5 Feb 2013

Tonga remittances continue to fall

2:16 pm on 5 February 2013

Tonga's total income continues to fall with remittances plummeting substantially over the past year.

Matangi Tonga reports the National Reserve Bank governor, Joyce Mafi, as telling business leaders that higher tourism receipts are not enough to offset falls in exports and remittances, while other sectors were struggling.

She says because of the global financial crisis there has been a steep and continuous decline in remittances from families working overseas.

Since 2008 the figure has nearly halved, from 122 million US dollars to 63 million, with a fall in the past 12 months of 13 million dollars.