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$1 | |
Jan 2001 | 1.7995 |
2000 | 1.7173 |
1999 | 1.5497 |
1998 | 1.5888 |
1997 | 1.3439 |
1996 | 1.2773 |
SOURCE: CIA World Factbook 2001 [ONLINE]. |
GDP per Capita (US$) | |||||
Country | 1996 | 1997 | 1998 | 1999 | 2000 |
Tuvalu | N/A | N/A | N/A | 1,100 | N/A |
United States | 28,600 | 30,200 | 31,500 | 33,900 | 36,200 |
Philippines | 2,600 | 3,200 | 3,500 | 3,600 | 3,800 |
Solomon Islands | 3,000 | 3,000 | 2,600 | 2,650 | 2,000 |
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.
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