Latest News
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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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Foreign Reserves rose by $23.9 million over February
12 March 2018
Official foreign reserves held by the National Reserve Bank of Tonga (NRBT) rose by $23.9 million over the month of February 2018 to $448.0 million, equivalent to 8.1 months of imports. The rise was mainly attributed to receipts of $22.6 million, for the Tropical Cyclone Gita Relief fund.
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Monetary Policy Decision
20 February 2018
The National Reserve Bank of Tonga’s board of directors at its meeting on the 15th February 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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Foreign Reserves rose by $1.6 million over January
9 February 2018
Official foreign reserves held by the National Reserve Bank of Tonga (NRBT) rose by $1.6 million over the month of January 2018 to $424.1 million, equivalent to 7.8 months of imports. Over the past year, the official foreign reserves rose by $43.3 million.
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Monetary Policy Decision
22 January 2018
The National Reserve Bank of Tonga’s board of directors at its meeting on the 17th January 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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Monetary Policy Statement for August 2017
22 January 2018
At its meeting on the 17th January 2018, the National Reserve Bank of Tonga’s Board of Directors approved to release its Monetary Policy Statement (MPS) for August 2017. This Statement reviews Tonga’s economic growth and the Reserve Bank’s conduct of monetary policy in the six months to August 2017 and its outlook.
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| - Also read in Tongan |
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Latest Economic & Statistic Releases
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Weekly Exchange Rate for 25 May 2018
Released on 25 May 2018 |
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Weekly Exchange Rates and Fees & Charges Comparison for 25 May 2018
Released on 25 May 2018 |
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Summary Daily Liquidity Data for 18 May 2018
Released on 21 May 2018 |
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Spike in aquarium products exported in January 2018
Marine Exports Volumes for January 2018 | Released on 17 May 2018
The Reserve Bank expects growth for the fisheries sector to decline in 2017/18 following a vibrant performance in 2016/17. This is due to lower foreign vessels registered to fish the Tongan waters, and adverse weather effects. |
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Lower private transfers reflects the end of christmas festivities
Remittances for January 2018 | Released on 16 May 2018
Remittances decreased over the month by $8.5 million (25.4%) to $25.1 million yet much higher than what was recorded in the same period of previous years. The monthly trend was driven by a decline in all categories of remittances with the exception of private capital transfers.
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Higher interbank receipts yield a surplus
Overseas Exchange Transactions for January 2018 | Released on 16 May 2018
An overall surplus of $1.6 million was recorded over the month of January 2018 compared to a $2.3 million deficit in December 2017. As a result, the official foreign reserves rose to $424.1 million, equivalent to 7.7 months of import cover.
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Monthly Economic Review for March 2018
Released on 14 May 2018
Developments among Tonga’s major trading partners remained largely positive. Both Australia and New Zealand reported their GDP growth of 2.7% and 2.9% respectively for the year ended to December 2017. For Australia, public investment and trade supported economic growth whilst for New Zealand, the services industries drove economic growth.
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Exports declined yet higher than the monthly average of the past five years
Agricultural Exports Volumes for January 2018 | Released on 10 May 2018
Total volume of agricultural exports continued to fall over the month of January 2018 by 97.1 tonnes (14.7%) to a total of 565.2 tonnes. This is a similar trend to previous years where agricultural exports starts slow in the year and could also be attributed to seasonality.
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Monetary Policy Data for March 2018
Released on 10 May 2018 |
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2018 starts positively for business lending
Banking Sector Developments for January 2018 | Released on 27 April 2018
Total banks’ lending increased slightly over January by $0.8 million (0.2%) and annually by $55.3 million (14.5%). Total bank deposits increased over the month by $3.2 million (0.6%) to $574.5 million, due solely to a significant rise in term deposits of $12.6 million (5.1%).
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Seasonal decline in January container registrations
Container Registrations for January 2018 | Released on 23 April 2018
The total containers that were registered in January 2018 declined by 531 (42.3%), reflecting the usual trend at the beginning of the year following the festive season of December. |
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Higher commodity prices over the month
Inflation for January 2018 | Released on 6 April 2018
Inflation rose over the month by 1.0% as both domestic and imported commodity prices increased during the month. The local component of inflation was mainly driven by the seasonality of local food and a further rise in the price of kava-Tonga.
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Customs Monthly Exchange Rates for April 2018
Released on 29 March 2018 |
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Positive trend for International arrivals continues
International Arrival & Departures for December 2017 | Released on 29 March 2018
Total international arrivals continued to follow the usual trend to record the highest air arrival in December every year as people come from abroad to spend Christmas and new year with families here in Tonga.
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Vehicle registrations increased over the month
Vehicle Registration for December 2017 | Released on 23 March 2018
New vehicles registered in December 2017 markedly increased by 51.8% from a total of 274 registrations recorded last month.
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