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However, due to the 2 Pa'anga coin's large size and weight and the awkward shape of the 1 pa'anga, they failed to compete against the 1 and 2 Pa'anga notes that were simultaneously issued so production of these denominations ended in the 1980s due to low commercial demand. All 1 and 2 pa'anga coins still remain legal tender but are rarely used.
Tonga Development Bank supplies loans, savings, cross border cash remittances (Ave Pa'anga Pau), domestic money transfer, promissory notes, and business advising. [1] TDB also is the longest running provider of microloans in Tonga. For 16 years, the New Zealand Government has funded the Tonga Development Bank with approximately TOP$300,000.
The National Reserve Bank of Tonga (NRBT; Tongan: Pangikē Pule Fakafonua ʻo Tongá) is the central bank of Tonga.The Reserve Bank is responsible for regulating the issue and supply of domestic and international currency, as well as promoting monetary stability and economic development.
Efforts are being made to discover ways to diversify. One hope is seen in fisheries; tests have shown that sufficient skipjack tuna pass through Tongan waters to support a fishing industry. Another potential development activity is exploitation of forests, which cover 35% of the kingdom's land area but are decreasing as land is cleared.
The history of Tonga is recorded since the ninth century BC, when seafarers associated with the Lapita diaspora first settled the islands which now make up the Kingdom of Tonga. [1] Along with Fiji and Samoa, the area served as a gateway into the rest of the Pacific region known as Polynesia . [ 2 ]
In 1936, one Tongan pound was devalued to be worth 16 shillings sterling, setting the Tongan pound equal to the Australian pound. Existing banknotes had the word "sterling" overstamped, later issues omitted the word altogether. In 1967, the pound was replaced by the pa'anga at a rate of £1 = T$2.
Tonga's precontact history was shared via oral history, which was passed down from generation to generation. By the 12th century, Tongans and the Tongan monarch, the Tuʻi Tonga , had acquired a reputation across the central Pacific – from Niue , Samoa , Rotuma , Wallis and Futuna , New Caledonia to Tikopia , leading some historians to speak ...
10 1-Pa'anga coin. 2 comments. 11 A new portrait of the current King of Tonga on the Tongan paʻanga banknotes. 1 comment. Toggle the table of contents. Talk ...