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Results for Economy and Trade

Monday 2 January 2023
Moeaki

Nuku'alofa, Tonga
Tatafu Moeaki, Tonga's former Minister of Finance was appointed by government on 20 December 2022 as the new Governor of the National Reserve Bank of Tonga.
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Wednesday 21 December 2022

Nuku'alofa, Tonga
A new partnership in financial intelligence has been formed between the National Reserve Bank of Tonga and the Australian Transaction Reports and Analysis Centre, to help detect illicit financial activity.
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Wednesday 24 August 2022

Nuku'alofa, Tonga
While the government is aiming to improve the growth of electronic commerce, to enable more people in Tonga to fully utilize the ICT infrastructure and skills already in place, there is still a long way to go, says Tonga's trade minister, in the first ‘E-Commerce Strategy and Roadmap for Tonga’.
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Saturday 11 June 2022
Image of reserve figures

Nuku'alofa, Tonga
The receipt of relief funds from the government’s development partners to support Tonga’s recovery from the Hunga Tonga-Hunga Ha’apai volcanic eruption and tsunami has boosted Tonga’s foreign reserves. The official foreign reserves held by the National Reserve Bank of Tongavin April 2022, had increased considerably by $22.6 million to (from March) to $884.0 million, and by over $204 million since April last year.
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Thursday 2 December 2021
Nuku'alofa, Tonga
USD$5 million funding from the Asian Development Bank will “help restore and accelerate private sector-led economic growth in Tonga after the COVID-19 pandemic”, after the Tonga Government signed a grant agreement with the ADB on Wednesday, 1 December.
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Tuesday 30 November 2021

Nuku'alofa, Tonga
Higher imported and domestic prices have driven increasing inflation in Tonga. In the year to August 2021 inflation rose by 7.0%, the National Reserve Bank of Tonga reported. Annually, foreign reserves increased, resulting from more receipts of budget support, project funds, and remittances.
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Wednesday 22 September 2021

Nuku'alofa, Tonga
Tonga’s Foreign Reserve held by the National Reserve Bank of Tonga rose significantly in August 2021 by $46.9 million to $751.7 million, which is equivalent to 13.1 months of imports.
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Saturday 4 September 2021

Nuku'alofa, Tonga
A multi-million dollar grant for the provision of a new tugboat for the Port of Nuku'alofa was signed by the Japanese Ambassador to Tonga HE Mr Kensaku Munenaga and the Prime Minister, Hon, Rev. Dr Pohiva Tu’i’onetoa at the Prime Minister’s Office, yesterday, 3 September 2021.
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Tuesday 17 August 2021

Nuku'alofa, Tonga
Tonga’s Domestic Economic activities showed some improvements in May 2021, Sione Ngongo Kioa, the Governor of Tonga’s National Reserve Bank told the National Reserve Bank of Tonga’s Board of Directors on 5 August. However, the Reserve Bank’s GDP outlook projected a deeper contraction in Tonga’s economy for 2020-21 as the extended lockdowns and uncertainties present significant risk.
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Tuesday 20 July 2021

Nuku'alofa, Tonga.
A petition that was tabled into Parliament to stop the construction of a restaurant/burger bar at the ocean swimming pool on the Touliki waterfront in the capital, was deferred for government to make a final decision. From the House by Pesi Fonua.
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Thursday 15 July 2021

Nuku'alofa, Tonga
Tonga's Prime Minister delivered a preacherly message, intending to clarify the direction of the Ministry of Finance for the coming year. He was making a keynote address on launching a new “Foundational Ministry of Finance Week” in Nuku'alofa.
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Wednesday 23 June 2021

Nuku'alofa, Tonga
In March 2021, Tonga's official Foreign Reserves continued a downward trend. Following the previous month’s decline, the reserves fell by $6.7m to $685.7m, equivalent to 11.7 months of import, according to the National Reserve Bank of Tonga.
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Saturday 24 April 2021

Nuku'alofa, Tonga
A “worse-than-expected outcome” for Tonga's GDP in the fiscal years 2019-20 and 2020-21 was forecast by the National Reserve Bank of Tonga, following its first board meeting for the year. During the COVID-19 international crisis Tonga's annual inflation has increased and agricultural exports have fallen. Bank lending decreased, while deposits increased.
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Monday 22 February 2021

Nuku'alofa, Tonga
The Tongan Pa’anga fell to its lowest exchange rate against the New Zealand Dollar since 2014, with one pa'anga buying less than .58 cents today, and possibly its lowest rate ever against the NZD.
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Wednesday 17 February 2021

Nuku'alofa, Tonga
Tonga’s $15.2 million pa'anga loan repayment due to the EXIM Bank of China, during the 2020-21 financial year, has been deferred to 2021-22, the Minister of Finance, Hon. Tevita Lavemaau, confirmed yesterday 16 February.
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Thursday 4 February 2021

Nuku'alofa, Tonga
Tonga’s first Labour Mobility Policy was launched by Prime Minister Hon Dr Tu’i’onetoa today, 4 February. Thousands of Tongans are employed in labour mobility schemes in New Zealand and Australia in horticulture, meat processing, construction, tourism and hospitality. The policy, which was endorsed by cabinet in 2020, aims to maximize the development impact of circular labour mobility in Tonga.
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Tuesday 26 January 2021

Nuku'alofa, Tonga
The IMF has approved US$9.95 million under its Rapid Credit Facility, to help meet Tonga’s “urgent balance of payments and fiscal needs arising due to the COVID-19 pandemic and Cyclone Harold.” Tonga's early closure of external borders had helped avoid a worse economic outcome. “Nevertheless, an economic contraction is expected in FY2021.”
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Friday 4 December 2020

Auckland, New Zealand
Tongans can now ship watermelons to New Zealand after temporary permits were issued to exporters under special conditions, according to Radio New Zealand.
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Friday 14 August 2020

Nuku'alofa, Tonga
Tonga still faces challenges with digital adoption, particularly in business operations and even more so in the informal sector, which will need to be addressed for Tonga to fully realise the benefit of digital revolution, the Minister of Trade and Economic Development, Hon Samiu Vaipulu said this week, at the launching of a Tonga Trade Policy Framework and an eCommerce Readiness Assessment report.
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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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