Monetary Policy Data

October 2023


Monetary Policy Data
  Oct 23 Sep 23 Oct 22
Foreign Reserves (TOP million) 891.2 886.1 877.0
Months of Imports (trade estimate) 11.4 1.4 13.0r
Months of Imports (Overseas Exchange Transactions estimate) 12.3 12.4 15.6
       
Inflation (apc) 6.1 3.0 13.1
Imported (apc) 5.1 4.3 10.4
Domestic (apc) 7.4 1.3 16.6
       
Activity Indicators
Total Credit Growth (apc)1 9.9 8.2 0.4
Total Outstanding Loan (Ann. Tot $ m)1 526.0 521.8 478.8
Household (apc) 2.7 2.0 -1.1
Business (apc) 19.3 16.3 1.2
Total Deposits (TOP million) 904.3 898.9 862.6
Total Deposits (apc) 4.8 5.0 9.4
Exchange Settlement Accounts (TOP million) 348.1 339.1 396.5
NRBT Notes on issue (TOP million) 0.0 0.0 0.0
Banks' holding of Govt Securities (TOP million) 41.7 41.7 41.7
Broad Money (M2, TOP million) 844.9 847.8 843.4
Reserve Money** (TOP million) 593.1 590.6 603.3
       
Overseas Exchange Transactions      
Total OET Payments (annual Total, TOP million) 1104.6 1093.2 885.0
Total OET Payments (apc) 24.8 26.1 17.2
Total OET Receipts (annual Total, TOP million) 1188.7 1175.6 1058.8
Total OET Receipts (apc) 12.3 11.2 10.2
Imports (annual Total, TOP million) 657.4 653.0 541.7
Imports (apc) 21.4 22.8 8.3
Exports (annual Total, TOP million) 9.3 9.2 10.8
Exports (apc) -13.9 -21.8 -21.9
Travel Receipts (annual Total, TOP million) 131.5 128.5 38.0
Travel Receipts (apc) 245.8 292.6 80.6
Remittances (annual Total, TOP million) 535.7 533.7 475.8
Remittances (apc) 12.6 11.4 -2.1
       
Financial Markets
Exchange Rate      
USD/TOP 0.4163 0.4174 0.4108
AUD/TOP 0.6542 0.6487 0.6437
NZD/TOP 0.7034 0.7032 0.7204
FJD/TOP 0.9358 0.9315 0.9247
Nominal Effective Exchange Rate Index 95.81 95.50 95.30
Real Effective Exchange Rate Index 122.45 119.49 118.94r
       
Interest Rates      
Weighted Average Lending Rate (%)1 7.64 7.61 8.21
Housing (%) 8.01 8.01 8.13
Business (%)1 6.70 6.69 8.31
       
Weighted Average Deposit Rate (%) 1.63 1.61 1.63
12-month term (%) 3.87 3.88 3.49
Savings (%) 2.50 2.48 2.33
Term (%) 3.07 3.04 2.94
 
 

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.
* 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 9 January 2024

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