World Video | Defence | Foreign Affairs | Natural Events | Trade | NZ in World News | NZ National News Video | NZ Regional News | Search


Reserve Bank Supports Global Call To Action On Remittances

The Reserve Bank of New Zealand is supporting a worldwide multi-stakeholder appeal to keep and improve migrants’ access to remittance or money transfer services during the current economic crisis brought about by the COVID-19 pandemic.

Led by the Governments of Switzerland and United Kingdom, the call to action highlights the impact of the COVID-19 pandemic to economies, communities, and families dependent on remittances. The World Bank predicts that remittances to low and middle-income countries will drop by about 20%.

To address this, the call to action has recommendations on policy, regulations, and service provision to ensure affordable access to money transfer services of migrants and their families. New Zealand, led by the Ministry of Foreign Affairs and Trade (MFAT), is one of the latest countries to join and pledge its support for the initiative.

Reserve Bank Governor Adrian Orr said, “Across the world, many migrants and their families who rely on remittances for basic needs are experiencing financial hardship because of COVID-19. We are committed to supporting this initiative to ensure that no one gets left behind in the economic recovery plan.”

“This is very much aligned with the current work that the Reserve Bank, with support from the MFAT, is engaged in. The Bank’s Pacific Remittances Project aims to address the challenges facing remittance services domestically and in the Pacific region.

“As early as last year, we have been working closely with the Government, the South Pacific Central Bank Governors’ forum, fellow regulators, and industry players to increase access to and reduce costs of remittances to and from the Pacific. Our work on this remains to be a priority, now more than ever,” Mr Orr said.

More information:

© Scoop Media

World Headlines


UN: Horn Of Africa Faces Most ‘Catastrophic’ Food Insecurity In Decades, Warns WHO

The World Health Organization (WHO) warned on Tuesday that the Greater Horn of Africa is experiencing one of the worst famines of the last 70 years... More>>

FAO: Warns 90 Per Cent Of Earth’s Topsoil At Risk By 2050
A full 90 per cent of the Earth’s precious topsoil is likely to be at risk by 2050, according to the UN Food and Agriculture Organization, FAO...

UNHCR: Alarmed By Growing Death Toll Among Displaced In Eastern DR Congo
UN human rights experts* today urged the As conflict grows in the eastern Democratic Republic of the Congo (DRC), the rising death toll and suffering of displaced civilians through brutal attacks... More>>

UN: American West Faces Water And Power Shortages Due To Climate Crisis
Two of the largest reservoirs in the United States are at dangerously low levels due to the climate crisis and overconsumption of water, which could affect water and electricity supply for millions in six western states and Mexico, the UN Environment Programme (UNEP) warned on Tuesday... More>>

Singapore: UN Experts Call For Immediate Moratorium On Executions For Drug Offences

UN experts* today condemned the execution of Nazeri Bin Lajim, a 64-year-old Malay Singaporean national convicted of drug offenses and urged the Government of Singapore to halt plans to execute individuals on death row for drug related charges... More>>

Myanmar: Bachelet Condemns Executions, Calls For Release Of All Political Prisoners

UN human rights chief Michelle Bachelet today condemned in the strongest terms the execution of four democracy activists by Myanmar’s military despite repeated calls... More>>