National Reserve Bank

Tonga’s Reserve Bank warns illegal foreign exchange dealers

The Bank said there were shops in Tongatapu and the outer islands offering unlicensed foreign exchange services, including cash conversion.

Only dealers authorized by the Reserve Bank are allowed to move money in and out of Tonga.

“Providing foreign exchange services without the required license is an offence,” the Bank said.

Illegal dealers have been warned to immediately stop what they were doing.

The Reserve Bank warns that Individuals face three years in prison and fines of up to TP$20,000.

Tonga economic growth 2016/17 forecast at 3.7 per cent

According to the central bank, this followed a stronger growth of 3.7 per cent and 3.4 per cent for 2014/15 and 2015/16 respectively as indicated at the Statistics Department’s official estimate.

The projected growth for 2016/17 was mainly driven by anticipated growths in construction, utilities, fisheries and mining and quarry.

Several events scheduled for 2016/17 supported the growth in tourism and trade sectors.

At its meeting yesterday, the Reserve Bank’s board of directors approved to release its Monetary Policy Statement (MPS) for February 2017.