The Governor of the  National Reserve Bank of Tonga Siosi Mafi left the bank on 5 July after 10 years as Governor.

The Chairman of the NRBT Board of Directors Steve Edwards said the Governor's contract was initially due to expire on 31 May 2013 and had been extended to July 5, by the Minister of Finance Hon. Lisiate ‘Akolo.

Siosi was first appointed Governor in 2003 on a five-year contract, which was renewed for another five years.

The Deputy Governor Jessie Cocker is now Acting Governor while the bank processes applications for the position.

“A panel including myself, a former Minister of Finance ‘Afu‘alo Matoto and Sefo Cocker will interview applicants and select a candidate for the Minister of Finance to approve. The Minister will then recommend to Cabinet the final adoption of the appointment,” he said.

Tonga's legislation was changed last year to allow the Minister of Finance to approve the selection of the Reserve Bank Governor. Previously the position was decided by Privy Council.

Finance

Meanwhile, the Secretary for Finance and National Planning Tiofilusi Tiueti resigned from his post in May this year.

The Ministry of Finance stated that Pilimilose Balwyn Fa‘otusia was the Acting Secretary while the Public Service Commission processes candidates for the position.