Tonga Pa’anga (TOP)
Tue, Apr 15The Tonga Pa’anga (TOP) serves as the official currency of the Kingdom of Tonga, an island nation situated in the South Pacific Ocean. The currency code for the Tonga Pa’anga is TOP, and it is commonly represented by the symbol “T$.” The National Reserve Bank of Tonga oversees the issuance and management of the country’s money supply, along with the establishment and execution of monetary policy.
Introduced in 1967, the Tonga Pa’anga replaced the pound at a conversion rate of 2 Pa’anga for 1 pound. This move to create a new currency was part of Tonga’s initiative to assert its economic and political autonomy. Initially, the Pa’anga was pegged to the Australian dollar at a 1:1 ratio, but this peg was later adjusted to a basket of currencies in 1991.
The Tonga Pa’anga is divided into 100 smaller units known as seniti. Coins are available in denominations of 1, 2, 5, 10, 20, and 50 seniti, as well as 1 and 2 Pa’anga. Banknotes can be found in denominations of 2, 5, 10, 20, 50, and 100 Pa’anga. The designs featured on Tonga Pa’anga coins and banknotes often showcase the reigning monarch, historical figures, and cultural symbols, highlighting the nation’s rich history and heritage.
Tonga’s economy is relatively small and primarily relies on agriculture, fishing, and remittances from Tongans living overseas. Additionally, the country depends on foreign aid and tourism to bolster its economic stability. Given the limited size of the economy and its reliance on external factors, the exchange rate of the Tonga Pa’anga may experience fluctuations.
The Tonga Pa’anga is the official currency of the Kingdom of Tonga, managed by the National Reserve Bank of Tonga. Established in 1967, the Pa’anga is divided into 100 seniti, with various denominations of coins and banknotes issued. The currency designs reflect the nation’s history and cultural heritage. The exchange rate of the Tonga Pa’anga can be affected by external influences and the overall performance of the national economy.
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