Friday, April 19, 2024

The Tongan Pa’anga (TOP)

The Tongan Pa’anga (TOP) is the official currency of the Kingdom of Tonga, an island nation located in the South Pacific.

The currency code of Tongan Pa’anga is TOP, and the commonly used symbol is “T$“.

The National Reserve Bank of Tonga is responsible for issuing and managing the national currency supply, as well as formulating and implementing monetary policy.

History of Tongan Pa’anga

The Tongan Pa’anga was introduced in 1967, replacing the British pound at an exchange rate of 2 Pa’anga to £1.

The decision to establish a new currency is part of Tonga’s efforts to maintain its economic and political independence.

The Paanga was pegged at face value to the Australian dollar when it was introduced, but was later pegged to a basket of currencies in 1991.

Denominations and Breakdowns

Tongan Panga is divided into 100 smaller units called seniti.

Coins are available in denominations of 1, 2, 5, 10, 20 and 50 seniti, as well as 1 and 2 pangas.

Banknotes are available in 2, 5, 10, 20, 50 and 100 Pa’anga denominations.

The designs on Tongan Pa’anga coins and banknotes often depict reigning monarchs, historical figures and cultural symbols, reflecting the country’s history and heritage.

Exchange rate and economy

Tonga’s economy is small and relies heavily on agriculture, fishing and remittances from Tongans living abroad.

The country also relies on foreign aid and tourism to support its economy.

Due to the small size of the economy and reliance on external factors, the Tongan Pa’anga exchange rate can be volatile.

Summary

The Tongan Pa’anga is the official currency of the Kingdom of Tonga and is administered by the National Reserve Bank of Tonga.

Introduced in 1967, the Pa’anga is subdivided into 100 seniti, issuing coins and banknotes in various denominations.

The graphics on the currency reflect the country’s history and heritage.

The exchange rate of the Tongan Pa’anga is affected by external factors and the overall performance of the national economy.

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