Monthly Economic Review for October 2015
- Category: Economic Releases
The balance of OET over the month of October, which is the net change to gross foreign reserves, recorded a surplus of $4.1 million, which is $3.2 million higher than that in the previous month. For more information on this topic, please read more into the Monthly Economic Review for October for more details and supportive figures.
Household loans led strong credit growth
- Category: Economic Releases
Increase in lending supports economic activities in the Kingdom,due to preparations for the coronation, school reunions and annual churches conferences. NRBT is forecasting credit growth to grwo by more than 10% in the next six months. For more information and figures, read more into the Banking Sector Developments report of June and find out more.
End of festive events sees slight decline in economic activity
- Category: Economic Releases
The total OET receipts over the month of July were $49.2 million, around 16% lower than over June and 3.2% more than the same period last year. The majority of the transactions were Current Account receipts, denominated in the US dollar and received by private corporations. You can find out more about this in the Overseas Exchange Transactions report for July 2015.
Deflation continues due to lower global prices
- Category: Economic Releases
CPI increased slightly by 0.3% over the month caused by higher domestic prices particularly domestic Food prices. Higher prices for food items contributed to the monthly rise. On the outlook, NRBT continues to expect that headline inflation will remain low until the end of the year. Read more in the latest Inflation Rate Report for October.
South Pacific Central Bank Governors consider possible solutions for De-Risking
- Category: Press Releases
The Governors of the South Pacific Central Banks continue to be concerned with the global banks’ de-risking decisions. This was one of the key issues discussed at the 30th South Pacific Central Bank Governors’ annual meeting in Wellington, New Zealand on 2-4 December 2015, which the Governor Dr. Sione Ngongo Kioa, attended.
Official Foreign Reserves for November 2015
- Category: Press Releases
Official foreign reserves held by the National Reserve Bank of Tonga (NRBT) rose by $3.2 million over November 2015 to $319.0 million, equivalent to 9.2 months of imports. Official foreign reserves rose by $51.1 million over the past year. Read the Official Foreign Reserves for November for more figures and details.
Annual events drive lending
- Category: Economic Releases
Increase in lending supports economic activities in the Kingdom, underpinned by annual churches conferences, special Sundays (Children Sunday, Father’s Day & Mother’s Day) and preparations for the coronation. For more information and figures, read more into the Banking Sector Developments report of May and find our more.
Pick-up in economic activity as Coronation nears
- Category: Economic Releases
The total OET receipts over the month of June were $58.5 million, around 10% higher than over May and 1.6% more than the same period last year. The majority of the transactions were Current Account receipts, denominated in the US dollar and received by private corporations. You can find out more about this in the Overseas Exchange Transactions report for June 2015.
Monthly Economic Review for September 2015
- Category: Economic Releases
Supported by developments among Tonga’s key trading partners, the NRBT’s outlook for a broadly positve domestic growth remains. Economic activities picked up over the month of September 2015. For more information on this topic, please read more into the Monthly Economic Review for September for more details and supportive figures.
Official Foreign Reserves for October 2015
- Category: Press Releases
Official foreign reserves held by the National Reserve Bank of Tonga (NRBT) rose by $4.1 million over October 2015 to $315.8 million, equivalent to 9.1 months of imports. Official foreign reserves rose by $44.3 million over the past year. Read the Official Foreign Reserves for October for more figures and details.
Container Registrations rise over the month of September
- Category: Economic Releases
The total number of container registrations increased by 24.1% to 753 containers for both private and business. On the outlook, NRBT expects container registrations to generally increase in 2015/16. Read the latest Container Registrations Report for more details.
Imported prices continue to drive annual deflation
- Category: Economic Releases
Over the month, inflation decreased by 2.1% as a result of declines in both imported and domestic prices. In particular, prices for almost all imported food items contributed largely to the decline. Download a copy of the Inflation Rate Report for September for more information and the outlook for the future.
Almost all vehicle types drive a fall in registrations
- Category: Economic Releases
Over the month of July, the total number of vehicle registrations decreased by 8.4% to 240 registrations, indicating the end of the coronation celebrations and festivities. Looking forward, there's expectations of an increase in registrations which is explained in detail in the Vehicle Registrations for the month of July.
