Though
Kiribati is not economically very well placed in the economic world still the banking facilities are available there. Before you visit Kiribati, visit sites for the latest information and advices writen for travellers by the travelers themselves. Cities in Kiribati where banking facility is available are Bairiki and Tarawa.
The Development Bank of Kiribati stands out among the rest. The addrress of this bank is
- Australia and Pacific>Kiribati>Bariki Tarawa
PO Box 33, Bairiki Tarawa,Kiribati
Phone: +686 21345
Fax: +68621297
ANZ Bank is an important
bank in Kiribati. If somebody searches in the banks of Oceania also then some information will be got. However, concerns remain over the poor standards of project evaluation, increased levels of government guarantees for
Bank of Kiribati loans to public. Economic growth in 2003 picked up slightly after a period of political uncertainty, but tight fiscal control as well as economic and structural reforms to promote broader based domestic private sector activity are needed to maintain the growth momentum.
Despite the narrow production base,
Kiribati's financial situation is underpinned by large external earnings. GNP is approximately 70% higher than GDP due to high external factor income from fishing license revenues, investment income, and seafarer remittances. In 2003, GNP is estimated to have fallen by 4.8% from $168 million in 2002 mainly due to a further drop in fishing license revenues of about 22% (they were down 10.5% from 2001 to 2002) and a decline in passport sales to foreigners. As a result, the fiscal position tightened markedly in 2003 with central government current revenues, including Revenue Equalization Reserve Fund (RERF) income, decreasing from $101.9 million in 2002 to $82.3 million in 2003. Growth in remittances from overseas workers kept pace with inflation while income from overseas investments of the RERF began to recover some of the value lost during the weak global financial markets in 2001-2002. There was also a fall in tax and other non tax revenues, suggesting either a reduction in domestic economic activity, weaker compliance, or a combination of the two.
Kiribati's potential for long-term growth is constrained by the physical limitations of its many small islands; widespread geographic distribution; and fragile, low-lying, and poor land resources. These factors, as well as the small size of the domestic market, make it difficult to exploit locally the marine resources of the country's extensive exclusive economic zone. Notwithstanding these constraints, it is essential that
Kiribati both broaden and deepen the private sector component of the domestic economy. New employment and new investment opportunities are clearly needed.
