Nauru bank is the major financial institution in Nauru. Mostly engaged in offshore banking, Nauru has only one bank, the Bank of Nauru which is physically located in the island. Nauru bank is the bank of the local communities as well as the Central bank of the country.
The Nauru bank was established under the Nauru banking act which has also provided the bank of Nauru its license to operate. The central bank of Nauru is responsible for handling all financial and banking transactions as well as maintaining secrecy regarding all banking procedures and functions.
Nauru bank has several functions and sections. It lends money to the people of Nauru, controls the finances of the country, promotes development activities, regulates money flow in the market, provides the citizens of Nauru safe keeping of their money etc.
The Central bank in Nauru thus is the apex bank that monitors the banking system in Nauru.
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