The Governors of the South Pacific Central Banks continue to be concerned with the global banks’ de-risking decisions. This was one of the key issues discussed at the 30th South Pacific Central Bank Governors’ annual meeting in Wellington, New Zealand on 2-4 December 2015, which the Governor of the National Reserve Bank of Tonga (NRBT), Dr. Sione Ngongo Kioa, attended.

The National Reserve Bank of Tonga (NRBT) today released its Monetary Policy Statement for August 2015. This Statement reviews Tonga’s economic growth and the NRBT’s conduct of monetary policy in the six months to August 2015. It also provides the NRBT’s outlook for the next six months.

The Tongan pa’anga exchange rate is pegged to a basket of currencies comprising of its major trading partners. The Tongan pa’anga is determined by the movements of the currencies in the basket and their weights within the basket. 

The NRBT Board of Directors on the 3rd September 2015 approved the NRBT to commit to the Maputo Accord 2015. This Accord supports the development of Small and Medium Enterprises (SME) through access to finance and other benefits from the Alliance for Financial Inclusion (AFI) and other donor partners.

His Majesty King Tupou VI, launched the Kingdom of Tonga’s new coronation currency series on 29th June 2015 at the Fa’onelua Convention Centre in Nuku’alofa. The new coronation currency consists of a new series of coins to replace the old coins and new banknotes with advanced security features.

The Reserve Bank has revised its Exchange Control Policy Guidelines with effect from 1st May 2015. The Exchange Control Policy Guidelines outlines the supporting documentary evidence that must be sighted by the commercial banks, authorized foreign exchange dealers and the Reserve Bank prior to allowing any overseas payments to be made.

The National Reserve Bank of Tonga, in its capacity as the Transaction Reporting Authority (TRA), is issuing the Revised AML/CFT Guideline pursuant to section 11A(o) of the Money Laundering and Proceeds of Crime (Amendment) Act 2010 [MLPC Act].

The Governor of the National Reserve Bank of Tonga (NRBT) attended the inaugural launch and first meeting of the Pacific Islands Regional Initiative (PIRI) which was held on 6-8 May 2015 in Dili, Timor-Leste.

The National Reserve Bank of Tonga (NRBT) today released its Monetary Policy Statement for February 2015. This Statement reviews Tonga’s economic growth and the NRBT’s conduct of monetary policy in the six months to February 2015. It also provides the NRBT’s outlook for the next six months.

The National Reserve Bank of Tonga has been advised that some commercial banks are closing accounts of foreign exchange dealers. The closing of the accounts of foreign exchange dealers has been confirmed by the commercial banks to be a precaution towards the evolving money laundering / terrorist financing and sanctions risks