TONGA’S FOREIGN RESERVES FALL BY $588,000

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TONGA’S FOREIGN RESERVES FALL BY $588,000

NUKU’ALOFA, Tonga (Matangi Tonga, Mar. 5) - Tonga’s official foreign reserves for February fell by TOP1.2 million [US$588,000], from 85.4 million paanga to 84.2 million paanga [US$41.8 million to US$41.7 million], an amount equivalent to 4.4 months of imports of goods.

At the same period last year, 2006 Tonga's official foreign reserve was 82.4 million paanga, enough for 4.3 month of import.

The drop in the reserve, according to a statement from the National Reserve Bank of Tonga on March 2 was caused by foreign exchange operations that the National Reserve Bank carries out with the commercial banks and with the Government of Tonga.

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