‘Unu e Fokotu’utu’u Fakapa’anga΄ Ki ha Tu’unga Tau’atāina, pea tokanga makehe ki hono Fakaakeake ke Ngāue Lelei ‘a e Tu’utu’uni Fakapa’anga΄ ki he ‘Ekonōmika΄
Na’e tali ‘e he Poate Pule ‘a e kau Talēkita΄, ke tukuange atu ‘a e Fokotu’utu’u Ngāue Fakapa’anga ki ‘Aokosi 2025. ‘I he māhina ‘e ono kuohili΄, ‘oku fakalalahi ange ‘a e ngaahi fe’unu’aki fakamāmani lahi΄ ‘o ne uesia e fefakatau’aki fakavaha’apule’anga΄, fefusiaki e ngaahi Fonua lalahi΄, pea holo e tupu faka’ekonōmika fakamāmani lahi΄. ‘I he’ene pehee΄, ‘oku mahu’inga ke nga’unu e fokotu’utu’u fakapa’anga ‘a e Pangikē Pule΄ ke fakama’opo’opo ange ‘a e lahi ‘o e pa’anga ngāue ki he ‘ekonōmika΄ (from accommodative to neutral monetary policy stance) ‘i he māhina ‘e ono ka hoko mai΄, moe taumu’a fakatau’atāina’i ‘a e lahi e pa’anga ngāue ‘oku ‘ikai ke ‘aonga pea vilo΄ (excess liquidity), pea mo fakaakeake fo’ou ‘a e māketi fakapa’anga΄ ke toe ola lelei ange ki he ’ekonōmika΄.
‘E fakafalala e Tu’unga Tau’atāina Fakapa’anga ko eni ‘i he ngaahi fakamatala ‘oku tānaki ΄, pea ‘e malava pē ke toe liliu ki he Tu’unga Fakalahi (easing), pe Tu’unga Holoki (tighten) e ngaahi ngāue fakapa’anga΄, makatu’unga mei he hikihiki ma’olunga ‘a e totongi koloa΄. ‘I hono to’o kongalalahi:
- Kuo mālohi ange e fakaakeake ‘a e tu’unga faka‘ekonōmika΄ ‘o laka hake ‘i he peseti ‘e 2 ‘a e tupu fakata’u΄ ki he 2025 pea mo e kaha’u vave mai΄. Na’e tokoni ‘a e lelei ange ‘a e ola mei he ngaahi sekitoa langa΄, fefakatau’aki΄, takimamata΄, mo e ngoue΄. ‘Oku fakafuofua ‘e kei hokohoko atu pē ‘a e fakaakeake ‘a e ‘ekonōmika΄ ‘i he kaha’u vave mai΄, neongo ‘oku ma’ulalo ange ‘etau tupu faka’ekonōmika taimi loloa΄ ‘i he ‘avalisi ‘o e tupu ‘a e ngaahi fonua ‘o e Pasifikiˊ mo māmani lahi΄.
- Ne holo e tupu fakata’u ‘a e totongi koloa΄ ki he peseti ‘e 1.4 ‘i Sune 2025. Ka neongo ia, ‘oku kei ma’olunga pē ‘a e totongi ‘o e ngaahi koloa tu’u pau΄ (core inflation), he peseti ‘e 9.8. Neongo ‘oku ma’ulalo pē ‘a e totongi koloa fakata’u΄, ‘oku ‘i ai e tokanga makehe ki he toe lahi ‘a e ngaahi faingamālie ‘e malava ke toe hiki ai ki ‘olunga΄ he ‘oku lolotonga mamafa e totongi koloa΄ ‘i Tonga΄ ni.
- ‘Oku ‘i he tūkunga fakafiemālie pē ‘a e Pa’anga Talifaki ‘i Muli΄ ‘o fe’unga mo e māhina ‘e 10.6 ‘o e koloa hū mai΄. Ka neongo ia, ‘oku faka’au ke lahi ange ‘a e tafe kitu’a ‘a e totongi pa’anga ki he koloa hū mai΄, totongi noo΄, mo e pa’anga tefito΄, kae tautefito ki he pa’anga ke ‘inivesi ‘i muli΄ talu mei he 2023, ‘o kau eni ‘i he ngaahi uesia kuo kamata ke hā mai΄. ‘Oku tu’u lavea ngofua foki mo e talafi pa’anga taautaha mei muli΄ ki he ‘amanaki ke kamata e totongi tukuhau fo’ou peseti ‘e taha kuo hilifaki ‘e ‘Amelika ke kamata mei he ‘aho 1 Sanuali 2026, ‘o fakalahi ai pē ki he ngaahi uesia tamaki ‘e hoko he kaha’u΄.
