Tonga issues new Tupou VI notes and coins [1]
Monday, June 29, 2015 - 22:08. Updated on Wednesday, July 1, 2015 - 09:30.
Tonga new currency notes and coins were launched by HM King Tupou VI this morning, 29 June at the Fa’onelua Convention Centre.
The Coronation Series is made up of six new Pa’anga notes and five new coins.
The coins are 5 seniti, 10 seniti, 20 seniti, 50 seniti, and for the first time a $1 Pa’anga coin. Significant also, there will be no more one and two seniti coins.
The 5s, 10s, 20s, and 50s coins, made out of nickel plated steel, carry a portrait of Tupou VI. The $1 coin is made out of aluminium bronze, with a portrait of George Tupou V.
The coins were minted by the Royal Australian Mint, Australia.
There are six new Tongan Pa’anga notes with a portrait of Tupou VI: $2, $5, $10, $20, $50 and $100.
The Chairman of the National Reserve bank of Tonga’s Board of Directors, Stephen Edwards said that Tonga began using its own currency, the Pa’anga and Seniti at the coronation of Tupou IV in 1967.
In 1988 $20 and $50 notes were printed.
In 2008 during the reign of King George Tupou V, $100 notes were introduced.
Stephen said that the new $1 coin has a portrait of King George Tupou V, because they were already working on the coin when King George Tupou V passed away in 2012.
With regards to the value of the Tongan Pa’anga, Dr Ngongo Kioa, the Governor of the National Reserve Bank of Tonga told the gathering that the value of the Tongan Pa'anga is at a respectable level, and inflation rate has been dropping during the past four months. The difference in interest rate between interest on loan repayment and that on deposit has dropped to a low of 6.25%. He said that the economy was expected to grow by more than 2% during the current financial year, and more than 3% next year. Tonga’s Foreign Reserve is also in a reasonable sound position, with an equivalent for eight months of import.