In view of the financial crises faced in the U.S., Vanuatu Reserve Bank Gov. Otto Tevi said his office was closely monitoring the operations of Vanuatu’s banking system in ensuring they comply with local laws.
To date, the Reserve Bank of Vanuatu is supervising all banking systems in the country including commercial banking and non-banking such as that of the Vanuatu National Provident Bank and the Credit Corporation.
Vanuatu laws also allow the Reserve Bank to visit other systems to ensure duties are carried out according with the laws of the country.
Vanuatu said it needs to take necessary steps to make sure that its banking systems are stable to help grow the national economy.
