Latest News
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Foreign Reserves increased by $7.8 million over July
13 August 2018
Official foreign reserves held by the National Reserve Bank of Tonga (NRBT) increased by $7.8 million over the month of July 2018 to $476.5 million, equivalent to 7.9 months of imports. Over the past year, the official foreign reserves rose by $67.6 million. |
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Monetary Policy Decision
3 August 2018
The National Reserve Bank of Tonga’s board of directors at its meeting on the 31st June 2018 approved to maintain its current monetary policy measures. This is to encourage utilisation of the excess liquidity in the banking system, through further lending, particularly to the growth sectors, in order to support economic growth and the recovery from Tropical Cyclone Gita, and strengthen the monetary policy transmission mechanism.
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| - Also read in Tongan |
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Foreign Reserves increased by $26.8 million over June
12 June 2018
Official foreign reserves held by the National Reserve Bank of Tonga (NRBT) increased by $26.8 million over the month of June 2018 to $468.7 million, equivalent to 8.1 months of imports. Over the past year, the official foreign reserves rose by $60.8 million. |
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Supreme Court ruling on the Pacific International Commercial Bank vs National Reserve Bank of Tonga’s case
12 July 2018
The Supreme Court issued its ruling on 5th July 2018 on the application by the Pacific International Commercial Bank for the judicial review of the decision by the National Reserve Bank of Tonga (NRBT) to revoke the bank license of Pacific International Commercial Bank (PICB) on 26th July 2016. |
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Monetary Policy Decision
18 June 2018
The National Reserve Bank of Tonga’s board of directors at its meeting on the 15th June 2018 approved to maintain its current monetary policy measures. This is to encourage utilisation of the excess liquidity in the banking system, through further lending, particularly to the growth sectors, in order to support economic growth and the recovery from Tropical Cyclone Gita, and strengthen the monetary policy transmission mechanism.
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| - Also read in Tongan |
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Foreign Reserves recorded a $4 million decline over May
18 June 2018
Official foreign reserves held by the National Reserve Bank of Tonga (NRBT) declined by $4 million over the month of May 2018 to $441.9 million, equivalent to 7.8 months of imports. Over the past year, the official foreign reserves rose by $49.6 million.
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Monetary Policy Decision
18 May 2018
The National Reserve Bank of Tonga’s board of directors at its meeting on the 16th May 2018 approved to maintain its current monetary policy measures. This is to encourage utilisation of the excess liquidity in the banking system, through further lending, particularly to the growth sectors, in order to support economic growth and the recovery from Tropical Cyclone Gita, and strengthen the monetary policy transmission mechanism.
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| - Also read in Tongan |
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Foreign Reserves recorded a $1.8 million decline over April
8 May 2018
Official foreign reserves held by the National Reserve Bank of Tonga (NRBT) declined by $1.8 million over the month of April 2018 to $445.9 million, equivalent to 7.9 months of imports. Over the past year, the official foreign reserves rose by $74.2 million.
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Monetary Policy Decision
12 April 2018
The National Reserve Bank of Tonga’s board of directors at its meeting on the 11th April 2018 approved to maintain its current monetary policy measures. This is to encourage utilisation of the excess liquidity in the banking system, through further lending, particularly to the growth sectors, in order to support economic growth, and strengthen the monetary policy transmission mechanism. |
| - Also read in Tongan |
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Foreign Reserves fell by $0.3 million over March
6 April 2018
Official foreign reserves held by the National Reserve Bank of Tonga (NRBT) declined by $0.3 million over the month of March 2018 to $447.7 million, equivalent to 8.1 months of imports. Over the past year, the official foreign reserves rose by $81.7 million.
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Monetary Policy Decision
16 March 2018
The National Reserve Bank of Tonga’s board of directors at its meeting on the 15th March 2018 approved to maintain its current monetary policy measures. This is to encourage utilisation of the excess liquidity in the banking system, through further lending, particularly to the growth sectors, in order to support economic growth, and strengthen the monetary policy transmission mechanism.
