The Board of Directors of the Reserve Bank of Tonga (NRBT) has decided to focus on two main goals in its August 2023 Monetary Policy Statement (MPS).

The IMF mission team would like to thank the Ministry of Finance, the National Reserve Bank of Tonga, other ministries and government agencies, and private sector interlocutors for their warm hospitality and constructive discussions.

The National Reserve Bank of Tonga is pleased to announce that the Board of Directors on 21 July 2023, approved the appointment of Ms. Úngatea Latu as the Deputy Governor Policy and Mr. Lata Tangimana as the Deputy Governor Operation for a five-year term.

Following the 2022 COVID-19 pandemic, HTHH volcano eruption and tsunami ashfall damages, the monetary and financial policies of the National Reserve Bank of Tonga are critical to stay relevant to be supportive of the Kingdom’s economic recovery contributing to macro stability in 2023, resilience to shocks in the short to medium term.

The February Consumer Price Index reported inflation annual rate at 8.7%, a decline from 9.7% in the previous month, and lower than 9.1% in February 2022.

The Reserve Bank Board approved in February 2023 the revision of the September 2018 Exchange Control Directive and Exchange Control Guideline, to ease overseas payments in accordance with the Foreign Exchange Control Act 2018.

The National Reserve Bank Board of Directors approved to release its Monetary Policy Statement (MPS) for February 2023 which outlines the revised monetary policy stance following a review of Tonga’s economic performance and macroeconomic conditions.

The Reserve Bank is pleased to announce the Government appointment of Tatafu Moeaki on 20 December 2022 as the new Reserve Bank Governor.

A fundamental objective of the Transaction Reporting Authority (TRA), Tonga’s financial intelligence unit (FIU) at the National Reserve Bank of Tonga (NRBT), is to develop and disseminate quality intelligence products to its domestic and international counterparts.

The Reserve Bank is hereby issuing Directive No. 3 that supersedes Directive No. 2 issued on the 22nd November 2021 that the following entities are exempted from the Moneylenders Act: