Labour delivers lower costs for Pacific
Hon Winnie Laban
Spokesperson for Pacific Island
Affairs
2 December 2008 Media
Statement
Labour delivers lower
costs for Pacific
A significant step towards reducing the cost of remitting money from New Zealand to Pacific countries is now rolling out just in time for Christmas.
”In September Right Hon. Helen Clark and I announced a new regulation under the Financial Transactions Reporting Act to reduce the high costs of sending money between New Zealand and the Pacific.
“The connection between Pacific peoples living in New Zealand and those living in the Pacific nations is very strong. Studies show that about 75 per cent of Pacific people in New Zealand send money home to family members in the Pacific,” Winnie Laban said.
Pacific peoples have for years being paying dearly
to send money back to the islands.
“In many cases the
total cost of remittances can be anywhere from 15 to 25 per
cent of the value of the transaction” says Winnie
Laban.
“Through the work I set up through the Ministry
of Pacific Island Affairs, along with the Reserve Bank and
the Ministry of Justice, we are now reaching the goal of
reducing transaction costs. I welcome the difference this
will make for Pacific families especially at this time of
year, and in these economic times. I also commend the work
of the agencies involved in bringing this policy to
fruition”.
Labour has always been, and will continue to
be, committed to our Pacific communities and their future
wellbeing.
ENDS