The whole country is dependent on a single bank...?
Forget about the cities in our country India, bank branches are found even in small towns and villages. Here banks are often crowded. bank staff is also busy dealing with customers from morning to evening. Now we are going to tell you about a country in the world where there is only one bank and not even a single ATM. All transactions are done in cash. It may sound unbelievable, but it is true.
National bank is the only banking service provider
We are talking about Tualu, which is an island country. It is located in the Polynesia subregion of Oceania in the South Pacific Ocean. The population of this country is around 11-12 thousand. Along with this, it is one of the least populated countries in the world. This country is located in an area of just 26 square kilometers.
Funafuti is its capital. The most special thing about this country is that its National bank is the only banking service provider. Established in 1980 as a subsidiary of Barclays bank, this bank has branches in all the islands. Australian Dollar is the main currency here. Apart from this, Tuvalu also has its own coin in use here.
Earnings are made from this thing
Tuvalu became the 189th member of the United Nations on 5 september 2000. This country is also a member of the Commonwealth. Tuvalu, which was a part of the british colony, was earlier known as Ellis Islands. On 1 october 1978, Tuvalu became independent from britain and became a constitutional monarchy, which continues till date. king Charles III is the head of state here. A major source of income for Tuvalu is its internet domain .tv, by selling this they earn a lot. Apart from this, Tuvalu sells fishing licenses to other countries. This generates a good amount of revenue.
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