National Reserve Bank of Tonga

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Category: Press Release

Created: 01 December 2023

The National Reserve Bank of Tonga (NRBT) will launch Tonga’s latest series of banknotes on Monday 4th December 2023 to commemorate the birthday of the Kingdom’s moderniser King Tupou I. His Royal Highness Prince Ata will be the Guest of Honour for the occassion at 11:00am on Monday at the Fa’onelua Convention Centre in Nuku’alofa. The new currency series was developed under the authority of the Privy Council in partnership with De La Rue, an international renowned banknote manufacturer.

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Category: Press Release

Created: 17 October 2023

The Reserve Bank confirms that business such as investment activities, whereby funds are received from the public to be used for investments or loans at the risk of the person doing such business, is considered banking business. These activities are permitted to be conducted in Tonga only by those who have a banking licence granted by the Reserve Bank under section 7 of the Banking Act 2020.

Also read in Tongan:
Fakama’ala’ala ‘e he Pangikē Pule ki he ngaahi ngāue fakapangikē

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Category: Press Release

Created: 17 October 2023

Ko e ngaahi ngāue fakatupu pa’angaˊ (investment), ‘a ia ko hano tanaki mai ha pa’anga mei he kakai ‘o e fonuaˊ ke ngāue’aki ki he ngaahi ‘inivesi pe nō pea ‘e ala fakatu’utamaki (risk) ki he tokotaha ‘okuˊ ne fakahoko ‘a e pisinisi ko iaˊ, ‘oku lau ia ko e ngāue fakapangikē. Ko e ngaahi ngāue ko eni ‘oku ngofua ke fakahoko ‘i Tongaˊ ni ka ‘e kinautolu pē kuo ‘osi foaki ha’anau laiseni fakapangikē ‘e he Pangikē Puleˊ ‘i he malumalu ‘o e kupu 7 ‘o e Lao ki he Ngāue Fakapangikē 2020ˊ.

‘Oku ‘i ai e fatongia ‘o e Pangike Puleˊ ki hono malu’i lōua pē e kau fakahū pa’angaˊ pea mo e ngaahi pisinisiˊ mei ha mole ‘e ala hoko ki he’enau ngaahi pa’anga kuo ‘inivesiˊ. ‘I he’ene pehē ‘oku fakafatongia ‘aki e Pangike Puleˊ ‘a hono laiseni mo tokanga’i e ngaahi pangikē ‘i he malumalu ‘o e Lao ki he Pangikē Pule Fakafonua ‘o Tongaˊ mo e Lao ki he Ngāue Fakapangikē. ‘Oku ‘atā pē ke fetu’utaki mai ha taha ‘oku ne fie fakahoko ‘a e ngāue fakapangikē ki he Pangikē Puleˊ ki he fakaikiiki ‘o e ngaahi tu’utu’uni ki he laiseni fakapangikē. ‘Oku toe tapou atu foki ki he kakai ‘o e fonuaˊ ke mou faka’ehi’ehi mei he ‘inivesi ‘i ha pisinisi ‘oku te’eki ke laiseni kinautolu ‘e he Pangikē Puleˊ ke nau fakahoko ‘a e ngāue fakapangikē.

‘Oku lisi atu ‘i he fanongoongoˊ ni ‘a kinautolu ‘oku lolotonga ma’u laiseni fakapangikē. Ko ha kautaha ‘oku ‘ikai ke kau ki he lisi ko eni ‘oku ‘uhinga ia ‘oku te’eki ke ma’u ha’anau laiseni ke tanaki pa’anga faka’inivesi pe fakapangikē, he ‘oku te’eki ke nau ma’u e makatu’unga pau ke foaki ‘e he Pangikē Puleˊ ha’anau laiseni, pea ‘e lelei ange ke faka’ehi’ehi hono ‘ave ha pa’anga ki ha kautaha pē pisinisi ‘oku te’eki ke laiseni.

