Home Breaking News Preliminary estimates show remittances hit new record of $182m in 2022, 64%...

Preliminary estimates show remittances hit new record of $182m in 2022, 64% increase from 2021

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The latest 84 workers to leave for Australia this year. Remittances is now a big economy driver for the country.
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By Robert L. Iroga

SBMOnline exclusive: Remittances or money sent home from Solomon Islands’ seasonal workers abroad in 2022 has surged by about 64% from $111m in 2021 to a staggering $182m in 2022.

Based on the Central Bank of Solomon Islands preliminary estimates exclusively disclosed to SBMOnline, the total remittances from seasonal workers surged by around 64% to $182 million in 2022 from $111 million in 2021.

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Since the introduction of the seasonal workers programme in Australia and New Zealand, remittances have continued to increase but the latest figure is the highest in the history of money remitted to the country at any one year.

At the close of last year, more than 5,000 Solomon Islanders were working in Australia under the Pacific Australia Labour Mobility (PALM) scheme and more than 500 in New Zealand under the Recognised Seasonal Employer (RSE) scheme. The number is now believed to have increased since the turn of the new year.

The latest revelation of $182 million in 2022 means each month around $15.2m was sent home whilst $3.5m a week and $498,630 a day.

CBSI says this figure is a totally separate data from the overall remittances as recorded it is preliminary with updated versions will be made later.

The bank says the data continues to show increase in “surges”.

News@SBMOnline2022

-Read our in-depth story on remittances next week in our magazine

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