Fiji, Sept. 9 -- The Pacific Islands Forum has stepped up efforts to protect the region's economies from the loss of Correspondent Banking Relations (CBR), a vital financial link that enables trade, remittances, and cross-border payments.

Former Central Bank of Solomon Islands Governor, Denton Rarawa, now Senior Adviser - Economics at the Forum Secretariat, said the withdrawal of international banks from the region has become a major risk.

"Correspondent banking is when local banks connect with international banks to trade, make cross-border payments, and receive funds. In the last decade, many global banks, especially in the U.S and Europe, have cut off these relationships. That means we face serious problems in trade and cross-border ...