Tongan government to re-think Foreign Exchange Control Act: 'Aisake Eke Featured
Former Minister of Finance 'Aisake Eke
15 January, 2019. A former Tonga finance minister says the government has to re-think legislation which allows the Reserve Bank to take control of assets held offshore by Tongans
The Foreign Exchange Control Act came into force in November and there has been growing concern since, among the local business community.
One company, Pacific Sunrise Fishing, which employs 75 people and operates six fishing vessels, said it will have to cut back its operations because of the claw back effects of the legislation.
Former minister, 'Aisake Eke, said the government has to re-think the legislation and this time keep the people affected in the loop.
"So to get their views, elicit their views, so the authorities know what are the possible implications of a piece of legislation like this and if they are not consulted, and I think this legislation was not crafted with clear consideration of the affected people like the business community."
- RNZI