1. Bank of South Pacific Tonga Limited
2. Australian and New Zealand Banking Group Limited
3. Pangikē Langa Fakalakalaka ‘a Tonga (Tonga Development Bank)
4. MBf Bank Limited

Ki hono fakaikiiki kātaki ‘o fakafetu’utaki ki he:

Tafa’aki ki he Ngaahi Kautaha Fakapa’angá
Pangikē Pule Fakafonua ‘o Tonga
Telefoni: (676) 24-057; Fax: (676) 24 201
Meili ‘Elekitolonika: This email address is being protected from spambots. You need JavaScript enabled to view it.
Peesi ‘Initaneti: www.reservebank.to

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Category: Press Release

Created: 15 September 2023

The National Reserve Bank of Tonga today made a significant contribution to His Majesty’s Government in presenting a cheque for $14.2 million to the Acting Prime Minister Honorable Samiu Vaipulu and Minister for Finance, Honorable Tiofilusi Tiueti.

Also read in Tongan:
Tokoni ‘a e Pangikē Pule Ki he Fonua

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Category: Press Release

Created: 13 September 2023

Hūfanga ‘i he fakatapu ka e ‘oatu ‘a e fanongonongo ko ‘eni. ‘Oku mau fanongonongo atu ke fakatokanga’i ange ‘e he kakai ‘o e fonua΄ kuo kaniseli ‘a e laiseni naé foaki ki he kautaha “T&T Money Transfer” ke fakahoko á e fakafehūáki paánga muli (Laiseni Kalasi A) pea ‘oku ‘ikai ke toe fakamafai’i ke toe fehū’aki pa’anga muli.

Óku mau fie fakahā heni ki he kakai ó e fonua΄ ko e niíhi pē kuo lisi atu í lalo΄ kuo fakamafaií ke nau fakahoko á e fakafehūáki paánga mulí ó fakatatau ki he lao ki hono Pule’i ‘o e Fehū’aki Pa’anga Muli 2018:

Laiseni Kalasi A (Talafi Pa’anga mai mei Tu’apule’anga pea mo Talafi mei Tonga΄ni ki Tu’apule’anga)

1. FEXCO Tonga Limited
2. Frank Money Transfer
3. KlickEx Trading Limited
4. Manatu ‘Ofa Money Transfer
5. Rowena Financial Services t/a IMEX Money Transfer
6. ‘Ave Pa’anga Pau – Tonga Development Bank
7. Island Flexi Transfer
8. Toumu’a Money Transfer
9. Maka Mo’ui Trading Services & Financial Institutions Limted
10. Fiefia Finance Money Transfer

Laiseni Kalasi B (Talafi pa’anga mai pē mei Tu’apule’anga)

1. Digicel Tonga Limited t/a Digicel Mobile Money
2. Tonga Post Limited
3. Nikua Money Transfer
4. Joy Trading Company Limited
5. Tokowireless Limited

Laiseni Kalasi C (Fakafetongi Pa’anga muli pē)

1. Jones Travel Limited

Kautaha Fakafetongi Pa’anga Muli ‘oku nau ‘i he malumalu ‘o e ngaahi Laiseni Fakapangikē

1. Fakafofonga ‘a e MoneyGram - Bank of the South Pacific (BSP)
2. Kau fakafofonga ‘a e MoneyGram ‘i he malumalu ‘o e laiseni pangikē BSP
   • Friendly Island Bookshop
   • Luna ‘Eva Malapo Branch
   • Luna ‘Eva Nuku’alofa Branch
   • Falekoloa Cocker Enterprise, Ma’ufanga
   • Falekoloa Sinipata Talanoatau, Longolongo
   • Maka Gas Station & Supermarket Store, Talau Vava’u
   • Matafonua Water Sports Resort, Faleloa Ha’apai

‘Oku óatu heni á e fakatokanga ki he kakai ó e fonua΄ ke óua temou ngāueáki á e ngaahi kautaha fehūáki paánga ‘oku te’eki ke fakamafai’i΄ pea óku mau kole atu ke mou līpooti mai ki he Pangikē Pule΄ ha fa’ahinga taha pe kautaha ‘oku nau tu’uaki pe fakahoko ‘a e fakafehū’aki pa’anga muli΄ kae ‘ikai ke fakamafai’i. Ko ha taha ‘oku΄ ne fakahoko ‘a e fakafehū’aki pa’anga muli΄ ka ‘oku ‘ikai ha’ane laiseni, ‘oku΄ ne fakahoko ‘a e hia pea kuo pau ke ala mo’ua ‘i ha’ane halaia ki ha mo’ua pa’anga ‘oku ‘ikai lahi hake ‘i he $10,000 pē ki he ngāue popula ki ha vaha’a taimi ‘ikai laka hake ‘i he ta’u ‘e tolu΄ pē fakatou’osi.

