Monetary Policy Data

March 2020


Monetary Policy Data
  Mar 20
Feb 20
Mar 19
Foreign Reserves (TOP million) 457.5 479.8 465.0
Months of Imports (trade estimate)1 6.8 7.1 7.8r
Months of Imports (Overseas Exchange Transactions estimate)1 9.0 9.4 9.4
       
Inflation (apc)2 0.4 0.8 2.0
Imported (apc)2 3.9 4.1 -0.5
Domestic (apc)2 -3.5 -3.1 5.1
       
Activity Indicators
Total Credit Growth (apc)3 3.0 3.3 9.3
Total Outstanding Loan (Ann. Tot $ m)3 499.7 499.7 484.9
Household (apc)4 0.8 0.4 6.9
Business (apc)4 5.7 6.9 12.6r
Exchange Settlement Accounts (TOP million) 153.3 164.5 169.9
NRBT Notes on issue (TOP million) 0.0 0.0 0.0
Banks' holding of Govt Securities (TOP million) 33.6 25.6 21.4
Broad Money (M2, TOP million)5 596.4 590.1r 583.5
       
Overseas Exchange Transactions6      
Imports (annual Total, TOP million) 423.1 425.6 442.9
Imports (apc) -4.5 -3.4 10.9
Exports (annual Total, TOP million) 19.2 19.4 20.3
Exports (apc) -5.5 -5.1 0.7
Travel Receipts (annual Total, TOP million) 140.7 137.2 122.8
Travel Receipts (apc) 14.6 13.4 8.5
Remittances (annual Total, TOP million)7 349.2 350.5 349.5
Remittances (apc)7 -0.1 0.1 3.4
       
Financial Markets
Exchange Rate      
USD/TOP 0.4262 0.4319 0.4425
AUD/TOP 0.6838 0.6453 0.6231
NZD/TOP 0.7036 0.6735 0.6467
FJD/TOP 0.9108 0.8972 0.8995
Nominal Trade Weighted Index8 94.85 93.17 91.23r
Real Trade Weighted Index8 110.76 108.54r 108.6r
       
Interest Rates      
Weighted Average Lending Rate (%)9 7.97 8.02 8.15
Housing (%) 8.05 8.05 8.24
Business (%)9 7.97 7.84 7.98
       
Weighted Average Deposit Rate (%)9 2.03 2.04 1.93
12-month term (%) 4.84 4.85 4.83
Savings (%) 2.52 2.58 2.59
Term (%)9 3.51 3.48 3.39
 
 

Notes:

1 - Methodology used for this calculation has changed in February 2017 to include both imports of goods and services compared to previous publications.
2 - CPI as published by the Statistics Department was rebased in September 2018. The base period of September 2018 = 100.
3 - This series includes total loans from the banking system, including Government Development Loan.
4 - The methodology for calculating this series was updated in August 2014, resulting in revisions to the full history of data.
5 - The methodology for calculating this series was updated in March 2014, resuting in revisions to the data backdating to January 2012
6 - Historical OET data up to May 2014 has been updated with the transition to Balance of Payments Manual 6.
7 - The methodology for calculating this series was updated in May 2015, resulting in revisions to the data backdating to May 2014.
8 - The methodology for calculating this series was updated in September 2013, resulting in revisions to the full history of data.
9 - The methodology for calculating this series was updated to include interest rates and total loans of the Government Development Loans.
r - Data in previous months may have been adjusted to incorporate revisions.

Prepared by the Economics Department | National Reserve Bank of Tonga Last Updated on 20 May 2020

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