Tonga : recent economic developments.

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Bibliographic Details
Imprint:	Washington, D.C. : International Monetary Fund, ©1997.
Description:	1 online resource (66 pages).
Language:	English
Series:	IMF Staff Country Report ; no. 97/40 IMF staff country report ; no. 97/40.
Subject:	Tonga. Tonga.
Format:	E-Resource Book
URL for this record:	http://pi.lib.uchicago.edu/1001/cat/bib/12501759

Hidden Bibliographic Details
Other authors / contributors:	International Monetary Fund.
ISBN:	1283567814 9781283567817 9781451837407 1463973055 9781463973056 1463917961 9781463917968 1463912196 9781463912192 9786613880260 6613880264
Notes:	English. Online resource; title from PDF title page (IMF, viewed Mar. 6, 2015).
Summary:	This paper describes economic developments in Tonga during the 1990s. From 1993 to 1996, financial policies were quite expansionary. Following the licensing of two new banks, credit growth accelerated in 1994. The National Reserve Bank of Tonga initially adopted an accommodating stance, but in December 1995, tightened monetary policy significantly. Hampered by its poor profitability in the use of indirect monetary instruments, it relied on an increase in reserve requirements. Meanwhile, fiscal policy had added further to demand pressures with the recurrent budget surplus declining, owing to a cost-of-living adjustment to government wages.

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