20 Sep 2007

Tonga reveals an improving level of foreign reserves

3:15 pm on 20 September 2007

Tonga's official foreign reserves have for the first time exceeded 100 million pa'anga or 50 million US dollars.

The National Reserve Bank of Tonga has informed the finance minister that the record figure amounts to 4.9 months of import cover.

According to the Bank, the increase reflects receipts from private remittances and insurance payouts after last November's riots.

The Reserve Bank says it expects this high level of foreign reserves and liquidity will help fund the recovery after the events of last November.