IMF encourages Tonga to adopt ‘reference rate’ for inflation


The National Reserve Bank of Tonga (NRBT) should replace its ‘reference range' for inflation with a specific rate to help "policy co-ordination and discussion" according to an IMF staff report published on April 30.

The central bank has pursued an "informal inflation reference range" of 6–8% since 2011, in the context of a fixed exchange rate regime – the Tongan pa'anga is pegged to a basket of currencies comprising the Australian, New Zealand and US dollars.

However, headline inflation has

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