Results for Business

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.

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.

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.

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.

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’.

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.

Petrol and kerosene retail prices have decreased slightly for September to October starting on Tuesday, 18 September, while the price of diesel went up.

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.

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.