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MARCH 2021 QUARTERLY ECONOMIC REVIEW Reserve Bank of Vanuatu Volume 140 Issue 1 of 2021 Reserve Bank of Vanuatu Private Mail Bag 9062 Pierre Brunet Street Port Vila Vanuatu South West Pacific Tel: (678) 23333 / 23110 Swift: RBVA VUVU Fax: (678) 24231 E-mail: rbvinfo@rbv.gov.vu Website:http://www.rbv.gov.vu 0 QUARTERLY ECONOMIC REVIEW MARCH 2021 TABLE OF CONTENTS PAGE NO REFERENCE ............................................................................................................................................ 2 TABLE OF CONTENT FOR STATISTICAL ANNEX ................................................................................... 5 TECHNICAL NOTES .................................................................................................................................. 8 1.
EXECUTIVE SUMMARY ...................................................................................................................... 9 2.

THE INTERNATIONAL ECONOMY ...................................................................................................10 3.
DOMESTIC ECONOMIC DEVELOPMENTS ........................................................................................11 3.1 REAL ECONOMY ...........................................................................................................................11 3.2 FISCAL DEVELOPMENTS ................................................................................................................15 3.3 FINANCE CENTRE ACTIVITIES .......................................................................................................16 3.4 MONETARY DEVELOPMENTS ........................................................................................................16 3.5 BANKING SECTOR DEVELOPMENTS .............................................................................................20 3.6 INSURANCE SECTOR DEVELOPMENTS ..........................................................................................25 4 EXTERNAL SECTOR DEVELOPMENTS ...............................................................................................27 4.1 BALANCE OF PAYMENTS ..............................................................................................................27 CHRONOLOGY OF MAJOR EVENTS ...................................................................................................29 STATISTICAL ANNEX ...........................................................................................................................31 1 QUARTERLY ECONOMIC REVIEW MARCH 2021 REFERENCE The following articles have appeared in previous Quarterly Reports since 1986.
Issue Title Q4 December 1986 The System of National Accounts of the Republic of Vanuatu: Data Sources, Methodology, and Assumptions Q1 March 1987 Q1 March 1987 Q1 March 1987 Press Announcement from Minister of Finance concerning The Cyclone UMA – Economic Recovery Program (A) Duty Exemptions on Replacement Materials & Equipment (B) Duty Exemptions on New Projects Insurance Settlements / Loss Adjustment Disputes Future Cyclone Insurance Cover in Vanuatu Banking Loans for Reconstruction Business License Fees 1988 Q3 September 1988 Budget of the Government of Vanuatu for 1989 Q3 September 1988 Vanuatu National Provident Fund: First year of Operations Q1 March 2000 The Reserve Bank’s Exchange Rate Policy Q2 June 2000 Money Laundering Q3 September 2000 Governor’s Speech on the Exhibition of the “Mani Blong Yumi” (Money in Vanuatu Society) Q3 September 2000 Notice to Commercial Banks concerning Money Laundering Q4 December 2000 Money is Lubricant of the Economy Q4 December 2000 Capital Adequacy Q1 March 2001 Update on Basel Capital Adequacy Reform Proposals Q2 June 2001 Capital Adequacy Q3 September 2003 International Banks – Overview of Developments Q1 March 2004 International Banking Act No.
4 Q1 March 2004 The Association of Financial Supervisors of Pacific Countries in collaboration with PFTAC Q2 June 2004 Governor’s Speech for Education Economics Workshop Q2 June 2004 Governor’s Speech for Media Freedom Day Q2 June 2004 Press Release on Biri Group Q3 September 2004 Q3 September 2004 Bank Supervision Policy Guideline 3, Supervision of the Adequacy of Liquidity of Banks Reserve Bank Undertakes Major Review 2 QUARTERLY ECONOMIC REVIEW MARCH 2021 Q4 December 2004 Governor’s speech on Overcoming Vanuatu’s Economic Challenges, 2004 Business Forum Q4 December 2004 Governor’s Speech for the Association of Financial Supervisors of the Pacific Countries Meeting Q4 December 2004 The Formulation of Monetary Policy in Vanuatu Q4 December 2004 What are Reserve Bank Notes Q4 December 2004 Excess Reserves Q1 March 2005 Challenges to the Monetary Policy: The case of Vanuatu presented to the Regional Seminar on Monetary Policy Implementation Q1 March 2005 Summary of Business Survey March 2005 Q1 March 2005 Monetary Policy Instruments – The case for Vanuatu Q1 March 2005 What is the Balance of Payments?