Faka'eke'eke

Tafa'aki Tokanga'i 'o e Ngaahi Kautaha Fakapa'anga (Financial Institutions Department)
Pangike Pule Fakafonua ‘o Tonga
Fasi mo e Afi
NUKU'ALOFA

Telefoni: (676) 24057
Fax: (676) 24201
Meili 'Elekitolonika: This email address is being protected from spambots. You need JavaScript enabled to view it.

Ngaahi Naunau

Ongoongo 'i he Lea Faka-Pilitania  180 KB - Ma'u atu ha tatau 'o e ongoongo.

Ongoongo 'i he Lea Faka-Tonga  179 KB - Ma'u atu ha tatau 'o e ongoongo.

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Category: Press Release

Created: 13 September 2023

Na’e tokoni lahi ‘a e Pangikē Pule Fakafonua ‘a Tongaˊ ki he Pule’anga ‘I hono foaki atu ‘a e sieke pa’anga ‘e $14.2 miliona ki he Palemia Le’ole’oˊ Hon. Samiu Vaipulu pea mo e Minisitā Pa’anga Hon. Tiofilusi Tiueti he’enau Fakataha Lahi Fakata’u ‘o e 2023, na’e fakahoko he ‘aho Falaite 15 Sepitema. Na’e me’a ai ‘a Lord Sevele:

“Na’e fakapapau‘i hono ‘atita tau’ataina ‘a e fakamatala pa‘anga fakata‘u ‘a e Pangikē Pule´ ki he ta’u ngata ki he ‘aho 30 Sune 2023 ha tupu fakapa‘anga fakahisitolia ko e $20.4 miliona, ko e hiki lahi eni mei´he tupu $0.5 miliona ‘o e ta‘u kuo hili´. Ko e tupu lelei taha eni ‘i he hisitolia ‘o e Pangikee´ Pule pea ko e $14.2 miliona, ko e ‘inasi pēseti 70 ‘o e tupu ‘oku foaki ki he Pule’anga ‘a ‘Ene ‘Afio´. Ko e ola mā‘ongo‘onga ko eni ‘oku ho‘ata ai ‘a e fakahoko fatongia pea mo e tataki lelei ki he ngaahi ma’u’anga pa’anga ‘a e Pangike, hikihiki ‘a e totongi tupu mei´he pa’anga ‘inivesi ‘i muli´, kake‘i e ngaahi koloa fakatupu pa‘anga´ taimi loloa´, pea mo e fakalelei ‘a e fa‘unga fakapa‘anga´ na’e muimui’i ofi lolotonga e ta’u 2023.”

Sea Poate Pangike Pule, Lord Sevele foaki e Sieke tokoni ki he ‘Eiki Palemia Le’ole’o Hon. Samiu Vaipulu, ‘Eiki Minisita Pa’anga Hon. Tiofilusi Tiueti moe kau Talekita Poate, Falaite 15 Sepitema 2023, Loki Poate Pangike Pule.

‘I he lolotonga ‘o e ta’u´, na’e toe tokanga lahi 'a e Pangikē ki he holo mo e tokamalie hikihiki he totongi koloa΄, lahi fe’unga ma’u’anga pa‘anga΄, pea mo tatanaki ki he lahi ‘o e pa’anga talifaki muli ‘a e fonua΄ ke poupou ki he langa faka‘ekonōmika. Na’e ola lelei ‘a e ngaahi fatongia ‘o e Pangikē ki he maau ‘a e tafa’aki fakapa’anga, malu’i ‘a e mahu‘inga ‘o e pa‘anga Tonga΄, pea mo hono tokanga’i ‘a e pa’anga fakalotofonua moia ‘i muli΄. Na’e lava lelei eni neongo ‘a e ngaahi faingata’a fakamāmani lahi ‘o e hikihiki ‘i he totongi koloa´ pea mo e pole lahi ki hono fakatau mai moe fakatau atu ‘o e ngaahi koloa´.

