2025-06-29-IMF-汤加_关于货币政策框架和NRBT运作现代化的技术援助报告（英）_88页_2mb

Summary of the Technical Assistance Report for the National Reserve Bank of Tonga (NRBT)

Core Content

This report outlines a comprehensive strategy for modernizing the monetary policy framework and operations of the National Reserve Bank of Tonga (NRBT), with a focus on improving monetary transmission, enhancing liquidity management, and strengthening communication. The report is based on a virtual Technical Assistance (TA) mission conducted by the IMF's Monetary and Capital Markets Department (MCM) in January–February 2025, aimed at supporting the NRBT in adopting a more market-based and effective monetary policy approach.

Main Objectives

• Maintain exchange rate stability through a currency basket peg.
• Improve monetary policy transmission by developing an interest rate corridor (IRC) and enhancing liquidity management.
• Strengthen the interbank market by increasing liquidity and fostering market activity.
• Enhance the collateral policy to support monetary operations and mitigate financial risks.
• Improve communication effectiveness by adopting a more structured and transparent framework.

Key Recommendations

Key Information and Analysis

Monetary Policy Implementation

Over the past decade, the NRBT has maintained a pegged exchange rate regime for the Tongan pa'anga (TOP) against a basket of currencies, including the US dollar, New Zealand dollar, Fijian dollar, and Australian dollar. The NRBT has used capital and exchange controls to support this regime, but the lack of an active interbank market has limited the effectiveness of monetary policy transmission.

The balance sheet of the NRBT has grown significantly due to unsterilized FX reserve accumulation. As a result, there has been a build-up of excess liquidity, which has not been remunerated since 2012. This has led to a de facto zero-interest rate policy and a lack of market activity. The report highlights the need for a more market-based framework to improve policy transmission.

Interest Rate Corridor (IRC)

The report recommends a conventional mid-rate IRC, with the policy rate at the center, to allow the NRBT to influence short-term interbank rates. The initial phase should involve fixed rate and full allotment tenders, and later, variable rate and fixed amount tenders can be considered once the liquidity monitoring framework is mature. The NRBT should also activate Main Liquidity Management Operations (MLMOs), including the auctioning of seven-day NRBT Notes and repos, to absorb excess liquidity or provide liquidity in deficit situations.

Reserve Requirements and Statutory Reserve Deposit (SRD)

The SRD should be reorganized to focus on adjusting the structural liquidity position rather than as a policy tool. The report suggests that the SRD could be remunerated, and averaging over the reserve maintenance period (RMP) could be introduced at a later stage. Additionally, non-compliance penalties should be linked to the policy rate to ensure adherence to reserve requirements.

Collateral Policy

The current collateral policy restricts eligibility to public sector securities, which is considered appropriate. However, the preference order among collateral types should be removed to promote fairness and transparency. The NRBT should develop standardized procedures for collateral mobilization and sound valuation methodologies. In the absence of an active securities market, theoretical pricing using bond yields can be used to mark collateral to market. The report also suggests the development of a collateral risk mitigation framework to address market, liquidity, default, and maturity risks.

Communication

The NRBT should adopt a formalized institutional communication policy and a multitiered communication framework. Natural Language Processing (NLP) was used to evaluate the effectiveness of NRBT communications, highlighting the need for improved readability, more focused policy statements, and greater use of forward-looking language. The report also recommends the publication of a Financial Stability Report to enhance transparency and public understanding of monetary policy.

Implementation Strategy

The modernization of the monetary policy framework should follow a two-stage sequencing:

• Stage 1: Introduce a mid-rate IRC with fixed rate and full allotment tenders, and activate MLMOs.
• Stage 2: Transition to variable rate and fixed amount tenders, introduce SRD averaging, and implement fine-tuning OMOs once a robust liquidity monitoring framework is in place.

Conclusion

The NRBT is advised to proceed with a gradual and structured modernization of its monetary policy framework. This includes enhancing liquidity management, improving the IRC, reorganizing the SRD, strengthening the collateral policy, and adopting a more effective communication strategy. These measures are essential for improving monetary policy transmission, stimulating interbank market activity, and supporting macroeconomic stability and growth.