National Bank of Tuvalu
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| Agency overview | |
|---|---|
| Jurisdiction | Tuvalu |
| Headquarters | Funafuti |
| Employees | 45 |
| Agency executive |
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| Parent agency | Ministry of Finance and Economic Planning |
Coordinates: 8°32′S 179°03′E / 8.533°S 179.050°E The National Bank of Tuvalu (NBT) is the sole provider of banking services in Tuvalu related to taking deposits, making loans and engaging in foreign exchange transactions.
There is no central monetary institution or central bank in Tuvalu. The NBT performs some monetary functions for the government of Tuvalu including the holding of government accounts and foreign assets.
The NBT is the only institution in Tuvalu that provides foreign exchange transactions. The NBT buys and sells foreign exchange at rates determined by the board of the NBT who take account of the rates quoted in the international markets.
The NBT cashes travellers 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 for circulation, although these circulate alongside Australian coins and Tuvalu continues to use Australian banknotes.
The NBT was established as a corporate body under the National Bank of Tuvalu 1980. When the NBT was first established it was a subsidiary of Barclays Bank. In 1985 it changed to become a joint venture between the government of Tuvalu, which held 60% of the shares and Westpac, which held the remaining 40%. In 1995 the government of Tuvalu acquired 100% of the shares. The headquarters of the NBT are at Vaiaku in Funafuti, and agencies are operated on all eight outer islands.
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