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 gene
- Central banks may be thinking wrongly about inflation – Borio
- European Commission announces supervisory agency reforms
- Bank of Russia will be able to handle fallout from failing banks, analysts say
- Riksbank outlines three visions of ‘e-krona’
- Uruguay’s digital currency pilot ‘close to launch’, says governor