17th November, 2017 The National Reserve Bank of Tonga (NRBT) hosted the 32nd Annual Meeting of the South Pacific Central Bank Governors that started Wednesday 15th at Fa’onelua Convention Centre.
The three-day meeting is chaired by the Governor of NRBT, Dr. Sione Ngongo Kioa.
Dr. Kioa stated that as central bankers, it is important to have a platform for dialogue and to discuss common monetary and financial issues that the Pacific region and individual countries are facing.
He said the meeting also provides an opportunity to share practical ideas and experiences that will enhance roles in maintaining macroeconomic and financial stability in the region’s island economies.
“It is very important for us as bank regulators and supervisors to ensure that financial services that are delivered by the commercial banks and other financial institutions are carried out on a level playing field, and we must do also protect the depositors and borrowers from any reckless banking behaviors. Effective communications with financial institutions are very important.”
The main functions of the central bankers include;
- The implementing monetary policies;
- Controlling our individual counties money supplies;
- Providing lender of last resort to our governments and the resident banks;
- Managing the foreign exchange reserves
- Regulating the supervising the financial system to ensure the solvency of member institutions, prevent bank runs, and reckless or fraudulent behavior by member banks; and also
- Promoting financial inclusion, especially the access to finance for the businesses and the Pacific island citizens.
This is the second time for NRBT to host such meeting.
Participating members include: Governors of the Central Bank of Samoa, Bank of Papua New Guinea, Central Bank of Solomon Islands, Banco Central de Timor-Leste, Reserve Bank of Fiji, representatives from the Reserve Bank of Australia, Reserve Bank of Vanuatu, Reserve Bank of New Zealand and the National Reserve Bank of Tonga and guests from other central banks and related institutions.
ENDS
Issued by the: Ministry of Meteorology, Energy, Information, Disaster Management, Environment, Climate Change & Communications.