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| - Also read in Tongan |
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Latest Economic & Statistic Releases
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Lower interbank receipts widened the overall balance deficit
Overseas Exchange Transactions for May 2018 | Released on 15 August 2018
The overall OET balance for the month of May 2018 recorded a deficit of $4.0 million. Subsequently, the official foreign reserves declined to $441.9 million, which is equivalent to 7.5 months of import cover. This was due mainly to lower interbank receipts while interbank payments was sustained.
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Higher interbank payments widened deficit in the overall balance
Overseas Exchange Transactions for April 2018 | Released on 15 August 2018
In April 2018, the deficit of the overall OET balance widened by $1.5 million to $1.8 million. This was mainly due to a $4.9 million deficit in the current account balance which was partially offset by the surpluses in the capital and the financial accounts.
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Monetary Policy Data for June 2018
Released on 15 August 2018 |
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Summary Daily Liquidity Data for 10 August 2018
Released on 13 August 2018 |
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Weekly Exchange Rates and Fees & Charges Comparison for 10 August 2018
Released on 10 August 2018 |
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Weekly Exchange Rate for 10 August 2018
Released on 10 August 2018 |
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Monthly Economic Review for May 2018
Released on 3 August 2018
Domestically, partial economic indicators were mixed but broadly positive overall. The performance of all sectors of the domestic economy was favorable. The 2017/18 financial year is drawing to an end and the Reserve Bank still expects Tonga’s economic growth to remain above 3% for 2017/18.
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Customs Monthly Exchange Rates for August 2018
Released on 31 July 2018 |
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Quarterly Bulletin for March 2018
Released on 3 July 2018 |
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Domestic food prices hiked over the month pushing the annual headline inflation higher
Inflation for March 2018 | Released on 29 June 2018
The domestic prices rose significantly over the month by 15.4%, the highest monthly increase in history, causing an overall monthly inflation rate of 6.6%. The monthly inflation was solely driven by the marked increase in domestic food prices particularly for fruits and vegetables.
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A record high for exported invertebrates
Marine Exports Volumes for March 2018 | Released on 29 June 2018
The Reserve Bank expects a rebound for the fisheries sector in 2017/18 following a negative growth recorded in 2016/17. This is due to successful market development for our fisheries products as reflected in the recent high volume of exported aquarium products.
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Recovery from the cyclone pushed container registrations higher
Container Registrations for March 2018 | Released on 29 June 2018
The arrival of scheduled cargo vessels has returned to normal operations after the disruptions caused by Tropical Cyclone (TC) Gita in February 2018. During the month, eleven cargo vessels arrived in Tonga compared to six cargo vessels in February 2018. |
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Total agricultural exports volume rebounded
Agricultural Exports Volumes for March 2018 | Released on 29 June 2018
The total agricultural exports in March almost doubled the exported volume recorded last month, rising by 335.5 tonnes (94.8%) over the month. Almost all exported agricultural commodities increased except for a few crops which were damaged during the cyclone.
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Steady growth remains for both lending and deposits
Banking Sector Developments for March 2018 | Released on 29 June 2018
Total banks’ lending increased over March by $4.1 million (0.9%) and over the year by $52.4 million (13.4%). Total bank deposits increased over the month by $4.5 million (0.8%) to $581.7 million.
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Departures soar as visitors return whilst arrivals decline
International Arrival & Departures for January 2018 | Released on 26 June 2018
Total international departures climbed over January due to the end of the festive season thus visitors returning to their respective countries of residence. This recorded an increase of 5,301 passengers (52.0%) leaving the Kingdom over the month and majority of the total international departures were cruise ship departures.
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Rise in family support for Tropical Cyclone (TC) recovery boosted remittances
Remittances for March 2018 | Released on 18 June 2018
According to the National Emergency Management Office report, more than 80% of Tonga’s population were impacted by TC Gita. As a result, the financial assistance from families and relatives abroad to support their families in terms of recovery and for other family obligations dominated the remittance receipts during the month of March 2018.
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Lower vehicle registration continued to February
Vehicle Registration for February 2018 | Released on 28 May 2018
Total vehicle registrations declined over the month of February 2018 by 204 registrations (62.8%), recording a total of 121 registrations. This is lower than the monthly average of the past five years. Registrations for all vehicle types declined due to the disruptions caused by Tropical Cyclone (TC) Gita
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