The Directive and Policy Guidelines outline different types of overseas payments, the supporting documentary evidence that must be sighted by the commercial banks, foreign exchange dealers, and the Reserve Bank prior to allowing any overseas payments to be made, and the delegated limits for banks and foreign exchange dealers to conduct outward payments. The revised Directive will come into force on the 1st of June 2023.

A summary of the revisions is as follows:

  1. Two new Exchange Control Forms
    1. Form G for Transfer/issue of securities (excluding shares)
    2. Form H for Opening of a Foreign Currency Account
  2. Foreign currency account
    1. Discontinue the requirement for any deposit and/or withdrawal to/from the foreign currency accounts from/to a local Tongan Pa’anga account or another local foreign currency account to be converted to its Tongan Pa’anga equivalent first before they are converted back to the relevant foreign currency. This is to ease transfers and save customers from additional foreign currency exchange rate losses and banks’ transaction fees.
    2. Clarify that all outward payments from the Foreign Currency Accounts do not require approval from the Reserve Bank.
  3. Reward System
    1. Introduce a reward system for customers who continuously comply with the Exchange Control documentary requirements. This would be in the form of an “Exemption List” issued to banks and foreign exchange dealers.
  4. Limit on Exchange rate spreads
    1. All authorised persons would be subject to a limit on the exchange rate spreads offered to their customers in accordance with Section 6(2)(c) of the Foreign Exchange Control Act 2018. The limits will only apply to Telegraphic Transfers (TT) of the three main currencies (USD, AUD and NZD). These limits were imposed on the banks since 2009 but to ensure a level playing field, these limits would now apply to foreign exchange dealers. This limit is part of the Reserve Bank’s efforts to cushion the impact of rising global prices and high inflation on the purchasing power of households and businesses.

The Reserve Bank continues to provide an enabling environment for the public (households and businesses) to conduct their foreign exchange transactions whilst at the same time ensuring prudent management of our foreign reserves to support the macroeconomic stability of the country. Any non-compliance with the Exchange Control Directives will be dealt with in accordance with the Foreign Exchange Control Act 2018 Section 11(3) and Section 29.

The public’s support and cooperation are requested to ensure adherence to the requirements of the Foreign Exchange Control Act 2018.

 

+ - Press Release in Tongan Click to collapse

Ngaahi Liliu ki he Tohi Tu’utu’uni Ngāue ki hono Pule’i ‘o e Fetongi Pa’anga Muli

Na’e tali ‘e he Poate ‘a e Pangikē Pule´ ‘i he’enau fakataha ‘i Fepueli 2023´, ‘a e ngaahi liliu ki he Tohi Tu’utu’uni Ngāue ki hono Pule’i ‘o e Fetongi Pa’anga Muli ´ ‘i he taumu’a ke fakafaingofua‘i ‘a e ngaahi totongi pa’anga ki muli´.Na‘e ‘uluaki tuku atu ‘a e Tohi Tu’utu’uni ko´ eni ‘i Sepitema 2018´ ‘i he malumalu ‘o e Lao ki he Pule‘i ‘o e Fetongi Pa’anga Muliˊ 2018. Ko e Tohi Tu‘utu‘uni ko eni´ ‘oku ne fakaikiiki ai ‘a e kalasi kehekehe ‘o e totongi pa’anga ki muli´, ngaahi fakamatala falala‘anga fakapepa ‘a ia ‘oku totonu ke ngāue‘aki ‘e he ngaahi pangikee´, ngaahi kautaha fakafetongi pa‘anga muli´ mo e Pangike Pule´ kimu‘a pea nau faka‘atā ke fai ha fa‘ahinga totongi pa‘anga ki muli, pea pehē ki he ngaahi fakangatangata ki he ngaahi pangikee´ mo e ngaahi kautaha fakafetongi pa‘anga muli´ ke nau fakahoko ai e ngaahi totongi pa‘anga ki muli´. ‘E kamata ngaue‘aki ‘a e Tohi Tu‘utu‘uni´ ni ‘i he ‘aho ‘o 1 Sune 2023.