PUBLIC NOTICE: Old Currency Recall
- Category: Public Notices
A public notice from the National Reserve Bank of Tonga to the tongan public and businesses.
FANONGONONGO: Fakafetongi pa'anga motu'a
- Category: Public Notices
Ko e fanongonongo mei he Pangike Pule Fakafonua 'o Tonga ki he kakai 'o e fonua moe ngaahi pisinisi kotoa pe.
Monetary Policy Statement for August 2015
- Category: Press Releases
The National Reserve Bank of Tonga (NRBT) today released its Monetary Policy Statement for August 2015. This Statement reviews Tonga’s economic growth and the NRBT’s conduct of monetary policy in the six months to August 2015. It also provides the NRBT’s outlook for the next six months.
Monthly Economic Review for August 2015
- Category: Press Releases
Developments among Tonga's key trading partners varied yet continued to support domestic activity. The domestic economy slowed down over August in the trade and other sectors but agricultural sector showed great improvements. For more review of the economy and the outlook for the future, read the Monthly Economic Review for August to find out more.
Official Foreign Reserves for September
- Category: Press Releases
Official foreign reserves held by the National Reserve Bank of Tonga (NRBT) rose by $0.8 million over September 2015 to $311.7 million, equivalent to 8.8 months of imports. Official foreign reserves rose by $40.8 million over the past year. Read the Official Foreign Reserves for September for more figures and details.
Performance of the Tongan Pa'anga
- Category: Press Releases
The Tongan pa’anga exchange rate is pegged to a basket of currencies comprising of its major trading partners. The Tongan pa’anga is determined by the movements of the currencies in the basket and their weights within the basket. Similar to the currencies of other Pacific island countries, the pa’anga has depreciated against the US Dollar.
Remittances remain high despite the slight decreases
- Category: Economic Releases
The total remittances receipt for the month of June was $19.2 million, representing 32.9% of the Total Overseas Exchange Transaction (OET) Receipts. NRBT will continue to closely monitor the remittances receipts which are anticipated to rise due to the King's Coronation and other events. Read the Remittances Report for June for more information.
Exports rise as fruit products recover
- Category: Economic Releases
Agricultural produce another rise in the month of August with a mammoth 51.5% increase, driven by rises in fruit and root vegetable products such as Cassava, Coconut and Watermelon exports. Find out more in the Agricultural Exports Volume report for August about the cause and the outlook for the future.
Lower imported prices cause headline deflation
- Category: Economic Releases
After increasing by 1.3% last month, CPI dropped by 1.8% in August. This descent was driven by lower imported and domestic prices, particularly lover Food prices. On the outlook, NRBT continues to expect that headline inflation will remain low until the end of the year. Read more in the latest Inflation Rate Report for August.
Registrations continue to decline over August
- Category: Economic Releases
Total number of vehicle registrations increased by 33.7% to 262 registrations over the month of June. This was due to a rise in all vehicle types notably Government vehicles. For the outlook perspective, read more the Vehicle Registrations report for June and find out more.
Slight drop in container registrations
- Category: Economic Releases
The total number of container registrations fell by 9.3% over the month of August indicating a slow down after months of celebration. On the outlook, the NRBT expects imports and consequentially container registrations to generally increase in 2015/16. Read the Container Registrations Report of August for more details.
Fanongonongo mei he Pangike Pule Fakafonua 'o Tonga
- Category: Public Notices
Koe'uhi ko hono fiema'u ke tanaki mo fakafetongi ho'omou pa'anga, tautefito ki he pa'anga 'e nimanoa 'oku ha ai e 'imisi 'o 'ene 'Afio Taufa'ahau Tupou IV, katoa e pa'anga 'e taha pepa mo e kotoa e pa'anga maka pe koini motu'a, 'oku 'oatu ai 'a e fanongonongo ko 'eni.
Private transfers rise in the lead up to Coronation
- Category: Economic Releases
The total remittances receipt for the month of April was $16.3 million, representing 44.5% of the Total Overseas Exchange Transaction (OET) Receipts. NRBT will continue to closely monitor the remittances receipts which are anticipated to rise due to the King's Coronation and other events. Read the Remittances Report for May for more information.
