About Reserve Bank of Vanuatu
Vanuatu achieved its political independence from Great Britain and France on July 30,1980 five months after the birth of the new nation, Parliament approved the Central Bank Act, which marked the formal establishment of the Central Bank of Vanuatu. “There is hereby established a bank to be known as the Central Bank of Vanuatu which shall be a body corporate under that name..” (Central Bank of Vanuatu Act)
The Central Bank of Vanuatu was created as public institution, with the Government of the Republic of Vanuatu controlling 100% of the shares. The authorized capital of the Bank was fixed at Vt200 million; however, the Central Bank Act states that the capital may be increased. In November 1985, by resolution of the Board of Directors and with the approval of the Minister of Finance, the authorized capital was increased to Vt400 million.
On its establishment, the Bank issued capital stock of Vt50 million, which was taken up by the Government. The capital stock was later increased to VT100 million. The ownership of the Bank by the Government means that the Government has the right to the profits; the Central Bank Act states that 90% of the profits of the Bank will be paid to the Government and 10% to the General Reserve Account of the Bank… Continue reading about Reserve Bank of Vanuatu here.