mandate for Trans-Pacific Partnership 11 (TPP11), which will ensure New Zealand businesses remain competitive in overseas markets.

Trade Minister Todd McClay says New Zealand will be pushing for the minimal number of changes possible to the original TPP agreement, something that the remaining TPP11 countries have agreed on. More>>

ALSO:

.

 
 

Gordon Campbell: On Why Labour Isn’t Responsible For Barnaby Joyce

As a desperate Turnbull government tries to treat the Barnaby Joyce affair as a Pauline Hanson fever dream – blame it on the foreigners! We’re the victims of the dastardly New Zealand Labour Party! – our own government has chosen to further that narrative, and make itself an accomplice. More>>

ALSO:

Rail: Greens Back Tauranga – Hamilton – Auckland Service

The Green Party today announced that it will trial a passenger rail service between Auckland, Hamilton and Tauranga starting in 2019, when it is in government. More>>

ALSO:

Housing: Voluntary Rental Warrant Of Fitness For Wellington

Wellington City Council is partnering with the University of Otago, Wellington, to launch a voluntary Rental Warrant of Fitness for minimum housing standards in Wellington, Mayor Justin Lester has announced. More>>

ALSO:

Treaty: Agreement In Principle Signed With Moriori

“The Crown acknowledges Moriori was left virtually landless from 1870, hindering its cultural, social and economic development. The Crown also acknowledges its contribution to the myths that the people of Moriori were racially inferior and became extinct." More>>

ALSO:

Susan Devoy: Call For Inquiry Into State Abuse Reaches UN

Race Relations Commissioner Dame Susan Devoy is in Geneva and has asked a United Nations committee to urge the New Zealand government to initiate an inquiry into the physical and sexual abuse of children and disabled people held in state institutions. More>>

ALSO:

(Not National): Cross-Party Agreement On Pike River Re-Entry

The commitment was signed this afternoon by the leaders of Labour, United Future, The Maori Party, and the Green Party and, together with the earlier commitment by New Zealand First, means that there is now a Parliamentary majority behind the families’ fight for truth and justice. More>>

ALSO:

Earlier:

 
 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

Featured InfoPages

Opening the Election