2 Pa'anga - Taufa'ahua

The National Reserve Bank of Tonga was established only in 1989, replacing the Bank of Tonga and assuming full central bank responsibilities. This note entered circulation during a period when Tonga was navigating significant pressure to liberalize its heavily managed economy, with the pa'anga pegged to a trade-weighted basket of currencies rather than any single anchor — an arrangement that persisted despite chronic current account deficits throughout the 1990s.

Four signature combinations are documented across the P#32 series, reflecting genuine turnover in senior positions rather than a single reprint cycle. S. 'Utoikamanu later became Tonga's first female Foreign Minister.