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National Reserve Bank of Tonga

VACANCY

• Statistical Advisor

The National Reserve Bank of Tonga (NRBT) invites applications for the position of Statistical Advisor for NRBT. We are seeking the services of an Advisor with demonstrated experience in economic research, data analysis, and modeling, expertise in Consumer Price Index (CPI) methodology, banking, monetary sector, labor market analysis, and macroeconomic trends. The Advisor is required to enhance NRBT’s analytical capacity to address the elevated cost structure in Tonga, particularly focusing on policy implications for its price stability responsibilities. Additionally, there is a need to examine the relevance of the CPI weights for measuring inflation, conduct reliable labor market surveys, wage inflation, identify and research structural inefficiencies causal to the high unit costs of doing business in Tonga and analyze wage inflation trends to contribute effectively to NRBT's price stability responsibilities.

The position will advise the Governor and the Board of Directors. The position will also assist the Economic and Research Department in ensuring that NRBT fulfils its macroeconomic and knowledge sharing mandates, and carries out its functions effectively and efficiently.

Responsibilities

The Advisor is expected to:

1. Analyze the current CPI methodology in the context of Tonga's high-cost structure and review and adjust CPI weights indicator to accurately represent consumer spending patterns and price movements as a reliable cost of living indicator.
2. Conduct comprehensive sector surveys and research to identify factors contributing to Tonga's elevated cost structure focusing on price of commodities and services (CIF values, taxation, margins) for selected products including petroleum and energy, internet and ICT, public utilities, outer islands transport, and basic food items.
3. Investigate and review the effectiveness of monetary policy transmission mechanisms, including the statutory reserve deposit (SRD) and interest rate channels, the exchange rate channel, and bank lending practices.
4. Analyze employment data to identify labor market trends, more regular unemployment data, wage growth trends relevant to NRBT's price stability objectives.
5. Conduct econometric modeling and scenario analysis to evaluate the potential effects of monetary policy changes on key macroeconomic variables.
6. Research best practices in monetary policy implementation and banking supervision and develop data to help assess the stability of the financial sector and regular stress testing and suggest areas for improvement.

The Advisor will be engaged for a 2-year fixed term with the option for renewal subject to satisfactory performance. The Advisor will work from a designated office of the NRBT.

Working hours can be demanding, as they are dictated by deadlines of routine monetary policies and the needs of clients and the Board of Directors. Remuneration will be negotiated based on demonstrated experience and recent remuneration(s).

A specific Terms of Reference is available from [email protected] or download here:  TOR_NRBT_StatsAdviser_2024.pdf

Applications should include the candidate’s CV, name and contacts of two references.

All applications must be received by no later than 4pm, Friday, 21 June 2024. Applications should be marked as "CONFIDENTIAL: JOB APPLICATION – “STATISTICAL ADVISOR POSITION" and addressed to:

The Governor
National Reserve Bank Board of Directors
National Reserve Bank of Tonga
Private Bag No, 25 Post Office
Salote Road
Nuku'alofa

Applications may be submitted via email to [email protected]