Reserve Bank of Vanuatu
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The bank began operations on 1 January 1981 and was initially responsible for currency exchange. It established the Vatu as the national currency to replace the circulation of the New Hebrides franc and Australian dollar. 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.
The functions, powers and responsibilities of the RBV are specified in the Reserve Bank of Vanuatu Act [CAP 125] of 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.
Board of directors
Appointments to the Board of Directors of the RBV are governed by Section 8 of the Reserve Bank Act.
Members of the board as of January 2016:
- Simeon Athy, governor (since October 2013)
- Anatole Hymak
- Marakon Alilee
- Georges Maniuri
- Jimmy Nipo
- "AFI members". AFI Global. 10 October 2011. Archived from the original on 20 February 2012. Retrieved 23 February 2012.
- http://www.rbv.gov.vu/index.php?option=com_content&view=article&id=105&Itemid=180&lang=en (Accessed 7 January 2016)
- "Vanuatu PM shuffles departmental heads". Radio New Zealand International. 2013-10-14. Retrieved 2013-12-13.
- Willie, Royson (2012-06-18). "VP, UMP, Nagriamel want Bayer out of RBV Board". Vanuatu Daily Post. Retrieved 2013-12-10.
- "Reserve Bank Governor Removed". Vanuatu Daily Post. 2013-04-29. Retrieved 2014-05-07.