Central Banking

Tonga shuffles cabinet, names new finance minister

The governor of the National Reserve Bank of Tonga has been appointed finance minister of the tiny South Pacific island nation. Siosiua 'Utoikamanu replaced Tutoatasi Fakafanua in the finance portfolio in a wider shake-up of Tonga's 11 member all-male cabinet, announced by Prime Minister Prince 'Ulukalala Lavaka Ata. 'Utoikamanu will appoint his replacement as governor of the central bank.

Tonga is a constitutional monarchy of around 100,000 people, ruled by King Taufaahau Tupou IV who has bot