- ‘Oku kei malu pē ‘a e ngaahi ngāue fakapa’anga΄, pea na’e ‘unu hake lahi e ngaahi noo΄ ‘aki ‘a e peseti ‘e 13.4 ‘i he ta’u΄ kakato ki Sune 2025, pea tu’unga fe’unga pē ‘a e ngaahi pa’anga tefito΄ (capital) mo e pa’anga ngāue (liquidity) ‘a e ngaahi pangikee΄. ‘I he taimi tatau, ‘oku fai e tokanga makehe ki he kei ma’olunga ‘a e ngaahi nō palopalema΄, pea ‘ikai ke loko hā mai ha kake ‘a e ngaahi faingamālie nō ki he ngaahi pisinisi΄, ‘o fakangatangata ai ‘a hono fakalahi ‘a e ngaahi ngāue fakapa’anga΄ (limited financial deepening).
‘I he fakamatala ‘a Kōvana Tatafu Moeaki΄, “Neongo ‘oku nga’unu kimu’a ‘a e fakaakeake faka‘ekonōmika΄, ka ‘oku toe fakautuutu ‘a e tokanga ke tau mateuteu ki ha nunu’a faingata’a ’e ala hoko he kaha’u΄. Ko hono liliu e fokotu’utu’u Ngāue Fakapa’anga΄ ki he Tu’unga Tau’atāina΄, ‘e tokoni ke mateuteu ange ‘a e māketi fakapa’anga΄ ke ‘aonga pea ola lelei ki he ’ekonōmika΄, fakalelei ki he totongi koloa΄, mo e malu fakavaha’apule’anga΄. ‘Oku mahu’inga ‘a e liliu ko eni ki he toenga ‘o e ta’u 2025, ta’u kaha’u 2026, mo e hoko atu΄. Ko e pole ki he Pangikē Pule΄, ko hono langa hake ‘a e fa’unga ‘o e māketi fakapa’anga΄ kene malava ‘o ngāue ki hono fatongia ko hono ta’ota’ofi ‘a e hikihiki ‘a e totongi koloa΄ ke ‘oua ‘e laka hake ‘i he peseti ‘e 5, pea mo fakamālohi’i ‘a e tu’unga malu ‘o e tafa’aki fakapa’anga΄.” ‘E fakahoko ‘e he Pangikē Pule΄ ‘a e ngaahi tu’utu’uni ko΄ eni ‘i he māhina ‘e ono ka hoko mai΄:
- Fokotu’u e matapā ki he totongi tupu΄ (interest rate corridor) ‘aki hono liliu ‘a e totongi tupu ‘oku tu’utu’uni’i ‘e he Pangikē Pule΄ (policy rate) ki he totongi tupu lotomālie (mid-rate), pea ke fanongonongo ‘i ha ngaahi taimi pau ke tataki ‘aki ‘a e māketi΄.
- Fakatau atu ‘a e ngaahi nouti Pangikē Pule΄ ke holoki ‘aki ‘a e hulu he pa’anga ngāue ‘a e ngaahi pangikee΄, pea mo fakatoka ‘a e totongi tupu he māketi΄ ke malava ke ola lelei ange ‘a hono fakaa’u e fokotu’utu’u ngāue fakapa’angaˊ, ‘aki hono tataki e totongi tupu΄ ke lelei ange ki he fakahū pa’anga΄ pea ke ma’ama’a ange ‘a e totongi tupu ki he noo΄.
- Tu’uma’u pē ‘i he peseti ‘e 15 ‘a e pa’anga ‘oku tu’utu’unia ke fakahū mei he ngaahi pangikee΄'o tauhi talifaki 'i he Pangikē Pule΄ (Statutory Reserve Deposits).
- Vakai’i ‘a e tu’utu’uni ki he Fetongi Pa’anga Muli΄ ke fakapapau’i ‘oku kei taau pē ‘a e tu’unga malu fakavaha’apule’anga΄.
- Toe vakai’i ‘a e ngaahi tu’utu’uni Fetu’utaki ‘a e Pangikē Pule΄ ke toe ‘ata kitu’a ange ‘a e ngāue΄, pea lelei ange mo e faka’ilonga mei he Pangikē Puleˊ ‘ene fokotu’utu’u ngāuefakapa’angaˊ ki he māketi΄.
- Fengāue’aki vāofi ange ke fenāpasi ‘a e ngaahi Fokotu’utu’u Ngāue Fakapa’anga΄ mo e ngaahi Fokotu’utu’u Ngāue Tu’uloa ‘a e Pule’anga΄ (fiscal policy).
- Hoko atu ‘a e ngaahi fokotu’utu’u Ngāue Fakafonua ki hono Fakafaingofua'i 'a hono ngāue'aki 'a e Ngaahi Ngāue Fakapa'anga΄.
29 ‘Aokosi 2025
--