Ko e taha ‘o e fatongia ‘o e Pangikee´ ne faingata’a ke a’usia pea fiema’u vivili, ko hono holoki ‘a e hikihiki ‘i he totongi koloa´, ‘a ia ‘oku faingata’a’ia tatau ai mo e ngaahi pangikē pule ‘o e ngaahi fonua ‘i ‘Aositolo’esia. Kuo ‘asi mai ha ngaahi faka’ilonga he ngaahi ta’u kuo maliu atu ‘oku ‘ikai ke ngāue lelei ‘a e feliliuaki ki he hiki e totongi tupu´ ki he noo pea mo e inivesi ke fakatautau’aki e tupu faka’ekonomika. ‘Oku fu’u fiema’u leva ke ‘ngaue vaofi e sekitoa ki he ma’u’anga pa’anga pea mo e fokotu’utu’u ngāue ‘a e Pule’anga´ ki hono tauhi ke ma’ama’a e totongi mo e fakamole faka’aho ‘a e kakai ‘o e fonua´. ‘O hangē koia ‘oku hoko ‘i he ngaahi fonua kehe´, pea mo mahu’inga ki he fakalukufua, ‘oku faingata’a ange ki he Pangikē Pule´ tokotaha pē ke ta’ota’ofi ‘a e hikihiki ‘i he totongi koloa´ mo e fakamole faka’aho ‘a e kakai. Ko ia ai ‘oku fiema’u mo e tokoni ‘a e ngaahi kupu kotoa ‘o e Pule’anga ke fengaue’aki fakataha pea moe Pangike Pule ke ngaue lelei ange ki he fakalukufua. Ko e fengāue’aki fakataha ko eni´, ‘oku hoko ia ko e taha ‘o e ngaahi taumu’a ‘e tokanga kiai ‘a e Poate´ he lolotonga ni ki he kaha’u vave mai.

‘I he sio atu ki he kaha’u taimi nounou´, ‘oku hoko ‘a e 2023 ko e kamata’anga ia ‘o e Fokotu’utu’u Ngāue Ta’u Nima ‘a e Poate´ ‘e kamata ‘aki ‘a hono toe vakai’i ‘a e Lao ‘o e Pangikee´ ke faingofua ange ‘a hono faka’ai’ai ke toe lelei ange moe longomo’ui ‘a e tupu faka’ekonomika koe’uhi koe ngalingali matavaivai hange ko hono ‘ohake ‘i he Lipooti ‘a e Kautaha Pa’anga Fakavaha’a Pule’anga (IMF) he’enau vakai’I tau’ataina e ‘ekonomika ‘o Tonga he 2023. ‘Oku tui ‘a e Pangikee´ ‘oku lahi pē faingamalie ke toe malohi mo vave ange tupu faka’ekonomika ‘a Tonga– ‘aia ‘oku totonu ketau faka’aonga’i kaa, ‘oku fiema’u ke ngāue vaofi mo sio loloa, ngaahi fokotu’utu’u ngaue lelei pea mo ngaue fakataha´. Na‘e fakamālō‘ia ‘e Lord Sevele ‘o Vailahi ‘a e tau’ataaina ‘a e Pangikē Pule pea mo ‘ene fengāue‘aki fakataha pea mo e Potungāue Pa‘anga, ngaahi kupu ngaue ‘a e Pule‘anga΄, pangikē ‘e fā ‘i Tonga΄ni, ongo kautaha sino’i pa‘anga mālōlō, Kautaha Pa‘anga Fakavaha‘apule‘anga (IMF), pea mo e ngaahi fonua hoa ngāue fakalakalaka΄.

Faka’osi´, na‘e fakamālō‘ia ‘e Lord Sevele ‘o Vailahi ‘a e tataki ne fakahoko ‘e he Kōvana Tatafu Moeaki mo ‘ene kau taki ngāue, pea mo e toenga ‘o e kau ngāue ‘o e Pangikē, kae ‘uma’a ‘a e kau kaunga Talekita´ ki he’enau tokoni fakataukei mo e ngaahi poupou.

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Category: Press Release

Created: 13 September 2023

The National Reserve Bank of Tonga wishes to inform the general public that the license granted under the name “T&T Money Transfer Limited” to act as a foreign exchange dealer (License Type A) has been canceled and is no longer authorized to conduct foreign exchange business.

