www.reservebank.to | Official Website of Tonga's central bank
The National Reserve Bank of Tonga (Reserve Bank) was established on 1 July 1989 as the central bank of Tonga.
The principal objectives of the Reserve Bank shall be to maintain internal and external monetary stability, promote financial stability and promote a sound and efficient financial system. The Reserve Bank shall conduct its activities in a manner that supports macroeconomic stability and economic growth.
Monthly Economic Review for December 2018
- Details
- Category: Economic Releases
- Posted: 15 February 2019
Sectoral performances of the domestic economy ended on a positive note for the year 2018. Given the developments in December, the Reserve Bank’s outlook for strong domestic economic activity remains in the medium term. The Reserve Bank will continue to closely monitor developments in the domestic and global economies. Read more in the Monthly Economic Review of December 2018.
Slight increase in private transfers drive remittances up in October
- Details
- Category: Economic Releases
- Posted: 07 February 2019
Over the month, total remittances rose slightly by $0.5 million to $28.2 million. This resulted from slightly higher receipts from families abroad and private capital transfers. These increases had offset declines in compensation of employees receipts. Read more in the Remittances Report for October 2018.
Remittances dip in September similar to monthly trend in previous years
- Details
- Category: Economic Releases
- Posted: 07 February 2019
Over the month of September, total remittances fell by $3.9 million to $27.7 million. This resulted from lower receipts from families abroad and a decline in receipts from the compensation of employees. Additionally, private capital transfer receipts slightly declined contributing further to the monthly decrease. Read more in the Remittances Report for September 2018.
Reserve Bank to raise awareness on foreign exchange
- Details
- Category: Press Release
- Posted: 24 January 2019
The NRBT has recognised public concerns around the new Foreign Exchange Control Act 2018 (the FEC Act) leading to misunderstanding and misinterpretation of the law. The NRBT would like to clarify that there has been nothing new introduced in the FEC Act 2018 and the EC Directive that has not already existed in the old Act, Regulations and Exchange Control Policy Guidelines.
Monetary Policy Decision
- Details
- Category: Press Release
- Posted: 22 January 2019
The National Reserve Bank of Tonga’s Board of Directors at its first meeting of the year, on the 17th January 2019, approved to maintain its current monetary policy measures. This is to encourage utilisation of the excess liquidity in the banking system, through further lending in order to support economic growth and strengthen the monetary policy transmission mechanism.
Foreign Reserves rose by $9.8 million over December
- Details
- Category: Press Release
- Posted: 21 January 2019
Official foreign reserves held by the National Reserve Bank of Tonga (NRBT) rose by $9.8 million over the month of December 2018 to $478.5 million, equivalent to 7.6 months of imports. Similarly, the official foreign reserves increased over the year by $56.0 million.
Monthly Economic Review for November 2018
- Details
- Category: Economic Releases
- Posted: 18 January 2019
Sectoral performances in the local economy were mixed over the month. Total agricultural export volumes rose by 432.5 tonnes, reflecting the commencement of the squash season and higher export of root crops. On-going construction activities continued to boost performance in the secondary sector, supported by a rise in business loans for construction and individual housing loans.
Both deposits and lending grew
- Details
- Category: Economic Releases
- Posted: 02 January 2019
Over the month of July 2018, the total banks lending grew by 1.2% to $452.9 million, after recording a slight decline last month. Lending to both businesses and households increased over the month with business lending contributing the most. Read more in the Banking Sector Developments report for August 2018.
Higher merchandise trade balance drives a deficit in the overall OET balance
- Details
- Category: Economic Releases
- Posted: 27 December 2018
Over August, the balance of the overall OET recorded a deficit of $1.5 million following a surplus recorded last month. This stemmed largely from higher payments for services and import purposes. Find out more in the Overseas Exchange Transactions report for August 2018.
Deposits record highest and lending improves
- Details
- Category: Economic Releases
- Posted: 27 December 2018
Over the month of July 2018, the total banks lending grew by 1.2% to $452.9 million, after recording a slight decline last month. Lending to both businesses and households increased over the month with business lending contributing the most. Read more in the Banking Sector Developments report for July 2018.
Monetary Policy Decision - October 2018
- Details
- Category: Press Release
- Posted: 27 December 2018
The National Reserve Bank of Tonga’s board of directors at its meeting on the 20th December 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 in order to support economic growth and strengthen the monetary policy transmission mechanism.
Monetary Policy Statement - August 2018
- Details
- Category: Press Release
- Posted: 27 December 2018
At its meeting on the 18th September 2018, the National Reserve Bank of Tonga’s Board of Directors approved to release its Monetary Policy Statement (MPS) for February 2018. This Statement reviews Tonga’s economic growth and the Reserve Bank’s conduct of monetary policy in the six months to February 2018 and its outlook.
Monthly Economic Review for October 2018
- Details
- Category: Economic Releases
- Posted: 27 December 2018
Sectoral performances in the local economy were mixed over the month. Total agricultural export volumes rose by 432.5 tonnes, reflecting the commencement of the squash season and higher export of root crops. On-going construction activities continued to boost performance in the secondary sector, supported by a rise in business loans for construction and individual housing loans.
Foreign Reserves rose by $11.4 million over November
- Details
- Category: Press Release
- Posted: 12 November 2018
Official foreign reserves held by the National Reserve Bank of Tonga (NRBT) rose by $11.4 million over the month of November 2018 to $468.7 million, equivalent to 7.4 months of imports. Similarly, the official foreign reserves increased over the year by $43.9 million.
