Australia and Oceania

The Reserve Bank of New Zealand's three main functions are: operating monetary policy to maintain price stability; promoting the maintenance of a sound and efficient financial system; and meeting the currency needs of the public.

The functions, powers, and responsibilities of the Bank are specified in the Reserve Bank of Fiji Act, 1983. "The principal purposes of the Bank as stated in Part ll, Section 4 of the Reserve Bank Act are as follows: * To regulate the issue of currency, and the supply, availability and international exchange of money; * To promote monetary stability; * To promote a sound financial structure; and * To foster credit and exchange conditions conducive to the orderly and balanced economic development of the country".

The Reserve Bank of Australia's (RBA) main responsibility is monetary policy. Policy decisions are made by the Reserve Bank Board, with the objective of achieving low and stable inflation over the medium term.

In November 3, 1988 the Legislative Assembly approved the National Reserve Bank of Tonga Act. The NRBT started its operations on July 1 the following year. The authorized capital of the NRBT is $2,000,000 pa'anga, of which $1,000,000 million is paid up. The Government owns all capital stock.

Central Bank of Solomon Islands (CBSI) was established in February 1983 under the Central Bank of Solomon Islands Act 1976 which was amended in 1985 to, amongst other things, strengthen the Bank?s supervisory capabilities and expand its central banking activities.

The Central Bank of Samoa is the nations's reserve bank and, as such, it acts as banker to the Government and the commercial banks.

The Bank of Papua New Guinea formulates and implements monetary policy with a view to achieving and maintaining price stability in Papua New Guinea.