TOP - Tongan Paʻanga (TOP)

Tongan Paʻanga

The Pa’anga is the currency of the Tonga and is governed by the National Reserve Bank of Tonga. The Pa’anga is not convertible and is pegged to a basket of currencies including the Australian Dollar, New Zealand Dollar, US Dollar, and the Japanese Yen.

The Tongan Pa'Anga is the currency in Tonga (TO, TON). The symbol for TOP can be written PT or T$. The Tongan Pa'Anga is divided into 100 seniti. The exchange rate for the Tongan Pa'Anga was last updated on May 24, 2019 from Yahoo Finance. The TOP conversion factor has 5 significant digits.

Economy

  • The manufacturing sector of Tonga consists of handicrafts and a few other small-scale industries, all of which account for only about 3% of GDP.
  • Commercial business activities also are on a small scale and are dominated to a large extent by the same large trading companies found throughout the South Pacific.
  • Tonga’s economy is characterized by a large no monetary sector and a heavy dependence on remittances from the half of the country's population that lives abroad, chiefly in Australia, New Zealand, and the United States.
  • Much of the monetary sector of the economy is dominated, if not owned, by the royal family and nobles. This is especially true of the telecommunications and satellite services.
  • Most of the small business activity, particularly retailing on Tongatapu, is now dominated by recent Chinese immigrants who arrived under a cash-for-passports scheme that ended in 1998.

History

  • The Pa’anga was introduced on April 3, 1967. It replaced the Pound at a rate of 2 Pa’anga = 1 Pound.
  • In September, 1974, the country's first commercial trading bank, the Bank of Tonga, opened.
  • Until February 11, 1991 the Pa’anga was pegged to the Australian Dollar at par. Since then, it has been pegged to a basket of currencies and has steadily declined.

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