Tonga: Selected Issues and Statistical Appendix
February 27, 2003
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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.
Subject: Banking, Central banks, Credit, Exchange rate arrangements, Foreign exchange, International reserves, Monetary policy, Money, Open market operations, Reserve requirements
Keywords: Australia and New Zealand, bank, commercial paper, CR, Credit, credit ceiling, credit growth, excess reserves, Exchange rate arrangements, gross national income, International reserves, investment strategy, ISCR, New Zealand dollar, NRBT note, open economy, Open market operations, Pacific Islands, Reserve requirements, terms of trade
Pages:
47
Volume:
2003
DOI:
Issue:
037
Series:
Country Report No. 2003/037
Stock No:
1TONEA0022003
ISBN:
9781451837452
ISSN:
1934-7685
