Fees charged for using levy in commercial banks has been removed
Radio & TV Tonga, Nuku’alofa, 03/02/2017
It’s been a month since the commercial banks in Tonga removed all the fees charged for the implementation of the foreign exchange levy effective as from January 3rd.
The fees were imposed due to special requests from some Commercial banks that they were not ready to implement the requirements for levy.
The Governor accepted the request last year for a limited time only.
Up to late last year, he made the instruction to remove all the special fees imposed on the public but for the commercial banks to pay for it.
This was because some commercial banks were able to pay levy without imposing extra fees to the public including MBF and TDB.
He elaborated on the reasons for the removal of extra fees for foreign exchange levy, to encourage active foreign exchange between Tonga and overseas countries.
Governor added our economy is more active now.
Levy was implemented to help with Tonga’s preparation for the South Pacific Games.
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