The National Reserve Bank of Tonga (NRBT) marks its 35th anniversary on Monday 16 September 2024 with an audited net profit of $35 million as its twin milestones. The $35.8 million profit in 2024 is 75 percent higher than last year’s 2023 record profit of $20 million. Following the NRBT Board approval of the KPMG Fiji external audited NRBT Annual Financial Statements for the financial year ended 30 June 2024, Lord Sevele ‘o Vailahi chairman of the Board at the NRBT 2024 Annual General Meeting today presented a cheque of $25.1 million to the Prime Minister, Hon. Hu’akavameiliku as its annual distribution of the Bank’s profits.
The Prime Minister of Tonga Hon. Hu’akavameiliku welcomed NRBT’s strong performance in 2023 and now higher in 2024 and stated “NRBT’s strong performance is providing additional revenue to the Government to support its strategic priorities including the private sector, such as supporting our small medium enterprises through the Ministry of Trade and Economic Development, our Ministry of Agriculture and Fisheries, advancing resilience preparedness, digital transformation and technology to reduce business unit costs. The additional revenue to the Government will reduce the need to borrow or increase taxes to keep its fiscal balances more manageable and sustainable.
“We thank Lord Sevele and the Board, the Governor Tatafu Moeaki and the staff of the Bank for their dedication as the role of NRBT is so critical to building the resilience of the Tongan economy as a small open economy highly exposed to natural hazards, external shocks and global risks. Government welcome the strong performance of the Bank to undertake monetary policy effectively over the last two years in accordance with the annual assessment by the International Monetary Fund Article IV missions in 2023 and 2024, the Bank’s role to ensure price stability and that of the financial sector are also critial to help the Government’s economic growth objectives for the people of Tonga” said Prime Minister Hu’akavameiliku.
Lord Sevele stated that “the banking sector remained well capitalised and maintained satisfactory liquidity and earnings positions to buffer against the elevated vulnerabilities in asset quality whilst managing the increase in non performing loans in 2024. Eradicating financial crimes and improving the integrity of the financial system are also key priorities for NRBT going forward.”
The Chairman and the Board of Directors would like to thank the Governor Tatafu Moeaki and staff of the Bank, as well as the Government, licenced financial institutions and other stakeholders in supporting the Bank to meet its objectives during the financial year 2023/24.
The National Reserve Bank of Tonga will celebrate its 35th Anniversary twin milestones on Monday 16 September 2024 at the Tanoa Hotel with HRH Crown Prince Tupouto’a ‘Ulukalala as the Guest of Honour.
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