The receipt of relief funds from the government’s development partners to support Tonga’s recovery from the Hunga Tonga-Hunga Ha’apai volcanic eruption and tsunami has boosted Tonga’s foreign reserves.

The official foreign reserves held by the National Reserve Bank of Tonga (NRBT) in April 2022, had increased considerably by $22.6 million (from March) to $884.0 million, equivalent to 12.7 months of imports.

The NRBT reported that compared to April 2021 ($679.7m), foreign reserves rose substantially by $204.4 million, underpinned by higher receipts of budget support, official grants, capital inflows, and remittances.

By January 2022 the Foreign Reserve was $856.1 million, then by February it went up to $867.3 million; it went down slightly in March to $861.4 million, then the latest in April was $884.0 million.

The amount also includes overseas remittances receipts.