 | |
| Agency overview | |
|---|---|
| Jurisdiction | Tuvalu |
| Headquarters | Funafuti |
| Employees | 45 |
| Agency executive |
|
| Parent agency | Ministry of Finance and Economic Planning |
8°31′27.7″S 179°11′43.3″E / 8.524361°S 179.195361°E The National Bank of Tuvalu (NBT) is the sole provider of banking services in Tuvalu. These services include taking deposits, making loans, and engaging in foreign exchange transactions. In 2020, its assets were AUD$128 million, or 160% of the country's GDP.[2]
There is no monetary authority or central bank in Tuvalu. The NBT performs some monetary functions for the government, including holding government accounts and foreign assets.[3]
The NBT is the only institution in Tuvalu that offers foreign exchange transactions. It buys and sells foreign exchange at rates determined by its board, which considers the rates quoted in the international markets.[3]
The NBT cashes traveller's cheques. There are no credit card facilities or ATMs available in Tuvalu. The Tuvaluan dollar is not an independent currency but a variation of the Australian dollar. Tuvalu began issuing its own coins in 1976, which circulate alongside Australian coins, and it continues to use Australian banknotes.
- ^ Colin Ward, Darrell Freund, Mose Saitala and David Burrowes, for Ministry of Finance and Economic Planning of Tuvalu (July 2009). Technical Assistance Consultant's Report - Project Number: 41180-01-2. Asian Development Bank.
{{cite book}}: CS1 maint: multiple names: authors list (link) - ^ "Tuvalu: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Tuvalu". International Monetary Fund Country Report No. 21/176. August 2021. Retrieved 5 August 2021.
- ^ a b Tuvalu: 2010 Article IV Consultation—Staff Report; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Tuvalu (IMF Country Report No. 11/46) (PDF). International Monetary Fund. February 2011. pp. 4–5 & Annexure I.