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NRBT revises Exchange Control Policy Guidelines

Nuku'alofa, Tonga

National Reserve Bank of Tonga Announces Changes to Exchange Control Policy Guidelines

Fanongongo mei he Pangike Pule Fakafonua ‘o Tonga fekau’aki moe Liliu ki he Tohi Fakahinohino ki he Ngaahi Tohi ‘oku Ngaue’aki ko e Fakamo’oni ki he Fetongi Pa’anga Muli.

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 Governor Dr Sione Ngongo Kioa announced that the Reserve Bank has completed its review of the Exchange Control Policy Guidelines which was approved by the Reserve Bank’s Board of Directors on 1st April 2015. The revisions are based on consultations with the Ministry of Revenue and Customs, banks and authorised foreign exchange dealers and other members of the public.    

The changes to the Exchange Control Policy Guidelines are to reflect the current practice, update the tax clearance requirements from the Ministry of Revenue and Customs, update the Overseas Exchange Transaction (OET) codes for ease of reference, ensure compliance with the anti-money laundering and terrorist financing requirements, and improve the clarity of the requirements as a result of the consultation with banks and foreign exchange dealers.

The delegation limit authorized for Banks and authorized foreign exchange dealers remain unchanged. However slight changes were made towards the documentary requirements of some of the payments in light of recent applications received such as submission of Tax clearance and evidence of source of funds to verify genuineness of transactions. The Reserve Bank will continue to review the Exchange Control Policy Guideline to reflect new developments in the financial system to ensure funds that are remitted overseas for its intended purpose.

Copies of the Exchange Control Policy Guidelines are available on the Reserve Bank’s website www.reservebank.to and the reception desk of the Reserve Bank.

For further details please contact:

Exchange Control Unit
National Reserve Bank of Tonga
Telephone: (676) 24 057
Fax (676) 24201
Email :  nrbt [at] reservebank [dot] to

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Fanongongo mei he Pangike Pule Fakafonua ‘o Tonga fekau’aki moe Liliu ki he Tohi Fakahinohino ki he Ngaahi Tohi ‘oku Ngaue’aki ko e Fakamo’oni ki he Fetongi Pa’anga Muli.

Na’e fakahoko ‘e he Pangike Pule ha liliu ki he ngaahi tu’utu’uni ki he totongi pa’anga ki muli ‘o kamata ngaue’aki mei he ‘aho 1 Me 2015. Ko e tohi tuútuúni foki ko éni óku ne fakaikiiki ai e ngaahi pepa fakamatala falala’anga á ia óku totonu ke ngaueáki é he ngaahi pangike fakataha moe ngaahi kautaha fetongi pa’anga muli í hono fakahoko e ngaahi totongi paánga ki muli.

Na’e fakaha ‘e he Kovana ‘o e Pangike Pule Fakafonua ‘o Tonga, Sione Ngongo Kioa, kuo kakato hono liliu fakata’u ‘o e ngaahi tu’utu’uni ki he totongi pa’anga ki muli ‘a ia na’e tali ‘eni ‘e he Poate ‘a e Pangike Pule ‘i he ‘aho 1 Épeleli 2015. Ko e ngaahi liliu ko ‘eni na’e makatu’unga ia ‘i he fengaue’aki fakataha mo e Potungaue Tanaki Pa’anga, ngaahi pangike mo e ngaahi kautaha fetongi pa’anga muli mo e ngaahi memipa kehe pe ‘o e fonua.

Koe ngaahi lilu koeni ki he tohi tuútuúni, naé taumuá ke ne fakafaingofuaí pea ke ne feau e founga totongi paánga ki muli lolotonga, pea ke toe fakamaálála e ngaahi totongi paánga ki muli óku fiemaú ki ai á e ngaahi tohi fakamoóni totongi tukuhau. ‘Oku kau foki ki heni mo e liliu ki hono fakafaáhinga ó e ngaahi taumuá ó e totongi paánga ki muli ke fakafaingofuaí ange e founga faifatongia pea ke fakapapauií ai pe é tau tauhi ki he tuútuúni ki hono taófi ó e feáveáki fakapulipuli ó e paánga kaakaa mo e kakai óku nau fakahoko e founga hala ni. Ko e taumuá ó e ngaahi liliu ni ke ne lava ó tokonií hotau kakai ke nau maú ha mahino feúnga fekauáki mo e founga totongi paánga ki muli.

Ko e ngaahi tuútuúni ki he totongi paánga ki muli óku tokoni ia ki hono malu’i e paánga talifaki á e puleánga ‘i muli, ke kei nofo pe í ha tuúnga óku fakafiemalie ke ne lava ó feau e ngaahi totongi paánga kotoa pe. Na’e a’u ‘a e tupu ‘a e pa’anga talifaki ‘a e pule’anga ‘i muli ki ha tu’unga ma’olunga ko e T$270.2 miliona ‘i Maási 2015 ‘a ia ‘oku fe’unga ia mo e koloa humai mahina ‘e 8.3, pea ko e tu’u ki he kaha’u ‘e kei tauhi ai pe ‘i he tu’unga fakafiemalie ‘a ia ‘oku fakafuofua ke ‘i ‘olunga ‘i he koloa humai ki he mahina ‘e 3 ki he 4.

É kei hokohoko lelei atu  aipe  á e faifatongia ‘a e Pangike Pule Fakafonua ó Tonga í hono siofi mo fakaleleií á e tohi tuútuúni ni ke ne lava ó fakaai e ngaahi fiemaú ó fakatatau ki he ngaahi liliu fakaonopooni pea ke kei fakapapauií ai pe óku áve á e paánga ki muli ó fakatatau ki he taumuá naé áve ki ai.

Ko e tatau ‘o e Tohi Fakahinohino ki he Ngaahi Tohi ‘oku Ngaue’aki ko e Fakamo’oni ki he Fetongi Pa’anga Muli ’e ma’u atu ia mei he website ‘a e Pangike Pule  www.reservebank.to pea mo e ’ofisi ‘o e Pangike Pule.

Ki ha ngaahi fakamatala fakaikiiki kataki ‘o fakafetu’utaki ki he:

Va’a Pule’i Fetongi Pa’anga Muli
Pangike Pule Fakafonua ‘o Tonga
Telefoni: (676) 24 057
Fax (676) 24201
Email :  nrbt [at] reservebank [dot] to