Tonga's Reserve Bank has revoked the licence of the Pacific International Commercial Bank with immediate effect on Tuesday.
The Bank has not given any reason for the action it has taken but there have been attempts over the past six months to force Pacific International into liquidation.
The Chinese/Tongan venture was started in 2014.
The Reserve Bank has advised the public not to undertake any transactions with Pacific International.
Tonga Reserve Bank Photo: Kaniva Pacific
The International Monetary Fund has called on Tonga to improve its debt management, and make broader reforms to increase revenue.
Tonga's official foreign reserve has peaked in the final month of the year at 145 million US dollars.
The full potential of labour mobility between Australia, New Zealand and the Pacific Islands remains largely untapped, according to a new report.
A new World Bank report has put the spotlight on the economic threat that non-communicable diseases pose the Pacific Islands.
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