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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Results for Business
Monday 19 November 2018
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Nuku'alofa, Tonga
Tonga’s repayment of its $119 million pa'anga concessional loan from China that was scheduled to start this year, has been deferred for another five years.
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Monday 19 November 2018
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Nuku'alofa, Tonga
The price of petrol has fallen, while diesel and kerosene prices have increased, as approved by the Tonga Competent Authority (TCA) for November – December, starting on 16 November 2018.
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Wednesday 14 November 2018
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Nuku'alofa, Tonga
A ground breaking ceremony to start a Nuku’alofa Power Network Upgrade Project was held on Wednesday, November 14 at Pahu.
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Friday 9 November 2018
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Nuku'alofa, Tonga
Tonga’s agricultural produce is not only nutritious and healthy but local consumption greatly supports the local economy. “There’s a whole raft of benefits from local products,” said Minoru Nishi Jr, manager of Nishi Trading, on launching their new frozen product line in Nuku'alofa this week.
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Thursday 1 November 2018
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Nuku'alofa, Tonga
US$29.9 million funding for the Tonga Renewable Energy Project (TREP) was approved by the Green Climate Fund during its 21st Board Meeting in Bahrain on October 17.
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Monday 22 October 2018
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Nuku'alofa, Tonga
The Tonga Government will start paying $TOP10.8 million a year during the next ten years, (principal only) of its $TOP119m loan from the Exim Bank of China that was used to fund reconstruction projects after the 2006 riots in Nuku'alofa. The start of the principal repayments has already contributed to a $22.8m decline in Tonga’s foreign reserves in September. Now Tonga is confronting the real cost of the riots.
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Wednesday 17 October 2018
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Nuku'alofa, Tonga
Petrol and kerosene retail and wholesale prices have increased significantly for October to November, starting on October 16.
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Tuesday 16 October 2018
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Nuku'alofa, Tonga
Colourful displays of fresh local produce and entertainment at the Nuku'alofa waterfront today, 16 October, commemorated World Food Day (WFD) under the global theme ‘Our actions are our future, a zero hunger world by 2030 is possible’.
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Monday 8 October 2018
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New Delhi, India
Tonga’s effort in promoting renewable energy and energy efficiency has been recognized when it was elected as Vice President of the International Solar Alliance (ISA) representing the Asia Pacific region at its first General Assembly in New Delhi, India, on 1-3 October 2018.
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Wednesday 3 October 2018
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Manilla, Philippines
Forecasts for economic growth in 2018 for Tonga remain negative at -0.3% a report by the Asian Development Bank (ADB) shows.
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Thursday 20 September 2018
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Nuku'alofa, Tonga
Petrol and kerosene retail prices have decreased slightly for September to October starting on Tuesday, 18 September, while the price of diesel went up.
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Saturday 15 September 2018
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Nuku'alofa, Tonga
King Tupou VI launched the installation of Tonga's first Wind Power Generation System, with a ground breaking ceremony on 14 September at Niutoua, on the east coast of Tongatapu. The $40 million project is funded by Japan.
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Friday 14 September 2018
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Yaren, Nauru
Increased aerial surveillance capacity to be provided to 15 Forum Fisheries Agency members to detect and respond to illegal and unreported fishing, was welcomed by Pacific Forum Leaders on September 5.
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Wednesday 12 September 2018
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Nuku'alofa, Tonga
An NZD$30.7 million upgrade to the power distribution network in 55 Tongatapu villages has connected hundreds of households to electricity for the first time and upgraded thousands of rural connections.
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Monday 10 September 2018
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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.
Friday 7 September 2018
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Nuku'alofa, Tonga
Tonga's National Retirement Benefit Fund Board has taken up a 15% shareholding of the government-owned Tonga Development Bank, under a current restructuring of its capital base. The Minister of Finance said that the legislative amendments will not only remove the TDB from being under the Public Enterprises Act, but also change the ministerial responsibility.
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Friday 31 August 2018
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Nuku'alofa, Tonga
Running a business in Tonga is a struggle, but persistence is a key to survival, agreed three New Zealand-Tongan business owners at a breakfast panel organized by the New Zealand Tonga Business Council at the Tanoa Hotel, today Friday, August 31. They noted that the voice of the private sector has weakened over the years.
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Tuesday 14 August 2018
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Nuku'alofa, Tonga
Tonga became the 84th member of the G7 24/7 Cybercrime Network of Contact Points on 3 August 2018.
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Tuesday 7 August 2018
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Nuku'alofa, Tonga
Setitaia Pasivaka Chen has been appointed as the Acting Chief Executive Officer for Tonga Power Ltd, starting on August 1.
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Tonga weather forecast from yr.no, delivered by the Norwegian Meteorological Institute and the NRK. See also Fua'amotu Weather Forecasting Center, Tonga, for latest local weather bulletin.