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Economy

Tongan currency continues 15 year decline

Nuku'alofa, Tonga

Tongan Pa’anga

By Finau Fonua

The Tongan currency (Pa’anga)  has shown a continuing decline against the New Zealand and Australian dollars over the last 15 years, and the pa’anga is, arguably, in its worst year ever against its major trading partners.

Today, 18 September 2014, one Tongan Pa’anga was worth only $0.65 New Zealand Dollars, $0.59 Australian Dollars, $0.52 US Dollars, or €0.41 Euros.

Compared to fourteen years ago on 18 September 2000, one Tongan Pa’anga was a healthy $1.50 New Zealand Dollars, $1.15 Australian Dollars, $0.63 American Dollars, or €0.73 Euros.  

On a regional Pacific Island scale, the Tonga Pa’anga still fails. Exactly 14 years ago on 18 September 2000, one Tongan Pa’anga was worth $2.04 Samoan Tala, $1.38 Fijian Dollars and $1.66 PNG Kina. Compared to today 18 September 2014, one Tongan Pa’anga is worth $1.25 Samoan Tala, $0.99 Fijian Dollars, and $1.32 PNG Kina.

Timeline of Tongan Currency (all data sourced from XE.com)

Sept. 18

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

USD

$0.63

$0.48

$0.55

$0.47

$0.50

$0.51

$0.50

$0.52

$0.49

$0.52

$0.51

$0.60

$0.57

$0.54

$0.53

AUD

$1.15

$0.95

$1.00

$0.71

$0.72

$0.66

$0.66

$0.62

$0.62

$0.59

$0.54

$0.58

$0.55

$0.58

$0.59

NZD

$1.50

$1.15

$1.16

$0.81

$0.76

$0.72

$0.75

$0.74

$0.73

$0.73

$0.70

$0.72

$0.69

$0.66

$0.65