12 Dec 2006

November foreign reserves in Tonga falls

11:34 am on 12 December 2006

Tonga's foreign reserves held by the National Reserve Bank has fallen by 1.9 million US dollars, for the month of November.

The month recorded 41.4 million dollars, an amount equivalent to four months of imports.

According to the Bank, the reserve movements during November resulted from foreign exchange operations it carried out with commercial banks and the government.

So far this year, the highest level of reserves was recorded in October of about 43 million dollars, followed by January of 42 million dollars.

The lowest so far was in March of just over 37 million dollars.