20 Pa'anga

The National Reserve Bank of Tonga was established in 1989, replacing the Bank of Tonga in a broader effort to separate central banking functions from commercial operations — a reform that took longer to implement cleanly than originally anticipated. Thomas De La Rue has printed Tongan currency through multiple series, and by 2009 the relationship was well established.

The Pa'anga has been pegged to a basket of currencies since 1991, managed by the Reserve Bank to limit the exchange rate volatility that small Pacific island economies are particularly exposed to given their dependence on remittances.