Foreign Reserves rose by $5.1 million over November

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
(millions of pa'anga)

  Level Changes
Ration of official foreign reserves to imports i (months)
  Month 12 Months

2017        
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 7.4
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 7.8
Aug 475.0 -1.5 70.0 7.6
Sep 452.2 -22.8 49.2 7.2r
Oct 457.3 5.1 43.7 7.3
Nov 468.7 11.4 43.9 7.4

Source: National Reserve Bank of Tonga
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 update of OET data to September 18.

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Resources

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