The Australian dollar (A$) is the legal currency of Kiribati. The value of the A$ fluctuates against the value of other world currencies. The Bank of Kiribati is responsible for the majority of the available financial services. In December 1997, its total assets amounted to US$26.1 million, of which deposits were US$23.3 million and reserves amounted to US$0.9 million. The Development Bank of Kiribati identifies, promotes, and finances small-scale projects, and its capital amounts to
|Exchange rates: Kiribati|
|Australian dollars (A$) per US$1|
|SOURCE: CIA World Factbook 2001 [ONLINE].|
US$1.33 million. There is also a network of small-scale lending agencies known as "village banks" operating throughout the islands.