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Results for National Reserve Bank of Tonga

Tuesday 7 July 2020

Nuku'alofa, Tonga
Tonga’s National Reserve Bank on July 1 2020 declared that Tonga’s economy would remain contracted during the current Fiscal Year due to the negative impacts of Cyclone Harold and the continuing COVID-19 restriction.
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Wednesday 6 May 2020

Nuku'alofa, Tonga
The negative impacts of CoViD-19 will lead to a contraction in economic growth for the current fiscal year, the Governor of the National Reserve Bank of Tonga, Dr Sione Ngongo Kioa stated on 5 May, as domestic activities have already shown a slowdown.
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Tuesday 28 April 2020

Nuku'alofa, Tonga
Tonga’s Official Foreign Reserve held by the National Reserve Bank was $457.5 million at the end of March, equivalent to 6.8 months of imports.
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Tuesday 16 July 2019

Nuku'alofa, Tonga
The construction of a multi-storey building on the Nuku‘alofa waterfront by a new entity the “Oriental Investment Development Bank” has been quietly proceeding following a ground breaking ceremony on April 4. But according to Tongan regulators, the bank does not hold a licence to operate a bank in Tonga. By Pesi Fonua.
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Tuesday 23 April 2019

Nuku'alofa, Tonga
Are you affected by the Foreign Exchange Control Act of 2018? This is a question we should all ask.... Even if this Act was intended to stifle foreign investment in Tonga, why put the severe restrictions on what the residents of Tonga can or cannot do with their money? - Dean Bishoprick
Wednesday 9 January 2019

Nuku'alofa, Tonga
Pacific Sunrise Fishing, Tonga’s only locally-owned commercial deep sea fishing exporter, is scaling down its operation in Tonga, "and to start sellling some of the assets that we have, like boats and things like that," Eddie Palu said on January 4. He told Matangi Tonga of his concern over a decision by government for the 2018 Foreign Exchange Control Act to become effective on 1 November 2018. By Pesi Fonua.
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Tuesday 11 December 2018
Nuku'alofa, Tonga
The National Reserve Bank of Tonga aims at securing Tonga’s Foreign Reserves at a level of about $457.3 million, equivalent to more than seven months of imports, with the enforcement of the Foreign Exchange Control Act 2018 on 1 November. The Act requires Tongan exporters to repatriate at least 60% of their export proceeds. And, if the economy fails and the foreign reserves drop below the threshold, - then the Act gives the government the right to try and force Tongans who have invested overseas to repatriate their funds to Tonga. The Act was passed at the time Tonga expected to start repaying its loans to China.
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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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