National Bank of Tuvalu

National Bank of Tuvalu

Agency overview
Jurisdiction	Tuvalu
Headquarters	Funafuti
Employees	45
Agency executive	Siose P Teo, General Manager[1]
Parent agency	Ministry of Finance and Economic Planning

8°31′27.7″S 179°11′43.3″E / 8.524361°S 179.195361°E / -8.524361; 179.195361 The National Bank of Tuvalu (NBT) is the sole provider in Tuvalu of banking services involving taking deposits, making loans and engaging in foreign exchange transactions. In 2020, its assets were AUD$128 million, or 160% of the GDP of Tuvalu.^[2]

There is no monetary authority or central bank in Tuvalu. The NBT performs some monetary functions for the government, including the holding of government accounts and foreign assets.^[3]

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, which takes account of 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 Tuvalu continues to use Australian banknotes.