The FEC Act 2018 applies to foreign exchange transactions after November 1, 2018.
The Reserve Bank said the Act authorised it to manage the country’s foreign exchange and was not intended to violate anybody’s Constitutional right to their property or money in Tonga.
However, it said that if somebody chose to convert, transfer or dispose of their property or money in exchange for foreign currency, they would forfeit that right and would be to the exchange control directive issued under the Act.
