NZ Reserve Bank to improve money transfers to the Pacific

New Zealand's Reserve Bank is working to improve the financial inclusion of Pacific nations and territories

The central bank's latest Financial Stability Report indicates the changes will improve the region's financial stability and prosperity, and assist with its recovery and growth.

Difficult access to banking services is one of the reasons why there has been a rise in the use of cryptocurrencies across the Pacific, which are largely unregulated, with trading prohibited in some nations.

Cost is another factor, with a recent study indicating New Zealand's recognised seasonal employer workers paid about 400-dollars a season in remittance transaction fees.

The RBNZ said it is already working with Pacific Island central banks and international organisations to make remittances to the Pacific more accessible, safe and cost-effective.