The Australian dollar is legal currency in Tuvalu, but the nation mints its own coins. Since Tuvalu's currency
|Exchange rates: Tuvalu|
|Tuvaluan dollars (T$) per US$1|
|SOURCE: CIA World Factbook 2001 [ONLINE].|
|GDP per Capita (US$)|
|Note: Data are estimates.|
|SOURCE: Handbook of the Nations , 17th, 18th, 19th and 20th editions for 1996, 1997, 1998 and 1999 data; CIA World Factbook 2001 [Online] for 2000 data.|
is tied to that of Australia, it is relatively stable and its value is determined by supply and demand in international exchange markets. The government-owned National Bank of Tuvalu is responsible for most financial services; however, the limited capital of the institution means that funds for development must come from abroad. In 1995, 1 U.S. dollar equaled 1.35 Australian dollars and in 2000, 1 U.S. dollar equaled 1.52 Australian dollars.