The Governor of the Reserve Bank, Sione Ngongo Kioa, announced that the Reserve Bank has reviewed its Exchange Control Policy Guidelines in light of the very high level of foreign reserves, which is expected to remain at comfortable levels, the current monetary policy stance, as well as the need to improve the clarity of the requirements as per feedback received from banks, the authorized restricted foreign exchange dealers, and the general public.

The Reserve Bank is of the view that this review would assist individuals and businesses in making foreign exchange payments, provide an accommodative business environment, and further support economic growth. The Reserve Bank will continue to monitor the level of foreign reserves and the economic fundamentals closely.

The major changes include the following:

  1. The delegated limit of T$100,000 to the banks and authorised restricted foreign exchange dealers will now also apply to capital payments that previously had no delegated limit such as loan repayments, offshore investment, dividend payments to non-resident investors and migrant transfers (except for loans to residents controlled by nonresidents).
  2. The monthly limit for gift payments of $5,000 per month is removed. This means that anyone can send gift payments overseas for amounts up to $50,000 per annum per remitter per beneficiary in any given time of the year.
  3. The delegated limit of $5,000 per transaction per remitter applicant without supporting documents previously removed is now reinstated.
  4. The requirement to provide visas for payments for travel, education and medical expenses, and export of cash is removed.
  5. The requirement to provide evidence of funds received from offshore for loan repayments and wages paid in foreign currency cash to foreign crew members is removed.
  6. The requirement with regards to the overseas recipient of payments for education and medical expenses has been expanded to include third parties.

The Reserve Bank will continue to review the Exchange Control Policy Guidelines to reflect new developments in the financial system, ensure that the payments are bonafide transactions and that funds are remitted overseas for its intended purpose.

Copies of the Revised Exchange Control Policy Guidelines are available on the following page and the reception desk of the Reserve Bank.

+ - Press Release in Tongan Click to collapse

Fakafaingofua'i 'e he Pangike Pule Fakafonua 'a Tonga 'a e ngaahi tu'utu'uni ki he Fetongi Pa'anga Muli

Na’e tali ‘e he Poate ‘o e kau Talekita e Pangikē Pulé Fakafonua ‘a Tonga ‘i he’enau fakataha ‘i he ‘aho 2 ‘o Fepueli, 2017 ke kamata hono ngaue’aki e ngaahi liliu ki he ngaahi tu’utu’uni ki he fetongi pa’anga muli ke fakafaingofua’i ange e fetongi pa’anga muli.

Na’e fakahā ‘e he Kovana ‘o e Pangikē Pule Fakafonua ‘o Tonga, Sione Ngongo Kioa, na’e vakai ‘a e Pangike Pule ki he tu’unga mā’olunga ‘a e pa’anga talifaki ‘a e Pule’anga ‘i muli (‘a ia ‘oku fakafuofua ‘e kei nofo pe ‘i he tu’unga fakafiemalie ‘i he kaha’u), pehe ki he tu’unga ‘o e fokotu’utu’u ngāue fakapa’anga ‘i he taimi ni ke faka’ai’ai e tupu faka’ekonomika, pea pehe foki ki he fiema’u ke toe fakalelei’i mo fakama’ala’ala ke toe mahino ange ‘a e ngaahi tu’utu’uni, pea fakahoko ai ‘a e liliu ni.

‘E tokoni ‘a e liliu ko eni ki hono fakafaingofua’i e ngaahi totongi pa’anga ki muli ’a e kakai mo e ngaahi pisinisi, ‘o tokoni ai ki he ngaue ‘a e ngaahi pisinisi, pea mo poupou foki ki he tupu faka’ekonomika ‘a e fonua.

’Oku kau ‘i he ngaahi liliu ko eni ‘a e:

  1. Fakakau ‘o e ngaahi totongi pa’anga muli sino’i pa’anga tefito (capital payments) ‘i he ngaahi totongi pa’anga muli kuo fakamafai’i ’a e ngaahi pangikē mo e ngaahi kautaha fetongi pa’anga muli ke nau fakahoko ‘o a’u ki he T$100,000. ‘I he kuohili na’e ‘omai kotoa e ngaahi totongi pa’anga muli ko eni ki he Pangike Pule ke ne fakangofua pea toki fakahoko ‘e he ngaahi pangike mo e ngaahi kautaha fetongi pa’anga muli. ‘Oku kau ki heni ‘a e ngaahi totongi pa’anga muli ko e totongi nō, ‘inivesi ‘i muli, totongi ‘o e tupu ‘a e ngaahi kautaha ki he’enau kau ‘inivesitoa muli (dividend payments) mo e ‘ave pa’anga ki muli ‘a kinautolu ‘oku nau hiki atu ki muli (migrants).
  2. To’o ‘a e fakangatangata ko e $5,000 ki he mahina, ki he ngaahi totongi me’a’ofa ki muli. ‘Oku ‘ataa ki ha taha pe ke ne ‘ave ha’ange totongi me’a’ofa ki muli ‘i ha fa’ahinga taimi pē lolotonga ‘o e ta’u ‘o fakangatangata pe ki he $50,000 ki he ta’u, ki he tokotaha totongi (remitter), pe ki he tokotaha ‘oku fai ki ai ‘a e totongi (recipient).
  3. Faka’ata hono fakahoko ha fakafetongi pa’anga ‘o a’u ki he $5,000 ki ha totongi pa’anga muli ‘e taha, ‘o ‘ikai toe fiema’u ki ai ha ngaahi tohi fakamo’oni.
  4. ‘Ikai toe fiema’u ‘a e visa ki he totongi pa’anga muli fekau’aki mo e folau ki muli, totongi ako, totongi fakafaito’o, pea mo hono hū atu ‘o e pa’anga pepa pe pa’anga maka ki muli.
  5. ‘Ikai ke toe fiema’u ha tohi fakamo’oni ki hono hū mai ’a e pa’anga mei muli ki he ngaahi totongi nō pe totongi vahe pa’anga muli ‘o ha kau kauvaka muli.
  6. Fakalahi ‘akinautolu ‘oku malava ke totongi ki ai ‘a e ngaahi totongi ako mo e ngaahi totongi fakafaito’o ‘o ‘ikai fakangatangata pe ki he tokotaha ako pe ko e tokotaha ‘oku ‘ave fakafaito’o.

‘E hokohoko atu pē ‘a hono vakai’i ‘e he Pangikē Pule ‘a e Tohi Fakahinohino ki he fetongi pa’anga muli ke hoa mo e ngaahi fakalakalaka fo’ou ‘i he tafa’aki fakapa’anga, mo fakapapau’i pē ko e ngaahi totongi ki muli ‘oku fakalao, pea ko e pa’anga kotoa pe ‘oku ‘ave ki muli ‘oku fakatatau pē ki hono taumu’a totonu.

‘E malava ke ma’u atu ha tatau ‘o e Tohi Fakahinohino ‘o e ngaahi tu’utu’uni ki he Fetongi Pa’anga Muli mei he peesi ‘initaneti ‘a e Pangikē Pule (www.reservebank.to) pe ko honau ‘ofisi.