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Monetary Policy Decision - September 2018
21 September 2018
The National Reserve Bank of Tonga’s board of directors at its meeting on the 18th September 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. |
| - Also read in Tongan |
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Monetary Policy Statement - February 2018
19 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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