29 Jan 2008

Tonga's Foreign Reserve increases

12:21 pm on 29 January 2008

Tonga's Foreign Reserve increased by $19.8 million paaga, or US$9 million last month.

The Matangi Tonga Online reports it went from $94.8 million paaga, or US$46.4 million in November 2007, to $114.6 million in December or US$56 million.

The increase is equivalent to just over five months worth of imports of goods into the kingdom.

The National Reserve Bank of Tonga reported this month that it was the result of foreign exchange operations that the bank carried out with commercial banks and the Government of Tonga.