Current Transfers also known as remittances received from abroad through relatives, and friends have increased for six consecutive financial years.
It recorded a total value of $687.9 million for the year ending June 2022 compared to the $538.9 million acquired in the previous year ending June 2021.
This was confirmed in the Samoa Bureau of Statistics National Accounts ending June 2022.
Gross Private Remittances compiled by the Central Bank of Samoa recorded an increase of 33.6% in transfers from abroad into the country for FY2021/22 compared to the previous year ending June 2021.
Total remittances received for FY2021/22 amounted to $808.8 million; 41.3% of which were transfers received from New Zealand, 35.2% were monies received from Australia while 13.6% of which was wired from the United States of America.
This positive performance in current transfers into the county is a strong indicator of the contribution made by locals who have travelled abroad under Seasonal Employment Schemes to New Zealand and Australia better provide financially for families together with financial assistance recorded from relatives and friends permanently residing abroad thus improving the level of GNDI as a whole.
