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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

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