TONGAN RESERVES BETTER

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NUKU‘ALOFA, Tonga (July 20, 1999 – PACNEWS/Radio Tonga)---The National Reserve Bank of Tonga reports that the Kingdom’s foreign reserve level for the first six months of this year shows significant improvement over the same period last year.

The Bank reports reserves last month were 34.2 million pa‘anga ($US 21.26 million), sufficient to cover imports for four months.

The value reflects sales and purchases of foreign exchange by the Reserve Bank.

The reserves stood at 21.3 million pa‘anga at the end of June last year, which was among the lowest monthly levels the Kingdom has ever recorded.

The monthly average level of the foreign reserves during the first half of this year is 31.6 million pa‘anga, an increase of over 11 million pa‘anga compared to the same 1998 period.

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