Reserve Bank of Vanuatu

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Departments

The Organisation Structure shows the internal operations of the RBV. The internal operations are organized into four main departments namely, Research, Financial Institution Supervision, Operations, and Administration. The Information Technology (IT) Unit was created in 2002 from the functions of data processing office of the Operations department and reports directly to the Deputy Governor. The Legal Counsel Reports Directly to the Governor. Departmental key roles are as follows:


Governor's Office

Research & Statistics Department

The Research department's main responsibility is to conduct economic analysis and provide advice on the formulation of monetary policy. Some of the department's key tasks include:

  • Collection, analysis and monitoring of economic, and financial data;
  • Writing and coordinating the Banks publications;
  • Undertake research and studies on sectors of interest in the economy;
  • Providing advice on appropriate monetary policy settings in Vanuatu;
  • Coordinating economic policies with relevant authorities;
  • Provision of data to international and other organizations.


Financial Institution Supervision Department

One of the roles of the Reserve Bank of Vanuatu (RBV), as defined under Reserve Bank of Vanuatu Act [CAP 125] is to supervise domestic and offshore (or international) banks. This function is carried out by the Financial Institution Supervision Department, which is responsible for the supervision of domestic banks licensed under the Financial Institutions Act of 1999 and offshore banks licensed under the International Banking Act of 2002 and Insurance companies licensing under Insurance Act of 2005.

Some of the key areas that are outlined in the Acts include:

  • The power to issue and revoke banking licenses;
  • Supervision of licensed financial institutions within prudential guidelines and accepted international accepted standards through the conduct of on- and off-site analysis, and meetings with financial institutions;
  • Assessing the fitness and propriety of persons involved in the management of licensed institutions;
  • Ensuring that licensees prudential policies and guidelines are consistent with international best practices and that management practices are sound;
  • Regularly reviewing international developments in the area of financial system supervision and payments system and their impact on the supervisory arrangement and payment systems in Vanuatu; and
  • Co-ordination with other domestic and international supervisory authorities.


Accounts & Customer Services Department

The Operations department has the primary responsibility for aspects of corporate, banking and financial services, reporting and currency issue. It comprises the Offices Accounts & Customer Services, Currency and Foreign Exchange.

Accounts Office

The office is responsible for the processing and reporting of the Bank's accounts. Its key tasks include:

  • Procurement and payment of ordered goods and services as well as payroll;
  • Processing of financial accounts in a timely manner;
  • Reporting of financial accounts in prescribed manners. The RBV is required by law to submit annual reports on the status and operations of the Bank to the Minister of Finance and Economic Management;
  • Administering the Bank's Monetary Policy on the domestic open market operation.


Customer Services

The Office operates banking services with account holders and counter transactions with the public. It also supervises the Port Vila Clearing House for settlement of the inter-bank domestic payment system.

The Currency Office

The office's primary responsibility is to ensure the availability and supply of good quality currency. Key task areas include:

  • monitoring and ensuring an appropriate stock of notes and coins;
  • storage, safe-keeping as well as the examination and sorting of Vatu notes and coins to ensure good quality currency;
  • issuance of numismatic currency.




Financial Markets Department

The primary responsibilities of the Office are:

  • To administer foreign exchange dealing transaction with clients;
  • To determine the daily indicative rate of exchange for the Vatu vis-à-vis major currencies;
  • To administer the official foreign reserves of the Bank;
  • To administer guidelines on dealings in foreign exchange as issued by the Bank.


Corporate Services Department

The Corporate Services Department (CSD) is primarily responsible for providing internal support services including: information technology; human resources management; plant & properties management; security; and general administration. The Department’s current structure was approved by the board after the major restructure of the Bank in 2008.

To carry out its function, the Corporate Services Department is notionally split into four (4) operational Units:
1.    Human Resource Unit (HRU)
2.    Information & Communication Technology Unit
3.    General Administration Services Unit
4.    Property & Assets Unit

 

 

Information Technology (IT) Unit

The primary function of IT is to maintain the Banks computer systems and network including the Bank's management information system within its Intranet The Unit is responsible for advise to management on appropriate hardware configuration and software application and systems. The IT Unit reports directly to the Deputy Governor.

Legal Counsel

The office of the Legal Counsel is directly under the Governor’s Office. Its prime responsibility is to provide legal advise to the Bank in general in relation to issues arising under the governing legislations and other relevant legislations affecting the operation of the Bank. It also ensures that the Policies of the Bank are complied with. Other task involves drafting and conveyancing. All legal queries of the Bank from the different departments are also directed to the Legal Counsel.