01672cas a2200241 a 4500 AALejournalIMF007402 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451837407 1934-7685 BD-DhAAL BD-DhAAL International Monetary Fund. Tonga : Recent Economic Developments. Washington, D.C. : International Monetary Fund, 1997. 1 online resource (65 pages) IMF Staff Country Reports <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students This paper describes economic developments in Tonga during the 1990s. From 1993 to 1996, financial policies were quite expansionary. Following the licensing of two new banks, credit growth accelerated in 1994. The National Reserve Bank of Tonga initially adopted an accommodating stance, but in December 1995, tightened monetary policy significantly. Hampered by its poor profitability in the use of indirect monetary instruments, it relied on an increase in reserve requirements. Meanwhile, fiscal policy had added further to demand pressures with the recurrent budget surplus declining, owing to a cost-of-living adjustment to government wages. Mode of access: Internet IMF Staff Country Reports; Country Report ; No. 1997/040 Full text available on IMF http://elibrary.imf.org/view/journals/002/1997/040/002.1997.issue-040-en.xml IMF e-Library