Also read in Tongan:
Kaniseli é he Pangikē Pule Fakafonu á Tongá á e Laiseni á e Kautaha Fakafehū’aki Pa’anga Muli

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Category: Press Release

Created: 11 September 2023

Kuo tali ‘e he Poate ‘a e kau Talēkita ‘o e Pangike Pule ‘o Tonga ke hoko atu ‘a e fakamamafa ‘a e tokanga ‘i he Fakamatala Fokotu‘utu‘u Ngāue Fakapa‘anga ‘o ‘Aokosi 2023 ki he ongo me’alalahi ‘e ua: ‘uluaki΄, ke tauhi ‘a e hikihiki ‘i he totongi koloa ‘i he tu‘unga fe‘unga ko e ma’ulalo he peseti ‘e 5, ‘o kau ki ai ‘a e kumi tokoni ki he Pule‘anga ‘i hono ngaahi fatongia ke ta‘ota‘ofi ‘a e hikihiki ‘i he totongi koloa΄ pea mo e vahenga΄; pea ko hono ua΄, ke tokoni ki he fakaakeake faka‘ekonōmika ‘a e fonua΄ ‘o fakatefito ‘i he ngaahi sekitoa laveangofua΄ ke malava ‘o lahiange ‘a e koloa ‘oku tuku mai fakatatau ki he fiema‘u koloa ‘a e kakai΄ pea mo faka‘ai‘ai ‘a e inivesi ‘a e ngaahi pisinisi΄ ke ngaahi e ngaahi koloa ni.

Kuo hā mai ngaahi faka‘ilonga kuo fakaakeake ‘a e ekonōmika ‘o Tonga΄. ‘Oku fakafuofua ne tupu peseti ‘e 2.4 ‘i he ta‘u fakapa‘anga 2023 pea ke tupu peseti ‘e 2.6 ‘i he ta‘u fakapa‘anga 2024. ‘Oku fakatefito ‘a e ngaahi langa fakaakeake΄ mei´ he ngaahi ngāue langa fo‘ou ‘a e Pule‘anga΄, fakaakeake ‘i he sekitoa ngoue΄, mo e ngaahi fakalakalaka ‘i he ngaahi sekitoa felāve‘i mo e takimamata΄ makatu‘unga ‘i he toe hoko atu ‘a e fefolau‘aki fakavaha‘a pule‘anga΄. Kaekehe, ko e ngaahi pole hangē ko e nounou faka-kaungāue mo e faka-taukei΄ ‘oku΄ne faka’ātungia‘i ‘a e vave ‘a e ngāue faka‘ekonōmika΄ pea toe kaunga ki he hikihiki tō ‘a e ngaahi totongi koloa΄.

Neongo kuo holo ‘a e totongi koloa΄ ki he peseti ‘e 4.8 ‘i Siulai 2023 ’o fenāpasi mo e ngaahi fakafuofua΄, ‘oku pehē ‘e Kōvana Tatafu Moeaki “ ‘oku΄ne hoha’a ‘e malava pē ke toe kaka ki ‘olunga ‘a e totongi koloa ‘i he ongo kuata ‘e ua ka hoko mai΄ ‘o ma‘olunga ange ‘i he tu‘unga fe‘unga ko e peseti ‘e 5 ‘o fakatefito ‘i he ngaahi nounou hono ngaohi e ngaahi koloa fakalotofonua mo e hikihiki ‘i he ngaahi totongi lolo΄. Kuo holo ‘a e totongi koloa hū mai mei muli΄ ki he peseti ‘e 1.9, ka ‘oku kei fai e tokanga΄ ki he ma‘olunga ‘o e faka’avalisi totongi koloa fakalotofonua΄ ‘i ‘olunga he peseti ‘e 8.8 ‘aia ne tupu ai ‘a e nofo holo pē ‘a e hikihiki ‘i he totongi koloa tefito΄ (‘ikai ke kau ‘a e koloa ma’u’anga ivi΄ mo e me’akai) ‘i he peseti ‘e 10. Ko e fe’āmokaki ‘i he tafa‘aki fo‘u koloa΄ (supply side) ‘oku΄ne teke hake ‘a e totongi ‘o e ngaahi me’akai fakalotofonua΄, ‘o uesia ai ‘a e ngaahi totongi koloa felāve‘i΄ ‘o malava ke kei ‘i ‘olunga ‘a e totongi koloa fakalukufua΄‘i he peseti ‘e 5 ‘i he kuata ‘e ua ka hoko΄”. Ko e ngaahi makatu‘unga´ ni ‘oku ‘i tu‘a ‘i he mafai ‘a e Pangikē Pule΄ pea ‘oku fakamamafa‘i ai ‘e Moeaki ‘a e “mahu‘inga ‘o e fengāue‘aki mo e ngaahi fatongia ‘a e Pule‘anga΄ he ‘e malava ai ke fakasi’isi’i ‘a e hikihiki ‘i he fakamole faka‘aho (cost of living) mo fakasi‘isi‘i ‘a e hikihiki tō ‘i he ngaahi totongi koloa΄”.

