The Organization Structure shows the internal operations of the RBV. The internal operations are organized into four main departments namely, Governor’s Office, Economics and Research, Financial Regulations, Financial Markets and the Support Services.
Governor's Office
The Core roles of the office of the Governor and the Executive Management are comprised of the following:
- Develop the overall vision of the organization;
- Provide organizational strategic planning and leadership;
- Execute board decisions and management functions;
- Ensure that statutory and other functional responsibilities are met;
- Provide corporate communications, liaison and working relationship with international and national stakeholders
- Governor’s Office through the Human Resources Unit (HRU) contributes to the RBV's mission of recruiting, developing and retaining a professional team dedicated to the pursuit of quality practices. It contributes to instilling the values of the RBV as regards professionalism and corporate culture at the work place
- Governor’s office also through the Legal Counsel Unit fulfils the role of ensuring that all of RBV's legal obligations are met. The office protects the RBV from possible litigation enabling a smooth functioning of the RBV
Economics and Research 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 Regulations 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 Regulations 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;
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;
Support Services Department
The Support Services is organized into several key units which includes, Financial
Accounts & Customer Services unit, Banking, Payment and Settlement unit, Budget unit, Currency unit, Logistics unit and the Information and Communications Technology unit(ICT).
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 Unit
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 Unit
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 Unit
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;
Logistics Unit
The unit is primarily responsible for providing internal support services including: 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.
Information Technology (ICT) Unit
The primary function of ICT is to maintain the Banks computer systems and network including the Bank's core financial information systems. The Unit is responsible for strategic advice to management on appropriate hardware and software application and systems.