Latest News
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Monetary Policy Statement - February 2018
11 September 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. |
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Foreign Reserves recorded a $1.5 million over August 2018
11 September 2018
Official foreign reserves held by the National Reserve Bank of Tonga (NRBT) declined by $1.5 million over the month of August 2018 to $475.0 million, equivalent to 7.7 months of imports. Over the past year, the official foreign reserves rose by $70 million. The annual growth was mainly attributed to receipts of budgetary support, grants and cyclone relief funds from development partners and higher remittances during the year. |
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New Foreign Exchange Control Act 2018 comes into force on 10th July 2018
6 September 2018
To ensure Tonga’s macroeconomic stability, the country’s level of foreign exchange reserves must be sufficient at all times to pay for our overseas payment obligations (such as payment of imports, loan repayments and other foreign obligations).
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| - Also read in Tongan |
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Monetary Policy Decision - August 2018
21 August 2018
The National Reserve Bank of Tonga’s board of directors at its meeting on the 17th August 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 $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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Latest Economic & Statistic Releases
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Lower prices in the base year pushed the headline inflation upward
Inflation for July 2018 | Released on 12 September 2018
The monthly headline inflation rate continued to decline over the month of July 2018 by 0.1% following a negative 2.5% in June 2018. This was largely attributed to favorable movements in the prices of both local and imported food over the month which outweighed a rise in various imported commodities.
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Quarterly Bulletin for June 2018
Released on 11 September 2018 |
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Summary Daily Liquidity Data for 7 September 2018
Released on 10 September 2018 |
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Weekly Exchange Rates and Fees & Charges Comparison for 7 September 2018
Released on 7 September 2018 |
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Weekly Exchange Rate for 7 September 2018
Released on 7 September 2018 |
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Total container registrations remained high over the month
Container Registrations for June 2018 | Released on 7 September 2018
As a partial indicator for the trade sector, the number of containers indicated strong trade activites over the month as it remained high. The total container registrations slightly declined over the month by 22 containers (2.1%) driven by a 3.8% and 0.5% fall in private and business containers respectively. |
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Lending slows down while deposits continue to climb higher
Banking Sector Developments for June 2018 | Released on 7 September 2018
Total banks’ lending slightly declined over June bringing the total outstanding loan balance to $447.3 million. Higher bank deposits were recorded over June and over the year which resulted mainly from an increase in demand deposits of the Government, private sector and non-profit institutions.
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Customs Monthly Exchange Rates for September 2018
Released on 31 August 2018 |
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Volume of root crops push agricultural exports lower
Agricultural Exports Volumes for May 2018 | Released on 22 August 2018
May 2018 was not a favorable month for exported agricultural commodities as the total agricultural exports decreased over the month by 353.7 tonnes.
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Monthly Economic Review for June 2018
Released on 21 August 2018
Indicators of economic activity suggest slowed growth over the month. However, activities in all sectors of Tonga’s economy supported the strong growth that is forecasted for 2017/18. The Reserve Bank will continue to closely monitor developments in the domestic and global economies to ensure financial and macroeconomic stability are maintained.
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Celebrations of family month pushed remittances to a new high level
Remittances for May 2018 | Released on 20 August 2018
Children’s White Sunday, Mothers’ Day and Fathers’ Day always triggered a peak in total remittance receipts every year and a new high level of $35.1 million was reached in May, a $9.0 million (34.3%) rise from last month.
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Lower registrations in all vehicle types
Vehicle Registration for April 2018 | Released on 15 August 2018
Total vehicle registrations declined over the month of April by 86 registrations (25.9%), recording a total of 246 registrations. This is slightly higher than the monthly average of 206 vehicles in the past five years.
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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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Monetary Policy Data for June 2018
Released on 15 August 2018 |
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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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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.
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