‘Oku kau ‘i he ngaahi tefito'i liliu ‘a e:

  1. Foomu fo’ou ‘e ua ki he Fetongi Pa’anga Muli
    • Foomu G ki hono tuku atu pē liliu ‘o ha ngaahi naunau ki he ‘inivesii´ pē sekulitī (‘ikai ke kau ki ai ‘a e ngaahi ma’u ‘inasi ‘i he ngaahi kautaha´ [shares]);
    • Foomu H ki hono fakaava ‘o ha ‘Akauni Pa’anga Muli.
  2. ‘Akauni Pa’anga Muli
    • Ta‘ofi e tu’utu’u’ni ki ha fakahū ki he / pē toho mei´ he ‘akauni pa‘anga muli mei´ he/ki he ‘akauni pa’anga Tonga pe ko ha ‘akauni pa‘anga muli ‘e taha, ke ‘uluaki fakafetongi ia ki hono mahu‘inga ‘i he Pa‘anga Tonga´ pea toki fakafetongi fakafoki ki hono mahu‘inga ‘i he pa‘anga muli´. Ko hono fakafaingofua‘i eni ‘a e ngāue ma‘ae kakai´ pea fakasi‘isi‘i ‘a e mole mei´ he fakafetongi pa’anga muli´ mo e ngaahi totongi fakapangikee´ (fees).
    • Fakama‘ala‘ala ‘oku ‘ikai ke fiema‘u ke toe fakamafai‘i mei´ he Pangikē Pule´ ha ngaahi totongi mei ha ‘Akauni Pa’anga Muli.
  3. Founga Fakapale
    • ‘Oku fakahū mai ha founga fo’ou ki hono fakapale‘i ‘o e kau kasitoma´ ‘o makatu’unga ‘i he‘enau tauhi ‘a e ngaahi tu‘utu‘uni ‘i he Tohi Tu‘utu‘uni ki hono Pule‘i ‘o e Fetongi Pa‘anga Muli´. ‘E ‘i ai ‘a e lisi ‘o kinautolu ‘e ‘ikai ke toe fiema’u ha ngofua ki he’enau ngaahi totongi pa’anga ki muli ‘e tuku atu ki he ngaahi pangikee´ pea moe ngaahi kautaha fakafetongi pa’anga muli.
  4. Fakangatangata ki he ngaahi mahu’inga fakafetongi
    • Hilifaki ‘a e fakangatangata ki he ngaahi mahu‘inga ‘o e fakafetongi pa‘anga muli ‘oku tuku atu ‘e he ngaahi kautaha kuo fakamafai‘i ke fakafetongi pa’anga muli´, ki he’enau kau kasitoma´ ‘i he malumalu ‘o e Kupu 6(2)(c) ‘o e Lao ki he Pule’i ‘o e Fetongi Pa’anga Muliˊ 2018. Ko e fakangatangata ko eni ‘i he ngaahi talafi faka‘elekitolōnika ki muli (TT) pē ‘o e pa’anga ‘Amelika (USD), pa’anga ‘Aositelelia (AUD), pea mo e pa‘anga Nu‘usila (NZD). Na‘e ‘osi ngāue’aki e fakangatangata ko eni´ ki he ngaahi pangikee´ pē talu mei he ta’u 2009, ka koe‘uhi ke potupotu tatau e ngaahi kupu´, ‘oku fakakau atu leva ki ai mo e ngaahi kautaha fakafetongi pa'anga muli´ ‘i he liliu fo’ou ko eni. Ko e fakangatangata ko eni´ ko e konga ia ‘o e ngāue ‘a e Pangikē Pule´ ki hono fakasi‘isi‘i ‘a hono uesia ‘e he hikihiki ‘i he totongi koloa fakamāmani lahi´ ‘a e ivi fakatau ‘o e ngaahi fāmili´ mo e kautaha´.

‘Oku kei hokohoko atu pē ‘a hono fakafaingamālie’i ‘e he Pangikē Pule´ ha ‘ātākai ‘oku malu ki hono fakahoko ‘a e ngaahi fakafetongi pa’anga muli ‘a e kakai ‘o e fonua´ mo e ngaahi pisinisi´. ‘I he taimi tatau, ‘e tokanga ‘a e Pangikē Pule´ ki hono siofi ‘a e tu’unga ‘o e pa’anga mohe´ ke tauhi e ma’uma’uluta ‘a e tu’unga faka’ekonōmika ‘a e fonua´. Kuo fakamafai’i ‘e he Kupu 11(3) mo e Kupu 29 ‘o e Lao ki he Pule’i ‘o e Fetongi Pa’anga Muliˊ 2018 ke hilifaki ha ngaahi tautea kiate kinautolu kotoa pē tenau maumau’i ‘a e ngaahi tu’utu’uni kuo tuku atu ‘e he Pangikē Puleˊ ‘i he Lao ni.

‘Oku ‘oatu heni ‘a e fanongonongo΄ ni ki he kakai ‘o e fonua΄ mo kole ho‘omou tokoniˊ ki hono fakahoko ‘a e ngaahi tu’utu’uni ‘a e Lao ki he Pule’i ‘o e Fetongi Pa’anga Muli 2018.