The Reserve Bank of Vanuatu (RBV) will open its first-ever branch in the northern part of the country, with a groundbreaking ceremony set for June 30, 2025 in Santo.

Speaking on VBTC’s Stret Tok program this week, RBV Governor August Letlet said the development marks a major milestone for Vanuatu, as the central bank expands its services beyond Port Vila.

“This is a very important development in the history of our country. Our law allows the Reserve Bank to open a branch in another location. This is why we want our first branch to be in the North,” Governor Letlet said.

He explained that the Santo branch will handle all the same services as the main office in Port Vila — including currency operations, monitoring, and banking services. It will allow commercial banks and government offices in Santo to deposit and withdraw cash locally.

Governor Letlet also said this move supports the government’s plan to boost economic growth in Santo, which is being developed as the next major economic hub of Vanuatu.

“Having a Reserve Bank branch in Santo fits well with the government’s vision. As the economy grows and Pekoa Airport gets upgraded, this branch will help stimulate development in the North,” he added.