The Reserve Bank of Vanuatu is the

central bank A central bank, reserve bank, or monetary authority is an institution that manages the currency and monetary policy of a country or monetary union, and oversees their commercial banking system. In contrast to a commercial bank, a central ba ...

Vanuatu Vanuatu ( or ; ), officially the Republic of Vanuatu (french: link=no, République de Vanuatu; bi, Ripablik blong Vanuatu), is an island country located in the South Pacific Ocean. The archipelago, which is of volcanic origin, is east of no ...

(an island country located in the

South Pacific Ocean South is one of the cardinal directions or compass points. The direction is the opposite of north and is perpendicular to both east and west. Etymology The word ''south'' comes from Old English ''sūþ'', from earlier Proto-Germanic ''*sunþaz ...

). It was initially known as the Central Bank of Vanuatu after the nation's independence from France and the United Kingdom. The bank began operations on 1 January 1981 and was initially responsible for currency exchange. It established the

Vatu The vatu ( abbreviation: VT;The Reserve Bank of Vanuatu.Current Banknotes and Coins in Circulation" Accessed 2 March 2013. ISO code: VUV) is the currency of Vanuatu. The vatu has no subdivisions. Etymology The term ''vatu'', used in all thr ...

as the national currency to replace the circulation of the

New Hebrides franc The franc was the currency of the Anglo-French Condominium of the Pacific island group of the New Hebrides (which became Vanuatu in 1980). It circulated alongside British and later Australian currency. The New Hebrides franc was nominally divide ...

and

Australian dollar The Australian dollar ( sign: $; code: AUD) is the currency of Australia, including its external territories: Christmas Island, Cocos (Keeling) Islands, and Norfolk Island. It is officially used as currency by three independent Pacific Isl ...

. The bank also replaced the role of the Banque Indosuez Vanuatu. The institution's name was changed to the Reserve Bank of Vanuatu in May 1989 and its responsibility over the national banking industry was expanded.

Role

The functions, powers and responsibilities of the RBV are specified in the Reserve Bank of Vanuatu Act AP 125of 1980. The specific purposes of the RBV as spelled out in Section 3 of the Reserve Bank Act are to:

Regulate the issue, supply, availability and international exchange of money;
Supervise and regulate banking business and the extension of credit;
Advise the Government on banking and monetary matters;
Promote monetary stability;
Promote a sound financial structure;
Foster financial conditions conducive to the orderly and balanced economic development of Vanuatu, and
To regulate and supervise domestic and international (offshore) banks.

It is active in promoting

financial inclusion Financial inclusion is defined as the availability and equality of opportunities to access financial services. It refers to a process by which individuals and businesses can access appropriate, affordable, and timely financial products and service ...

policy and a member of the Alliance for Financial Inclusion.

Board of directors

Appointments to the Board of Directors of the RBV are governed by Section 8 of the Reserve Bank Act.

Current members

Members of the board as of January 2016: *Simeon Athy, governor (since October 2013) *Anatole Hymak *Marakon Alilee *Georges Maniuri *Jimmy Nipo

Governors

* John A. Howard – General Manager, Briton, 1981-1982 *

Patrick Noel Patrick may refer to: *Patrick (given name), list of people and fictional characters with this name * Patrick (surname), list of people with this name People *Saint Patrick (c. 385–c. 461), Christian saint * Gilla Pátraic (died 1084), Patrick ...

– General Manager, 1983-1984 *

Edward Fillingham Edward is an English given name. It is derived from the Anglo-Saxon name ''Ēadweard'', composed of the elements '' ēad'' "wealth, fortune; prosperous" and '' weard'' "guardian, protector”. History The name Edward was very popular in Anglo-Sax ...

– 1985-1987 *

Franklyn Kere ''Franklyn'' is a 2008 British science fantasy film written and directed by Gerald McMorrow as his debut feature. Produced by Jeremy Thomas, it stars Ryan Phillippe, Eva Green and Sam Riley. Shooting took place in London in the fourth quarter ...

– First Ni Vanuatu Governor, 1988-1992 *

Jayant Virani Jayanta ( sa, जयन्त, "victory"), is a character who appears in Hindu literature. He is the son of Indra, the king of the devas (gods), and his wife, Shachi (Indrani). He has a sister called Jayanti. He appears in various Hindu scri ...

– Governor, 1992-1993 *

Sampson Ngwele Sampson may refer to: Military * , several Royal Navy ships * , several US Navy ships * Sampson-class destroyer, a World War I US Navy class * Sampson Air Force Base, near Seneca Lake, New York, closed in 1956 * SAMPSON, a multi-function radar s ...

– Governor, 1993-1997 *

Andrew Kausiama Andrew is the English form of a given name common in many countries. In the 1990s, it was among the top ten most popular names given to boys in English-speaking countries. "Andrew" is frequently shortened to "Andy" or "Drew". The word is derived ...

– Governor, 1998-2003 *

Odo Tevi Odo or ODO may refer to: People * Odo, a given name; includes a list of people and fictional characters with the name * Franklin Odo (born 1939), Japanese-American historian * Seikichi Odo (1927–2002), Japanese karateka * Yuya Odo (born 1990 ...

– Governor, 2003-2012 *

Simeon Athy Simeon () is a given name, from the Hebrew (Biblical ''Šimʿon'', Tiberian ''Šimʿôn''), usually transliterated as Shimon. In Greek it is written Συμεών, hence the Latinized spelling Symeon. Meaning The name is derived from Simeon, so ...

– Governor, 2013- Source:

References

External links

Official site: Reserve Bank of Vanuatu
{{Authority control Economy of Vanuatu