Monthly Economic Review for July 2015
- Category: Economic Releases
Developments among Tonga's key trading partners varied yet continued to support domestic activity. The domestic economy slowed down over July possibly due to the end of coronation celebrations and festivities. For more review of the economy and the outlook for the future, read the Monthly Economic Review for July to find out more.
Domestic prices continue to drive a rise in inflation
- Category: Economic Releases
The CPI increased by 1.3% over the month. This was driven mainly by a 2.6% rise in Domestic prices. In annual terms, the headline inflation rate increased by 1.6% due to Domestic prices, rising by 9.7%. Download a copy of the Inflation Rate Report for July for more information and the outlook for the future.
Registrations fall following coronation festivities
- Category: Economic Releases
The total number of container registrations fell by 37.6% over the month of July. On the outlook, the NRBT expects imports and consequentially container registrations to generally increase in this current financial year. Read the Container Registrations Report of July for more details.
Root & vegetable products rebound driving rise
- Category: Economic Releases
While the annual agricultural exports fell by 18.9%, the total agricultural exports declined sharply over the month of June by an unexpected 50.9%, recording the lowest agricultural exports volume over the last 12 months. Find out more in the Agricultural Exports Volume report for June about the cause and the outlook for the future.
Air arrivals hike as festivities begin
- Category: Economic Releases
Tourism activity picked up during the June 2015 quarter with a total of almost ten thousand visitors visiting the Kingdom leading up to the Coronation, churches conferences and many more. Looking forward, that number is expected to fall and the reason behind that can be found on the Air Arrivals & Departures for June 2015.
Strong surplus driven by a rise in Current Account inflows
- Category: Economic Releases
The total OET receipts over the month of May were $61.8 million, an increase of 69% from April and 9.2% over the year. The majority of the transactions were Current Account receipts, denominated in the US dollar and received by private corporations. You can find out more about this in the Overseas Exchange Transactions report for May 2015.
Official Foreign Reserves for August 2015
- Category: Press Releases
Official foreign reserves held by the National Reserve Bank of Tonga (NRBT) rose by $8.3 million over August 2015 to $310.9 million, equivalent to 8.6 months of imports. Official foreign reserves rose by $27.0 million over the past year. Read the Official Foreign Reserves for August for more figures and details.
NRBT Commits to the AFI Maputo Accord 2015
- Category: Press Releases
The NRBT Board of Directors on the 3rd September 2015 approved the NRBT to commit to the Maputo Accord 2015. This Accord supports the development of Small and Medium Enterprises (SME) through access to finance and other benefits from the Alliance for Financial Inclusion (AFI) and other donor partners.
Root & vegetable products drive exports to fall
- Category: Economic Releases
While the annual agricultural exports fell by 18.9%, the total agricultural exports declined sharply over the month of June by an unexpected 50.9%, recording the lowest agricultural exports volume over the last 12 months. Find out more in the Agricultural Exports Volume report for June about the cause and the outlook for the future.
Official Foreign Reserves for July 2015
- Category: Press Releases
Official foreign reserves held by the National Reserve Bank of Tonga (NRBT) rose by $12.9 million over July 2015, to $302.6 million, equivalent to 8.6 months of imports. Official foreign reserves rose by $22.2 million over the past year. Read the Official Foreign Reserves for July for more figures and details.
Monthly Economic Review for June 2015
- Category: Economic Releases
Developments among Tonga's key trading partners were mixed yet continue to support domestic activity. Despite a contraction in the primary sector, all other sectors advanced which boosted the domestic economy over june. For more review of the economy and the outlook for the future, read the Monthly Economic Review for June to find out more.
Coronation celebrations drive a rise in registrations
- Category: Economic Releases
Total number of vehicle registrations increased by 33.7% to 262 registrations over the month of June. This was due to a rise in all vehicle types notably Government vehicles. For the outlook perspective, read more the Vehicle Registrations report for June and find out more.
