Press Release

The Central Bank Governors of the South Pacific region met in Samoa on the occasion of the 33rd Pacific Central Bank Governors' meeting. The meeting's theme was ‘Strengthening Collaboration’, with the objective of promoting the prosperity and economic welfare of our member nations.

Official foreign reserves held by the National Reserve Bank of Tonga (NRBT) rose by $11.4 million over the month of November 2018 to $468.7 million, equivalent to 7.4 months of imports. Similarly, the official foreign reserves increased over the year by $43.9 million. The growth over the year resulted mainly from higher receipts of budgetary support, grants and cyclone relief funds from development partners. Furthermore, higher receipt of remittances during the year contributed to the annual increase.

Official foreign reserves held by the National Reserve Bank of Tonga (NRBT) rose by $11.4 million over the month of November 2018 to $468.7 million, equivalent to 7.4 months of imports. Similarly, the official foreign reserves increased over the year by $43.9 million.

Kuo fakamafai’i ‘a e Pangikē Puleˊ ‘i he Kupu 6(2) mo e Kupu 32 ‘o e Lao ki he Pule’i ‘o e Fetongi Pa’anga Muliˊ, ke ne fakahoko ha Tu’utu’uni Ngāue (Directive) ‘i he malumalu ‘o e Lao ni.

To implement the requirements of the Foreign Exchange Control Act 2018, the Reserve Bank in accordance with sections 6(2) and 32 of the Foreign Exchange Control Act 2018, prescribes the exchange control requirements in a Directive. The Exchange Control Directive is therefore issued by the Reserve Bank for use by authorised persons such as banks and foreign exchange dealers and will become effective on 1st November 2018.

Mr. Tao Zhang, Deputy Managing Director of the International Monetary Fund (IMF), visited the Kingdom of Tonga between October 16-18, 2018, where he met with Prime Minister Hon. Samuela ‘Akilisi Pohiva, Minister of Commerce, Consumer, Trade, Innovation and Labor Hon. Dr. Tevita Tu’i Uata, National Reserve Bank Governor Sione Ngongo Kioa, senior officials, members of the diplomatic community and non-government organizations in Nuku’alofa.

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.

Na’e tali ‘e he Poate ‘a e kau Talēkita ‘a e Pangikē Pule Fakafonua ‘o Tonga´ hili ‘enau fakataha ‘i he ‘aho 18 ‘o Sepitema 2018, ke kei hokohoko atu ai pē ‘a e ngaahi tu’utu’uni ngāue fakapa’anga lolotonga ‘a ia ‘oku hā atu ‘i lalo´. ‘Oku fakataumu’a eni ke ngāue’aki ‘a e hulu ‘i he pa’anga ngāue ‘a e ngaahi pangikē, ‘o fakafou mai ‘i hono tuku atu ‘a e ngaahi nō ki tu’a ke ne faka’ai’ai mo pātoloaki ‘a e tupu faka’ekonōmika ‘a e fonua´ pea mo tokoni ki he fakaakeake meiˊhe saikolone fakatalopiki ko Gita (Tropical Cyclone Gita).

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.

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.

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.

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.

‘I he ngaue ki hono fakapapau’i ‘oku malu mo falala’anga ‘a e tu’unga faka’ekonomika fakalukufua ‘a e fonua´, kuo pau ai ke ‘i ha tu’unga fakafiemalie ma’u pe ‘a e pa’anga talifaki ‘a Tonga ni ‘i muli´, koe’uhi ke ne malava ‘o totongi ‘a e ngaahi fiema’u totongi pa’anga kotoa pe ‘a e fonua ki tu’apule’anga (hange ko e totongi ‘o e ngaahi koloa hu mai, totongi no ki muli mo ha toe ngaahi mo’ua kehe pe ki muli).

Na’e tali ‘e he Poate ‘a e kau Talēkita ‘a e Pangikē Pule Fakafonua ‘o Tonga´ hili ‘enau fakataha ‘i he ‘aho 31 ‘o Siulai 2018, ke kei hokohoko atu ai pē ‘a e ngaahi tu’utu’uni ngāue fakapa’anga lolotonga´. ‘Oku fakataumu’a eni ke ngāue’aki ‘a e hulu ‘i he pa’anga ngāue ‘a e ngaahi pangikē, ‘o fakafou mai ‘i hono tuku atu ‘a e ngaahi nō ki tu’a ke ne faka’ai’ai mo pātoloaki ‘a e tupu faka’ekonōmika ‘a e fonua´ pea mo tokoni ki he fakaakeake mei he saikolone fakatalopiki ko Gita (Tropical Cyclone Gita).

Na’e tali ‘e he Poate ‘a e kau Talēkita ‘a e Pangikē Pule Fakafonua ‘o Tonga´ hili ‘enau fakataha ‘i he ‘aho 17 ‘o ‘Aokosi 2018, ke kei hokohoko atu ai pē ‘a e ngaahi tu’utu’uni ngāue fakapa’anga lolotonga´. ‘Oku fakataumu’a eni ke ngāue’aki ‘a e hulu ‘i he pa’anga ngāue ‘a e ngaahi pangikē, ‘o fakafou mai ‘i hono tuku atu ‘a e ngaahi nō ki tu’a ke ne faka’ai’ai mo pātoloaki ‘a e tupu faka’ekonōmika ‘a e fonua´ pea mo tokoni ki he fakaakeake meiˊhe saikolone fakatalopiki ko Gita (Tropical Cyclone Gita).

The National Reserve Bank of Tonga’s board of directors at its meeting on the 31st July 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.

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.

Please be advised that account holders (owners) of listed unclaimed monies are required to make your claim to your respective banks within 3 months from the first date of this publication. In accordance with section 82 of the Finanicial Institutions (Ammendment) Act 2014 states that any remaining Unclaimed Monies after three (3)months claim period have met its expiry date, will be transferred to the government and will become government property.

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). 

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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