Fiji, March 28 -- Tonga's Governor of the National Reserve Bank, Tatafu Moeaki Wednesday, addressed the High Level Event on Correspondent Banking Relationships in Sydney with a clear focus on the challenges faced by Pacific Island Countries (PICs) regarding de-risking.

Moeaki highlighted the significant decline in Correspondent Banking Relationships (CBRs) in the Pacific.

"The decline in CBRs in PICs is severe, with the lowest access globally. The number of CBRs has fallen by nearly 50 percent since 2011, with USD CBRs dropping by over 60 percent, almost twice the global decline."

He emphasised the severe impact this has on the region, noting that PICs have the lowest access to CBRs globally.

"The negative impacts of declining CBRs ad...