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National Reserve Bank of Tonga (Amendment) Act 2017

KINGDOM OF TONGA

NATIONAL RESERVE BANK OF TONGA (AMENDMENT) ACT 2017

Arrangement of Sections

Section

1. Short Title and Interpretation
2. Section 4A amended
3. Section 33 amended
   

KINGDOM OF TONGA

NATIONAL RESERVE BANK OF TONGA (AMENDMENT) ACT 2017

Act 2 of 2017

AN ACT TO AMEND THE NATIONAL RESERVE BANK OF TONGA ACT (CAP. 102)

I assent,
TUPOU VI,
30th March 2017.

BE IT ENACTED by the King and Legislative Assembly of Tonga in the Legislature of the Kingdom as follows:

1. Short Title and Interpretation

(1) This Act may be cited as the National Reserve Bank of Tonga (Amendment) Act 2017.

(2) In this Act, the National Reserve Bank of Tonga Act (Cap. 102), as amended, shall be referred to as the "Principal Act".

2. Section 4A amended

Section 4A of the Principal Act is amended –

(a) by deleting the word "and" at the end of paragraph (o);
(b) by renumbering paragraph (p) as paragraph (q); and
(c) by inserting the following new paragraph (p) –

• "(p) to manage and promote financial inclusion initiatives and related activities; and".

3. Section 33 amended

Section 33 of the Principal Act is amended –

(a) by renumbering subsection (4) as subsection (5);
(b) by inserting the following new subsection (4) –

• "(4) Subject to subsection (3), any remaining credit in the Revaluation Reserve Account may –
  • (a) be used by the Reserve Bank for the costs of implementing the monetary policy subject to the approval of the Board; or
  • (b) be paid to the Government upon the request of the Minister in writing to the Reserve Bank subject to the market conditions and approval by the Board:
• Provided that the Revaluation Reserve Account maintains a minimum balance of $10,000,000.".
  

Passed by the Legislative Assembly this 13th day of February 2017.