The Reserve Bank of Vanuatu provides banking services to a specific client based under the provisions of the RBV Act. The Bank’s clients are the Government of Vanuatu, represented by the Department of Finance and Economic Management, the commercial banks and international financial institutions that have a relationship with the Bank and Government of Vanuatu. ( IMF, World Bank, etc).
Banking services offered includes deposits and withdrawals through the customer teller area, processing and clearing of cheques through the Port Vila Clearing House and the processing of international payments and transfers through the SWIFT payment system.
Each client maintains a number of accounts with the Bank . These accounts are used for various purposes. Commercial banks net daily payment obligations processed through the Port Vila clearing House and SWIFT are processed through the Exchange Settlement (ES) Accounts that they maintain with the Reserve Bank.
As a banker to the Government the Reserve Bank also perform other banking services to the Government, as and when required.
The registry section of the banking office records the details of the RBV Notes that the Bank though its open market operation program issues to the market on a weekly basis. These instruments are used to manage the level of liquidity in the banking system in line with the monetary policy requirements of the Bank from time to time.
The Government of Vanuatu from time to time, raises funds for development purposes through the issuing of Government Bond instruments. These instruments are processed and tendered to the public on behalf of the Government by the Reserve Bank. At processing, each tender is processed and registered with the successful bidder issued a certificate.