Domestic prices cause headline inflation to rise
- Category: Economic Releases
Over June, CPI fell by 0.7% as a result of low Imported and Domestic prices. Specifically, Imported and Domestic prices dropped by 1.0% and 0.2% respectively. In particular, lower prices for Food drove Imported inflation down. Download a copy of the Inflation Rate Report for June for more information and the outlook for the future.
Highest number of container registrations
- Category: Economic Releases
The total number of container registrations rose by 41.1% to 1,072, the highest number of record yet. On the outlook, the National Reserve Bank of Tonga expects imports and consequentially container registrations to increase in the new financial year. Read the Container Registrations Report of June for more details.
Vehicle Registrations dropped slightly over May
- Category: Economic Releases
Total vehicle registrations were relatively stable over May with only 2 vehicles less than last month. In annual terms, total vehicle registrations increased by 26.7% due to increases in all vehicle types. For the outlook perspective, read more the Vehicle Registrations report for May and find out more.
Electricity prices increase by almost 3 seniti
- Category: Economic Releases
Electricity prices rose by 3.69% (2.96 seniti) to 83.11 seniti, effective 1st July 2015. This is the second increase in electricity prices since December 2013. Read the Electricity Prices report for July and find out why did the electricity prices increased and the National Reserve Bank of Tonga's expectations for the future.
Root vegetable products cause exports to rise
- Category: Economic Releases
Total agricultural exports increased by 23.2% over May due to the continued rise in root vegetable products and a large increase in rainfall over March to May supports the rise in respective agricultural yields. For the outlook perspective, read more the Agricultural Exports Volume report for May and find out more.
Monthly Economic Review for May 2015
- Category: Economic Releases
Global developments continue to be supportive of domestic economic growth and the outlook for domestic economy activities remain broadly positive. Inflation is expected to remain low reflecting weak global commodity prices. The lower prices in turn is expected to support economic activities. Read the Monthly Economic Review for May to find out more.
Official Foreign Reserves for June 2015
- Category: Press Releases
Official foreign reserves held by the National Reserve Bank of Tonga (NRBT) rose by $7.9 million over June 2015, to $289.7 million, equivalent to 8.2 months of imports. Official foreign reserves rose by $15.3 million over the past year. Read the Official Foreign Reserves for June for more figures and details.
Remittances remain high despite slight decrease
- Category: Economic Releases
The total remittances receipt for the month of April was $16.3 million, representing 44.5% of the Total Overseas Exchange Transaction (OET) Receipts. NRBT will continue to closely monitor the remittances receipts which are anticipated to rise due to the King's Coronation and other events. Read the Remittances Report for May for more information.
Low imported prices cause deflation to continue
- Category: Economic Releases
CPI dropped by 0.1% over May as a result of a 0.5% fall in Imported prices. In particular, prices declined for Food items such as Fruit & Vegetables, and Meats, Fish & Poultry. Download a copy of the Inflation Rate Report for May for more information and the outlook for the future.
Strong Current Account balance pushes surplus
- Category: Economic Releases
Over the month of April, the current account was in surplus of $1.9 million, a turnaround from a deficit of $11 million in March. Why Import payments fell and Total export receipts were less and much more can be found in the Overseas Exchange Transactions Report for the month of April.
FANONGONONGO: Fakafetongi pa'anga motu'a
- Category: Public Notices
‘Oku fanongonongo atu heni ki he kakai ‘o e Fonua, ko e pa’anga é nimangofulu pepa motu’a ko ia óku ha ai e ímisi ó Éne Áfio Kingi Taufaáhau Tupou IV, katoa e paánga é taha pepa mo e pa’anga maka motu’a na’e tuku atu kimu’a ‘i he ta’u 2014 ‘e he Pangike Pule Fakafonua ‘o Tonga ‘o hange ko ia ‘oku hā atu ‘i lalo ni, ‘e ngata hono ngaue’aki ki he fefakatauáki í he ‘aho 30 ‘o Sepitema 2015.
PUBLIC NOTICE: Old Currency Recall
- Category: Public Notices
The Public is notified that the National Reserve Bank of Tonga old fifty paánga banknotes depicting the portrait of His Majesty King Taufaáhau Tupou IV, all the one paánga banknotes and existing coins issued prior to 2014 and shown below will no longer be legal tender after 30th September 2015.
2015 Releases