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Results for National Reserve Bank of Tonga

Monday 10 September 2018

Nuku'alofa, Tonga
A new Foreign Exchange Control Act 2018 that gives the National Reserve Bank of Tonga sweeping powers to selectively stop Tongan residents from investing offshore and from holding overseas bank accounts, property and other offshore assets, is not currently being enforced. The Governor of the National Reserve Bank of Tonga, Dr Ngongo Kioa, said today that the new Act awaits regulations and directives from Crown Law.
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Wednesday 11 July 2018

Nuku'alofa, Tonga
The Supreme Court of Tonga has upheld a decision of the National Reserve Bank of Tonga to revoke the banking licence of the Pacific International Commercial Bank Ltd. Lord Chief Justice O. G. Paulsen in the Supreme Court of Tonga, on 5 July 2018 dismissed a claim by the PICB bank whose shareholders include HRH Princess Pilolevu. The bank's reported accumulated losses exceeded TOP$4.5million, causing reserve bank concerns that PICB was conducting unsafe and unsound banking operations.
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Wednesday 17 January 2018

Nuku'alofa, Tonga
Foreign currency exchange operations by unauthorized dealers has become a major concern for the National Reserve Bank of Tonga, who want to shut down the involvement of retail shops in Tonga offering the services illegally to their customers. They are hoping the public will report illegal activities.
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Friday 31 March 2017
Nuku'alofa, Tonga
The International Monetary Fund (IMF) said in a preliminary statement this week that Tonga’s “economic activity is expanding and likely to remain relatively strong into the next couple of years”. However, the IMF found that there was a lack of recent statistical information available such as government finance, inflation, balance of payments, and national accounts data for their assessment of economic development.
Tuesday 7 February 2017
Nuku'alofa, Tonga
After the Minister of Justice, Hon. Vuna Fa’otusia told the Tongan Parliament today that government ministries did not break any law, by employing daily paid labourers for 10 to 20 years without a working contract, the Speaker reminded the House that Tonga is the "Friendly Islands". From the House, by Pesi Fonua.
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Tuesday 2 August 2016

Nuku'alofa, Tonga
The Pacific International Commercial Bank (PICB) is challenging last week’s decision made by Tonga’s National Reserve Bank to shut it down. “We will urgently take legal action against the National Reserve Bank of Tonga for the cancellation of our operating license,” said Mishka Tu'ifua, General Manager and Director of PICB today, 2 August.
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Friday 29 July 2016

Nuku'alofa, Tonga
The Pacific International Commercial Bank (PICB), a Chinese-Tongan venture, had its license revoked because it failed to honour a business plan and had not submitted an audit report, the National Reserve Bank of Tonga Governor Dr Ngongo Kioa said in Nuku'alofa today.
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Thursday 28 July 2016
Nuku'alofa, Tonga
The Pacific International Commercial Bank (PICB), a Chinese-Tongan venture had its license revoked by the National Reserve Bank of Tonga Board of Directors on Tuesday, 26 July. The bank when opened two years ago had a board of six people, four from China and two from Tonga.
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Thursday 28 July 2016

Nuku'alofa, Tonga
The National Reserve Bank of Tonga wishes to assure the public that despite the revocation of the banking licence of Pacific International Commercial Bank (PICB) effective from 26 July 2016, the banking system remains sound. While PICB represented a very small proportion of the total banking system, the banks in Tonga continue to be profitable and maintain strong liquidity and capital position.
Wednesday 25 May 2016

Nuku'alofa, Tonga
The public is advised by the National Reserve Bank of Tonga to take heed of the requirements for the removal of cash from Tonga, and for cash entering Tonga, in order to avoid any unnecessary delays in arrangements for travel or export of cash. Reserve Bank Permission is required for removal of cash exceeding T$10,000 or its equivalent in any other currency and all applicants must submit their applications to the Reserve Bank at least three days prior to the departure date from Tonga.
Thursday 31 March 2016

