Reserve Bank of Vanuatu

Vari’s appointment is effective from 1 December 2021.

Prior to this role, Vari was Director of Financial Regulations Department, where he was responsible for the regulation and supervision of commercial banks, international banks, insurance companies and other financial institutions.

He has been with the Bank for 23 years.

Deputy Governor Vari has a Bachelor of Economics from University of Papua New Guinea and a Master’s Degree in International Business from the University of Sydney.

The Awards aim to recognize outstanding small business entrepreneurs in Vanuatu.

This is the second time that the RBV is putting out the Awards since its inception in July 2019.

In his speech during the launch of the Awards in 2019, Governor Simeon Athy, said, “The Bank is pleased with the support and commitment from our partners and sponsors who have supported us in making this initiative a success, and to recognize the importance of MSMEs in our economy.”

Minister Finance and Economic Management, Johnny Koanapo announced Kausiama’s appointment which is effective from 20 January 2021.

Mr Kausiama is no stranger to RBV having served as Governor from 1998 to 2003.

He succeeds August Letlet as Chairman of the Reserve Bank Board.

Mr Letlet is the Director General of the Ministry of Finance and Economic Management.

He also served as Chairman of RBV following his appointment by Minister Koanapo on 4 September 2020.

Photo file Caption: Reserve Bank of Vanuatu 

This means the policy rate remains at 2.90 percent, the SRD ratio remains at 5.25 percent, and the LAR ratio remains at 5.00 percent. 

Other credit facilities of the Reserve Bank including Import Substitution and Export Financing Facility (ISEFF) & the Disaster Financing Credit Facility (DRCF) also remain active.  

In considering this decision, the RBV Board said it noted that global growth expansion is becoming less even and trade tensions rising.

In addition to cryptocurrencies not being accepted as currency, the bank says, investing in them is “very risky and speculative in nature”

Recently, the RBV became aware that a few financial institutions are directly involved in some form of cryptocurrency business, and some are even marketing a Vanuatu-owned cryptocurrency.

Mr Arthy made the statement after reports people in remote parts of Vanuatu often store cash at home, sometimes burying it.

He says if people have concerns about using banks the Reserve Bank is willing to address their issues.

The Reserve Bank last year conducted a survey to gauge opinions of how money is stored, and to draw up a National Financial Inclusion Strategy.

The strategy aims to ensure everyone participates in the country's economy.

“We have started the process this week and have held talks with the Government, the Prime Minister and the acting Prime minister,” RBV Governor Simeon Athy told Daily Post yesterday.

The Governor also confirmed that RBV has held meetings with Greg Pawson, General Manager of Westpac.

“We are in the process of talking to the Chief Executive Officer (CEO) of the BSP in the next few days and my colleague, Governor Loi Bakani of Papua New Guinea.