Results for Economy and Trade

A continue decline of Tonga's foreign currency earnings has stifled the growth of the Tongan economy, the Governor of the National Reserve Bank of Tonga, Mrs Siosi Mafi said this morning, May 31.

The Tonga Development Bank has reduced its interest rates by 1% on customer loans, and has offered a 50% repayment reduction on all monthly loan repayments for three months, effective 1 May 2012.

An Economic Dialogue aimed at growing the Tongan economy in a collective effort, will be held on March 7-8 hosted by the National Reserve Bank of Tonga, and will bring together key people in agriculture, fisheries and tourism sectors, and government, to develop actions and address the challenges of Tonga's current economic downturn.

The growth prospect for the Tongan economy is expected to remain slow in the next six months on the back of uncertainty in the global economy, according to a statement from the National Reserve Bank of Tonga on November 1.

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How Pacific Forum countries can build a way forward in the PACER Plus negotiations with Australia and New Zealand, is a demanding issue that is being discussed at the Forum Trade Ministers Meeting that opened in Neiafu, Vava'u today, May 18.

Tonga's prices for Diesel, Kerosene, Petrol and LPG Gas will rise from mid-night on Sunday April 17, the government's Competent Authority Committee announced late on Friday, April 15.

Tonga's official Foreign Reserves held by the National Reserve Bank of Tonga in February was $158.8 million, the equivalent of 6.5 months of imports of goods.

A large decline in remittances to Tonga is slowing down the economy while the inflation rate is expected to rise continually over the next six months, causing a weak domestic economy, Tonga's Reserve Bank has reported.