Monetary Policy Data

March 2023


Monetary Policy Data
  Feb 23 Jan 23 Feb 22
Foreign Reserves (TOP million) 883.7 911.2 861.4
Months of Imports (trade estimate)1 12.9 13.7 14.5r
Months of Imports (Overseas Exchange Transactions estimate)1 14.2 15.0 16.8
       
Inflation (apc)2 9.4 8.7 7.8
Imported (apc) 6.9 7.4 8.6
Domestic (apc) 12.7 10.4 6.9
       
Activity Indicators
Total Credit Growth (apc)1 5.3 6.1 -4.3r
Total Outstanding Loan (Ann. Tot $ m)1 493.0 501.4 468.1
Household (apc) 0.8 0.5 -2.0
Business (apc) 11.5 13.6 -7.3
Total Deposits (TOP million) 880.2 885.0 839.1
Total Deposits (apc) 4.9 4.3 18.4
Exchange Settlement Accounts (TOP million) 406.3 413.1 376.2
NRBT Notes on issue (TOP million) 0.0 0.0 0.0
Banks' holding of Govt Securities (TOP million) 41.7 41.7 40.7
Broad Money (M2, TOP million) 843.6 845.9 844.9
       
Overseas Exchange Transactions      
Total OET Payments (annual Total, TOP million) 1016.6 979.5r 750.5r
Total OET Payments (apc) 35.5 30.3 10.3r
Total OET Receipts (annual Total, TOP million) 1073.3 1067.9r 977.6r
Total OET Receipts (apc) 9.8 10.2 3.8r
Imports (annual Total, TOP million) 608.5 586.6 479.1r
Imports (apc) 27.0 19.6 7.0r
Exports (annual Total, TOP million) 9.9 9.7 12.7
Exports (apc) -22.4 -27.4 3.0
Travel Receipts (annual Total, TOP million) 79.6 73.1 21.1
Travel Receipts (apc) 277.9 243.8 -9.3
Remittances (annual Total, TOP million) 506.5 494.9r 479.9r
Remittances (apc) 5.5 0.8 12.0r
       
Financial Markets
Exchange Rate      
USD/TOP 0.4243 0.4279 0.4405
AUD/TOP 0.6335 0.6170 0.6016
NZD/TOP 0.6824 0.6774 0.6453
FJD/TOP 0.9194 0.9163 0.9093
Nominal Effective Exchange Rate Index 93.13 93.55 90.47/b>r
Real Effective Exchange Rate Index 116.13 117.16rr 110.96
       
Interest Rates      
Weighted Average Lending Rate (%)1 7.82 7.86r 7.83
Housing (%) 8.14 8.12r 8.10
Business (%)1 7.12 7.28 7.35
       
Weighted Average Deposit Rate (%) 1.42 1.55 1.70
12-month term (%) 3.39 3.38 3.70
Savings (%) 1.52 2.31 2.36
Term (%) 2.81 2.79 3.06
 
 

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 May 23

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