How it is Compiled in Vanuatu?

Q1 March 2006 Factors Determining Vanuatu Imports – A Brief Analysis Q1 March 2006 International Banking Act No.
4 of 2002 Q2 June 2006 Bekoz Bank Limited Q1 March 2007 Reserve Bank Issues Domestic Banking License to Bred Bank Q3 September 2007 Reserve Bank Issues Domestic Business License to Operate as a Credit Institution to Credit Corporation (Vanuatu) Ltd Q4 December 2007 International Banking Act No.4 of 2002 Q4 December 2007 Reserve Bank Issues International Banking Business License to Financial Partners Bank Q1 March 2008 Vanuatu Shipping Registry Q1 March 2010 The Impact of recent changes in excise tax on Domestic prices in Vanuatu Q2 June 2010 Seasonal Adjustment: Air Visitor Arrival Data Q2 June 2010 2010 Business Sentiment Report Q4 December 2010 The impact of increase world commodity price on domestic earnings from copra, coconut oil and cocoa production for export.
Q1 March 2011 The balance of Payments impact of New Zealand’s RES Scheme on Vanuatu Q3 September 2011 The impact of the rebound in international Oil prices in the period after the Global Financial Crisis (2010-2011) on domestic prices Q4 December 2012 Revenue from Taxes on International Trade and Excises Tax Q1 March 2013 Components of Commercial Banks private Sector Credit Q2June 2013 An Overview of Major Contributing Sectors to Vanuatu GDP Growth 3 QUARTERLY ECONOMIC REVIEW MARCH 2021 Q3 September 2013 Vanuatu Current Account Deficit (CAD) Q4 December 2013 Overview of Net Foreign Assets (NFA) Q1 March 2014 Monetary Financing in Vanuatu Q3 September 2014 An Overview of the Discount window facilities in Vanuatu Q4 December 2015 The contribution of tourism arrivals on GDP (services) and tourism earnings: an overview of the last 25 years Q1 March 2016 The impact of trade in goods transactions on the current account balance: an overview of the last 15 years Q2 June 2016 Business Sentiment Outlook – Vanuatu (past 6 months and forward 6 months) Q4 December 2017 The determinants of Headline Inflation in 2017 Q4 December 2020 Understanding the Pacific Agreement on Closer Economic Relations- PACER 4 QUARTERLY ECONOMIC REVIEW MARCH 2021 TABLE OF CONTENT FOR STATISTICAL ANNEX I Monetary Conditions (Tables 1-21) Table 1: Assets of the Reserve Bank of Vanuatu ........................................................................................ 31 Table 2(a): Liabilities of the Reserve Bank of Vanuatu
 .............................................................................. 32 Table 2(b): Liabilities of the Reserve Bank of Vanuatu....Continued ........................................................... 33 Table 3(a): Assets of Other Depository Corporations ................................................................................ 34 Table 3(b): Assets of Other Depository Corporation....Continued .............................................................. 35 Table 3(c): Assets of Other Depository
 Corporations....Continued ............................................................. 36 Table 4(a): Liabilities of Other Depository Corporations ........................................................................... 37 Table 4(b): Liabilities of Other Depository Corporations....Continued ....................................................... 38 Table 4(c): Liabilities of Other Depository Corporations....Continued ........................................................ 39 Table 4(d): Liabilities of Other Depository Corporations....Continued ....................................................... 40 Table 5(a): Monetary Survey: A Consolidated Statement of Accounts of the Reserve Bank of Vanuatu and Other Depository Corporations .................................................................................................................. 41 Table 5(b): Monetary Survey: A Consolidated Statement of Accounts of the Reserve Bank of Vanuatu and Other Depository Corporations.... .............................................................................................................. 42 Table 6: Domestic Money Supply and Components ................................................................................... 43 Table 7: Distribution of VATU and Foreign Currency Deposits of Residents by Categories ....................... 44 Table 8: Time Deposits in Vatu by Maturities with Other Depository Corporations ................................... 45 Table 9(a): Other Depository Corporations' Sectoral Distribution of Loans and Advances in Vatu and Foreign Currency ........................................................................................................................................ 46 Table 9(b): Other Depository Corporations' Sectoral Distribution of Loans and Advances in Vatu and Foreign Currency…Continue ...................................................................................................................... 47 Table 10: Distribution
 of Vatu Advances by Interest Rates as at end of June 2020 ................................. 48 Table 11(a): Selected Interest Rates for Other Depository Corporations .................................................. 49 Table 11(b): Selected Interest Rates for Other Depository Corporations…Continue ................................ 50 Table 12: Denominations of Currency on Issue ........................................................................................... 51 Table 13: Net Official Reserves ................................................................................................................. 52 Table 14: Reserve Bank Notes Issued in Primary Market ........................................................................... 53 Table 15: Other Depository Corporations Liquidity ................................................................................... 54 Table 16(a): Commercial Domestic Banks Consolidated Capital ............................................................... 55 Table 16(b): Commercial Domestic Banks Consolidated Capital....Continued ............................................ 56 Table 17(a): International Banks Balance Sheet (a) ................................................................................... 57 Table 17(b): International Banks Balance Sheet (a)....Continued ................................................................ 58 Table 18(a): International Banks Balance Sheet (b) ................................................................................... 59 Table 18(b): International Banks Balance Sheet (b)....Continued ................................................................ 60 Table 18(c): Offshore Banking Industry Core Set of Financial Soundness Indictors .................................... 61 Table 19(a): Domestic Banking Industry Foreign Exchange Turnover against Vatu and US$ Currency ..... 62 5 QUARTERLY ECONOMIC REVIEW MARCH 2021 Table 19(a): Domestic Banking Industry Foreign Exchange Turnover against
 Vatu and US$ Currency … Continued.
