Reserve Bank recorded a $22.8 million decline of the Foreign Reserves
- Details
- Category: Press Release
- Created: 09 October 2018
Official foreign reserves held by the National Reserve Bank of Tonga (NRBT) declined by $22.8 million over the month of September 2018 to $452.2 million, equivalent to 7.3 months of imports. The commencement of the principal repayment to the Export-Import (EXIM) Bank of China contributed to this decline. The official foreign reserves however rose over the year by $49.2 million. The annual growth mainly resulted from higher receipts of budgetary support, grants and cyclone relief funds from development partner. In addition, higher receipt of remittances during the year contributed further to the yearly increase.
OFFICIAL FOREIGN RESERVES
(millions of pa'anga)
| Level | Changes |
Ration of official foreign reserves to imports i (months) | ||
| Month | 12 Months | |||
| 2017 | ||||
| May | 392.3 | 20.6 | 61.6 | 7.1 |
| Jun | 407.9 | 15.6 | 53.0 | 7.5 |
| Jul | 408.9 | 1.0 | 41.5 | 7.5 |
| Aug | 405.0 | -3.9 | 38.7 | 7.4 |
| Sep | 403.0 | -2.0 | 39.3 | 7.3 |
| Oct | 413.6 | 10.6 | 46.6 | 7.5 |
| Nov | 424.8 | 11.2 | 63.9 | 7.7 |
| Dec | 422.5 | -2.3 | 43.7 | 7.6 |
| 2018 | ||||
| Jan | 424.1 | 1.6 | 43.3 | 7.4r |
| Feb | 448.0 | 23.9 | 70.3 | 7.9 |
| Mar | 447.7 | -0.3 | 81.7 | 7.8 |
| Apr | 445.9 | -1.8 | 74.2 | 7.7 |
| May | 441.9 | -4.0 | 49.6 | 7.5 |
| Jun | 468.7 | 26.8 | 60.8 | 7.8 |
| Jul | 476.5 | 7.8 | 67.6 | 7.8r |
| Aug | 475.0 | -1.5 | 70.0 | 7.7r |
| Sep | 452.2 | -22.8 | 49.2 | 7.3 |
| Source: National Reserve Bank of Tonga |
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| i - Method of calculation changed in February 2017 to include imports of both goods and services (previous method used imports of goods only). | ||||
| r - Revisions was due to the receipt of updated Trade data from Statistics Department for the March 2018 quarter and the receipt of the import data from the Ministry of Revenue & Customs up to June 2018. | ||||
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Resources
Press Release in English 33 KB - Download a copy of the full press release. |
| See more Press Releases in 2018. |
