Remittances increase by 68% with $215m in 2021

Remittances have increased significantly by 68 percent in the past year, the Central Bank of Solomon Islands confirms today.

A data exclusively supplied to SBMOnline from the CBSI today said: “Based on the actual data compiled, the total remittances (inflow) for 2021 was SBD$215 million, 68% increase from $128 million reported in 2020.”

CBSI also confirms that these figures include remittances from both seasonal workers and non-seasonal workers.

SBMOnline understands that most of the money are remitted by season workers—especially in Australia which now has more than 3,000 Solomon Islanders working across the country under labour mobility schemes. There are also seasonal workers in New Zealand.

In New Zealand, Solomon Islands is sending workers under the the Recognized Seasonal Employer (RSE) programme whilst Australia the Seasonal Worker Program (SWP), and Pacific Labor Scheme (PLS).

It was revealed in Parliament that seasonal workers remitted around $82m in the past 12 months (2020-2021) whilst the number was still below 3,000 workers.

News@SBMOnline2022

(Detailed story will be available in our next SBMagazine this month)