Monetary Policy Data

August 2023


Monetary Policy Data
  Aug 23 Jul 23 Aug 22
Foreign Reserves (TOP million) 920.0 945.2 871.0
Months of Imports (trade estimate) 11.9 123 13.8r
Months of Imports (Overseas Exchange Transactions estimate) 13.2 13.8 16.0
       
Inflation (apc) 2.9 4.6 13.8
Imported (apc) 2.2 1.9 13.8
Domestic (apc) 3.8 8.3 13.9
       
Activity Indicators
Total Credit Growth (apc)1 7.7 6.9 0.1
Total Outstanding Loan (Ann. Tot $ m)1 516.4 512.5 479.5
Household (apc) 1.8 1.9 -1.7
Business (apc) 15.4 13.7 1.3
Total Deposits (TOP million) 910.3 921.7 859.0
Total Deposits (apc) 6.0 6.8 8.3
Exchange Settlement Accounts (TOP million) 351.4 370.6 398.8
NRBT Notes on issue (TOP million) 0.0 0.0 0.0
Banks' holding of Govt Securities (TOP million) 41.7 41.7 40.0
Broad Money (M2, TOP million) 854.7 856.8 843.5
       
Overseas Exchange Transactions      
Total OET Payments (annual Total, TOP million) 1086.1 1060.1 839.1r
Total OET Payments (apc) 29.4 30.2 14.5r
Total OET Receipts (annual Total, TOP million) 1227.8 1210.9 1006.0r
Total OET Receipts (apc) 22.1 21.4 5.1r
Imports (annual Total, TOP million) 660.9 641.7 521.5r
Imports (apc) 26.7 26.9 7.5
Exports (annual Total, TOP million) 10.1 10.0 11.4
Exports (apc) -11.6 -18.1 -10.5
Travel Receipts (annual Total, TOP million) 122.6 114.6 27.1
Travel Receipts (apc) 352.1 376.5 32.7
Remittances (annual Total, TOP million) 537.6 536.9 479.3r
Remittances (apc) 12.2 13.0 1.5r
       
Financial Markets
Exchange Rate      
USD/TOP 0.4198 0.4253 0.4276
AUD/TOP 0.6453 0.6302 0.6126
NZD/TOP 0.6982 0.6822 0.6810
FJD/TOP 0.9309 0.9255 0.9156
Nominal Effective Exchange Rate Index 95.31 94.35 93.70r
Real Effective Exchange Rate Index 118.83 118.82r 120.98
       
Interest Rates      
Weighted Average Lending Rate (%)1 7.62 7.72 7.76
Housing (%) 8.03 8.07 8.11
Business (%)1 6.70 6.93 7.18
       
Weighted Average Deposit Rate (%) 1.57 1.55 1.64
12-month term (%) 3.88 3.88 3.52
Savings (%) 2.47 2.44 2.34
Term (%) 2.99 2.96 2.92
 
 

Notes:

apc = annual percent change
1- This series includes lending by banks and 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 26 October 2023

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