Currency of Tuvalu

The currency of Tuvalu is Tuvaluan dollars from 1976 and before this period, they used to make financial transactions through Australian dollar. Although, the Tuvaluan dollar is standardized as equal to Australian dollar but it is not an independent medium of exchange. The value of Tuvaluan dollar is determined on the basis of international exchange rates like all other currencies of world. The National Bank of Tuvalu is the central institution to carry out all-important financial transactions in the country. However, it has to obtain foreign aids because of the limited funds for carrying out development activities in the country.

The currency of Tuvalu has emerged from many identical changes. Before and after the independence of Tuvalu, the Australian banknotes were used with the denominations of 1, 2, 5 and 10 dollars notes. With the passage of time and to encourage the use of currency coins, the use of 1 dollar note was ended. The coins of Tuvalu are consisted of 1, 2, 5, 10, 20, 50 cents and 1 dollar. All these coins are imitation to Australian currency coins in composition, weights and size. The design of these coins represents a native animal except the 1 cent coin which has an empty spider conch.