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Results for Economy

Thursday 20 December 2018

Nuku'alofa, Tonga
Tonga is in a high-risk exposure position “to weather disturbances and sea-level rise as well, as weak disaster management” according to the December 2018 issue of the Pacific Economic Monitor PEM of the Asian Development Bank.
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Tuesday 11 December 2018
Nuku'alofa, Tonga
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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Monday 19 November 2018

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 22 October 2018

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 3 October 2018

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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Monday 10 September 2018

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.
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Friday 7 September 2018

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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Thursday 2 August 2018
Nuku'alofa, Tonga
Tonga’s official foreign reserve continued to grow as the National Reserve Bank of Tonga recorded an increase of $26.8 million for the month of June. The reserves rose to $468.7 million, equivalent to 8.1 months of imports.
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Wednesday 17 January 2018

Nuku'alofa, Tonga
Foreign currency exchange operations by unauthorized dealers has become a major concern for the National Reserve Bank of Tonga, who want to shut down the involvement of retail shops in Tonga offering the services illegally to their customers. They are hoping the public will report illegal activities.
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Monday 20 November 2017

Nuku'alofa, Tonga
New financial knowledge and skills have been developed in the Pacific Islands over the last seven years following initiatives by banks to broaden access to financial services for many more people. Ressa Price, the ANZ regional Executive Director for the Pacific, visiting Tonga on November 16, released a report on the the impact of the bank's MoneyMinded program that was launched in 2010 in a number of Pacific Islands countries,
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Friday 17 November 2017

Nuku'alofa, Tonga
The three-days 32nd Annual Meeting of the South Pacific Central Bank Governors Annual Meeting ended in Nuku’alofa today, 17 November 2017.
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Friday 13 October 2017
Nuku'alofa, Tonga
The World Bank is convinced that its Pacific Possible PP initiatives will boost economic growth in the Pacific Island Countries PIC over the next 25 years.
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Monday 2 October 2017
Nuku'alofa, Tonga
Tonga’s public debt at the end of the current 2017 fiscal year is estimated to be equivalent to half of our Gross Domestic Product GDP (about TOP$444.7m), according to an updated version of the Asian Development Outlook ADO 2017, published by the Asian Development Bank at the end of September.
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Friday 4 August 2017

Nuku'alofa, Tonga
A new customs duty and excise tax introduced last year has driven import prices up causing inflation to hit significantly high levels in Tonga. Annual inflation rose by 10% over the year to May 2017 - well above the National Reserve Bank of Tonga's reference rate of 5%.
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Wednesday 12 July 2017
Nuku'alofa, Tonga
Tonga became a prospective member of the Asian Infrastructure Investment Bank (AIIB) in June.
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Thursday 8 June 2017

Nuku'alofa, Tonga
Tongan handicrafts were showcased by local artists to Crown Princess Sinaitakala Tuku’aho on Thursday, June 8 at a True Tonga Inc. meeting held at the Tanoa International Dateline Hotel.
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Tuesday 2 May 2017
Nuku'alofa, Tonga
The World Bank’s Board of Executive directors on April 27 approved US$5 Million to support Tonga’s Second Inclusive Growth Development Policy Operation.
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Friday 21 April 2017
Nuku'alofa, Tonga
Two key challenges that the Tongan government faces now are to manage carefully its wages bill and also its financing of the 2019 South Pacific Games related constructions. The World Bank also believes that Tonga should undergo an economic reform to shore up its revenue, “contain unproductive spending while boosting critical expenditures on health and education, and build up buffers against shocks.”
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Wednesday 12 April 2017
Nuku'alofa, Tonga
Tonga faces a growing need to restrain public wage growth to decrease the share of wages in current spending, advises the Asian Development Bank’s Asian Development Outlook 2017.
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Friday 31 March 2017
Nuku'alofa, Tonga
The International Monetary Fund (IMF) said in a preliminary statement this week that Tonga’s “economic activity is expanding and likely to remain relatively strong into the next couple of years”. However, the IMF found that there was a lack of recent statistical information available such as government finance, inflation, balance of payments, and national accounts data for their assessment of economic development.

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