Tonga: Selected Issues and Statistical Appendix

International Monetary Fund

No 2003/037, IMF Staff Country Reports from International Monetary Fund

Abstract: This Selected Issues paper and Statistical Appendix reviews the past conduct of monetary policy of Tonga. The paper considers the problems in the current system and discusses the policy options available to the authorities. It reviews Tonga’s exchange rate policy and explores its effectiveness in light of the economy’s structure and macroeconomic developments. The paper also discusses some of the key features of the framework supporting the Tonga Trust Fund. Its main shortcomings are assessed in light of the best international practices and some lessons for the future are discussed.

Keywords: ISCR; CR; bank; NRBT note; credit growth; credit ceiling; commercial paper; terms of trade; New Zealand dollar; investment strategy; open economy; gross national income; excess reserves; Reserve requirements; Open market operations; Exchange rate arrangements; Credit; International reserves; Australia and New Zealand; Pacific Islands (search for similar items in EconPapers)
Pages: 47
Date: 2003-02-27
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