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Results for Economy and Trade

Wednesday 28 February 2024
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Abu Dhabi, UAE
Tonga's Minister for Trade & Economic Development, Hon. Dr. Viliami Uasike Latu is joining the World Trade Organization 13th Ministerial Conference (WTO MC13), held from 26-29 February 2024, in Abu Dhabi, United Arab Emirates. The World Trade Organization members negotiate and make decisions on new global trade rules,
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Monday 4 December 2023

Nuku'alofa, Tonga
A new series of Tongan bank notes was launched today, 4 December, in commemoration of the official birthday of Tupou I - a national public holiday. HRH Prince Ata unveiled the new bank notes at a launch held by the National Reserve Bank of Tonga t the Fa’onelua Convention Centre in Nuku’alofa.
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Monday 6 November 2023

Nuku'alofa, Tonga
Tonga’s economy is performing strongly but faces growing headwinds, the International Monetary Fund (IMF) stated in its country report for Tonga published on 3 November. Although tourism-related services are recovering, tourism receipts as a share of GDP are anticipated to remain below pre-pandemic levels until FY2026 due to slow reconstruction of damaged facilities. Worker migration is causing severe labour shortages.
Monday 7 August 2023

Nuku'alofa, Tonga
Although Tonga's economy is rebounding strongly from a major double shock in early 2022, Tonga is confronting important challenges to long-term growth posed by sustained worker outflows and increasingly frequent natural disasters, says the International Monetary Fund.
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Tuesday 25 July 2023

Nuku'alofa, Tonga
Two Deputy Governors were appointed for the National Reserve Bank of Tonga, approved by the Reserve Bank Board of Directors on 21 July.
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Thursday 13 April 2023
ADO

Nuku'alofa, Tonga
Growth in Tonga’s economy is projected to reach 2.5% in 2023 expanding further to 3.2% in 2024, according to the latest edition of the Asian Development Bank's economic report presented in Nuku'alofa today, 13 April. ADB Public Sector Economist, James Webb said, like its South Pacific neighbours, Tonga has faced an immensely difficult past three-years. Inflation is forecast to accelerate to 9.4% this year, with remittances providing some potential relief to households.
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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
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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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