Monetary Policy Data

February 2025


Monetary Policy Data
  Feb 25 Jan 25 Feb 24
Foreign Reserves (TOP million) 865.4 878.0 891.4
Months of Imports (trade estimate) 19.9 10.1 11.5 (r)
Months of Imports (Overseas Exchange Transactions estimate) 10.6 10.8 11.6
       
Inflation (apc) 4.0 5.4 6.9
Imported (apc) 3.2 3.5 3.5
Domestic (apc) 4.7 7.1 10.2
       
Activity Indicators
Total Credit Growth (apc)1 12.0 11.8 5.7
Total Outstanding Loan (Ann. Tot $ m)1 593.5 591.8 529.9
Household (apc) 5.1 4.9 4.7
Business (apc) 19.0 18.7 6.7
Total Deposits (TOP million) 972.5 989.3 911.6
Total Deposits (apc) 6.7 8.4 3.0
Exchange Settlement Accounts (TOP million) 348.2 357.8 358.7
NRBT Notes on issue (TOP million) 0.0 0.0 0.0
Banks' holding of Govt Securities (TOP million) 35.4 35.4 37.1
Broad Money (M2, TOP million) 914.8 922.5 849.5
Reserve Money** (TOP million) 614.2 625.6 603.6
       
Overseas Exchange Transactions      
Total OET Payments (annual Total, TOP million) 1261.7 1249.2 1131.0 (r)
Total OET Payments (apc) 11.6 11.6 15.4 
Total OET Receipts (annual Total, TOP million) 13400.0 1388.6 1166.1
Total OET Receipts (apc) 20.1 19.4 9.1
Imports (annual Total, TOP million) 705.5 709.4 670.5
Imports (apc) 5.2 7.6 14.3
Exports (annual Total, TOP million) 7.2 7.3 9.4
Exports (apc) -22.8 -26.3 -4.0
Travel Receipts (annual Total, TOP million) 169.9 167.8 134.9
Travel Receipts (apc) 25.9 24.9 84.5
Remittances (annual Total, TOP million) 530.6 527.8 533.7
Remittances (apc) -0.6 -1.6 7.7
       
Financial Markets
Exchange Rate      
USD/TOP 0.4120 0.4103 0.4217
AUD/TOP 0.6526 0.6572 0.6450
NZD/TOP 0.7232 0.7265 0.6872
FJD/TOP 0.9363 0.9378 0.9348
Nominal Effective Exchange Rate Index 96.25 96.38 95.09
Real Effective Exchange Rate Index 126.94 128.34(r) 119.33
       
Interest Rates      
Weighted Average Lending Rate (%)1 7.57 7.56 7.79
Housing (%) 7.94 7.94 7.98
Business (%)1 7.12 7.11 7.03
       
Weighted Average Deposit Rate (%) 1.47 1.46 1.57
12-month term (%) 2.97 32.98 3.769
Savings (%) 2.54 2.55 2.44
Term (%) 2.81 2.82 2.99
 
 

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.
* Base period 2021 = 100. The CPI basket has been rebased from the year 2018 to 2021, resulting in a revision of the data series
**This equals Net Foreign Assets plus Net Domestic Assets.
***This includes Currency in circulation, Statutory Required Deposits and the Exchange Settlement Accounts.

Prepared by the Economics Department | National Reserve Bank of Tonga Last Updated on 19 February 2025

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