Nuku'alofa, Tonga
Up to half a million pa’anga of “unclaimed” money held in bank accounts at the Bank of the South Pacific in Nuku’alofa will be swallowed up by the government in June if the amounts are not claimed by the owners soon. Several accounts belonging to the King of Tonga, as well as an Emergency Relief Trust Fund, a private retirement fund, and funds belonging to societies and groups such as the Tonga Society of Accountants, the Sisters of Mercy, the Ferry Princess Ashika Vava’u Victims Fund, the Friendly Island Teachers Association, and numerous PTA accounts, along with those of individuals and a few companies, will be included in a mass transfer of funds if unclaimed.
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Monday 14 March 2016
Nuku'alofa, Tonga
Tonga has been warned that despite government’s strong revenue collection, Tonga’s fiscal position is expected to weaken in near term due to a large increase in the wage bill, an increase in current spending, and potential cost overruns related to Tonga’s preparations to host the 2019 South Pacific Games
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Monday 9 November 2015

Nuku'alofa, Tonga
Tonga has accumulated a Foreign Reserve of $311.7 million pa’anga at the end of September, while its domestic inflation rate was 3.2% for September, according to the latest figures on the National Reserve Bank of Tonga website.
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Friday 24 July 2015
Nuku'alofa, Tonga
The National Reserve Bank of Tonga wishes to inform the general public that the license of Melie-Mei-Langi Co. Ltd has been revoked and is no longer authorized to conduct foreign exchange business. Members of the public are encouraged to report to the National Reserve Bank of Tonga any person or business that is advertising or providing foreign exchange services but are not authorized dealers or authorized restricted dealers. ‘Oku fanongonongo atu foki ke fakatokanga’i ange ‘e he kakai ‘o e fonua kuo kaniseli ‘a e laiseni ‘o e kautaha Melie-mei-Langi Co. Ltd pea kuo ‘ikai ke fakamafai’i ke toe fetongi pa’anga muli.
Monday 29 June 2015

Nuku'alofa, Tonga
Tonga new currency notes and coins were launched by HM King Tupou VI this morning, 29 June, at the Fa’onelua Convention Centre.
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Friday 19 June 2015
Nuku'alofa, Tonga
Issue of the Revised Anti-Money Laundering/ Counter Financing of Terrorism (AML/CFT) Guideline. The National Reserve Bank of Tonga, in its capacity as the Transaction Reporting Authority (TRA), is issuing the Revised AML/CFT Guideline pursuant to section 11A(o) of the Money Laundering and Proceeds of Crime (Amendment) Act 2010 [MLPC Act]. Tukuatu ‘o e Tohi Fakahinohino ki hono fakafepaki’i hono fe’ave’aki fakapulipuli ‘o e pa’anga kaka, pa’anga hiamatea mo e fakapa’anga ‘a e ngaahi ngaue fakatautoitoi. Official Press Release from the National Reserve Bank of Tonga (English and Tongan).
Thursday 20 March 2014
Nuku'alofa, Tonga
A 42-year-old man from Halaleva has been charged with making counterfeit currency after police seized $10 pa‘anga counterfeit notes amounting to $150 on March 19.
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Tuesday 4 February 2014
Nuku'alofa, Tonga
Counterfeit $50 and $10 pa'anga notes found in Tonga lack watermarks and security threads, the National Reserve Bank of Tonga warns.
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Monday 3 February 2014
Nuku'alofa, Tonga
Police are warning traders and the public to be aware and to look carefully at Tongan pa‘anga notes, after three counterfeit $50 pa'anga notes were discovered in Nuku‘alofa last week.
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Friday 6 December 2013
Nuku'alofa, Tonga
Tonga's banks remain flush with funds, and are being urged to lend more to help stimulate an economy that looks as if it has stalled this year, as all key industries in Tonga except for construction recorded falls in lending, according to figures released today.
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