‘I he tu’unga malu fakapa‘anga fakatu‘apule‘anga΄, ‘oku fakafiemalie pē ‘a e pa‘anga talifaki ‘i muli ‘a e fonua΄ ‘o fe‘unga mo e $945.2 miliona (tatau mo e mahina ‘e 13.3 ‘o e koloa hū mai mei muli) ‘i Siulai 2023. Ne makatu‘unga ‘eni mei he lahi ‘a e pa‘anga hū mai mei he ngaahi hoa ngāue fakalakalaka ke tokoni ki he ngaahi ngaue ‘a e Pule‘anga΄, ngaahi talafi pa‘anga fakataautaha mai mei muli΄, pea mo e pa‘anga hū mai mei he fefolau‘aki΄. ‘Oku fakafuofua ke kei ma’olunga pe ‘i he kaha’u´ ‘a e pa‘anga talifaki ‘i muli ‘a e fonua΄ ‘o ma‘olunga ange ‘i he tu‘unga fiema’u ko e mahina ‘e 7.5 ‘o e koloa hū mai mei tu‘apule‘anga.

‘Oku tokoni ‘a e tafa‘aki fakapapangikē ki he tupu faka‘ekonōmika ‘o ho‘ata mei he tupu fakata’u peseti ‘e 8.4 ‘a e nō kuo tuku atu ‘i Sune 2023. Kaekehe, ‘oku hiki ai pe mo e ngaahi nō palopalema ka ‘oku muimui’i ofi ‘eni ‘e he Pangikē Pule΄. ‘Oku mahu‘inga hono fakamalohia ‘a hono tokanga‘i ‘a e ngaahi pangikē mo e ngaahi kautaha fakapa‘anga kehe ‘ikai ko ha pangikē ke fakasi’isi’i ha ngaahi uesia ‘e malava ke hoko ki he tafa‘aki fakapa‘anga΄. ‘Oku hoko atu ‘a e fokotu’utu’u ngaue fakapa‘anga ne tuku atu ‘i Fepueli 2023 ‘o fakataumu‘a ke holoki ‘a e hulu ‘i he pa‘anga ngāue ‘a e ngaahi pangikē ke tokoni ki hono fakahoko lelei pea a‘usia ‘a e ngaahi taumu‘a ‘o e fokotu’utu’u ngaue fakapa‘anga΄.

Faka'eke'eke

Tafa'aki 'Ekonomika
Pangike Pule Fakafonua ‘o Tonga
Fasi mo e Afi
NUKU'ALOFA

Telefoni: (676) 24057
Fax: (676) 24201
Meili 'Elekitolonika: This email address is being protected from spambots. You need JavaScript enabled to view it.

Ngaahi Naunau

Ongoongo 'i he Lea Faka-Pilitania  149 KB - Ma'u atu ha tatau 'o e ongoongo.

Ongoongo 'i he Lea Faka-Tonga  126 KB - Ma'u atu ha tatau 'o e ongoongo.

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Category: Press Release

Created: 11 September 2023

The Board of Directors of the Reserve Bank of Tonga (NRBT) has decided to focus on two main goals in its August 2023 Monetary Policy Statement (MPS): first, to keep inflation below the 5% reference rate, including through seeking Government’s assistance in controlling domestic and wage inflation; and second, to provide targeted support towards economic recovery of vulnerable sectors to address supply shortages and promote business investments.

Also read in Tongan:
Fakamatala Fokotu‘utu‘u Ngāue Fakapa‘anga: ‘Aokosi 2023

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Category: Press Release

Created: 09 August 2023

The IMF mission team would like to thank the Ministry of Finance, the National Reserve Bank of Tonga, other ministries and government agencies, and private sector interlocutors for their warm hospitality and constructive discussions.

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