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Mr. Douglas A. Scott and Mr. Christopher Browne

1980. The domestic currency, the vatu, was introduced in 1981. The New Hebrides franc ceased to be legal tender in 1983. The Central Bank does not use reserve requirements to influence bank liquidity. Interest rates are market determined. Reflecting the absence of exchange controls, the commercial banks may transact deposit and loan business in both domestic and foreign currencies. Residents are free to hold bank deposits denominated in any currency; in 1987, about two thirds of the total were held in foreign currency. The Development Bank of Vanuatu was

International Monetary Fund

arrangement . Prior to independence in 1980, Vanuatu’s currency, the New Hebrides franc, was pegged to the French franc. This arrangement led to a substantial appreciation against the Australian dollar, the currency of Vanuatu’s main trading partner, and moderate inflation. The subsequent weakening of the French franc in late 1981 resulted in a marked depreciation of the Vatu against the Australian dollar and a surge in inflation. Against this background, the RBV linked the Vatu to the SDR in September 1981, owing to its transparency and its operational simplicity. In

Shannon H. A.

recognized by both Powers as valid (with exchange, if any) for payments in sterling, and special arrangements were made to deal with the fluctuating rate between sterling and francs. There were further complications during the war until the French Administration joined the Free French movement, one being the inconvertibility of the Bank of Indo-China notes. In 1941 a New Hebrides franc, convertible into Australian currency, was set up. In 1944 when the French franc area was separated from the then sterling area, the New Hebrides, though formerly in the French franc area

International Monetary Fund
This Selected Issues paper analyzes fiscal management and strategy for growth for Vanuatu. It presents an overview of recent fiscal policy and outcomes. The main structural changes in the financial sector since independence in 1980 are discussed. The paper highlights some key features common to most Pacific Island countries’ financial systems. It concludes that despite the recovery from the 1998 financial crisis, the financial system needs further reforms to promote private sector-led development in the medium term.
International Monetary Fund. Research Dept.
This paper discusses various foreign payments practices in the United States. Most foreign payments in the United States are, therefore, done along traditional lines in whatever manner. Several nontraditional practices, however, have developed in recent years as the result of trade and payments restrictions established by foreign Governments. The amount and type of exchange sold by the US banks to their customers are limited only, if at all, by regulations abroad or by the banks' own limitations. In making or receiving foreign payments, the US banks deal generally with three types of customers which are, in the order of their importance: exporters and importers, individuals or corporations desiring to make or receive nontrade financial payments, and speculators. Foreign payments for account of individuals are usually small individually however, in the aggregate, they represent an important function of the banks located in the larger cities with a considerable foreign-born population.