.................................................................................................................................................. 63 Table 19(b): Domestic Banking Industry Foreign Exchange Turnover against Vatu and US$ ..................... 64 Table 19(b): Domestic Banking Industry Foreign Exchange Turnover against Vatu and US$ Currency … Continued.
.................................................................................................................................................. 65 Table 20: Domestic Banking Industry Core set of Financial Soundness Indicators ...................................... 66 Table 21: Domestic Banking Industry – Profit (Vatu ‘000) ......................................................................... 67 II Government Finance (Tables 22 - 25) Table 22(a): Total Government Fiscal Operations ..................................................................................... 68 Table 22(b): Total Government Fiscal Operations....Continued .................................................................. 69 Table 23(a): Government Operations Excluding Donors ............................................................................ 70 Table 23(b): Government Operations Excluding Donors....Continued ........................................................ 71 Table 24: Government Operations Funded By Donors through the Central Treasury ................................ 72 Table 25: Vanuatu Government Bonds Outstanding .................................................................................. 73 III External Sector (Tables 26 - 32) Table 26: Exchange Rates: Vatu per Unit of Foreign Currencies ............................................................... 74 Table 27(a): Summary of Balance of Payments ......................................................................................... 75 Table 27(b): Summary of Balance of Payments....Continued ..................................................................... 76 Table 27(c): Summary of Balance of Payments....Continued ...................................................................... 77 Table 28: International Investment Position ................................................................................................ 78 Table 29: Exports
 ....................................................................................................................................... 79 Table 30: Imports ....................................................................................................................................... 80 Table 31: Exports by country of Consignment ........................................................................................... 81 Table 32: Imports by Country of Consignment ........................................................................................... 82 IV.Finance Centre (Table 33 (a),(b),(c)) Table 33(a): Company Registration in Vanuatu ......................................................................................... 83 Table 33(b): Company Registration in Vanuatu ......................................................................................... 84 Table 33(c): Company Registration in Vanuatu .......................................................................................... 85 V. Real Sector (Tables 34 - 44) Table 34: Visitor Arrivals ........................................................................................................................... 86 Table 35: Visitor Arrivals by Country of Origin ......................................................................................... 87 Table 36: Consumer Price Indices (Relative to the previous quarter) ......................................................... 88 Table 37: Consumer Price Indices (Relative to the same quarter in the previous year) ............................. 89 6 QUARTERLY ECONOMIC REVIEW MARCH 2021 Table 38(a): Consumer Price Indices by Region (Relative to the previous quarter) ................................... 90 Table 38(b): Consumer Price Indices by Region (Relative to the previous quarter)....Continued ................ 91 Table 39(a): Consumer Price Indices by Region (Relative to the same quarter in the previous year) ........ 92 Table 39(b): Consumer Price Indices by
 Region (Relative to the same quarter in the previous year)...Continued 99 Table 40: Cattle Slaughter by Abattoirs ................................................................................................... 94 Table 41: Energy Consumption .................................................................................................................. 95 Table 42: Postal Services ........................................................................................................................... 96 Table 43: Motor Vehicle Registration – Port Vila and Luganville .............................................................. 97 Table 44: Number of Provident Fund Contributing Members/Full Employment ......................................... 98 7 QUARTERLY ECONOMIC REVIEW MARCH 2021 TECHNICAL NOTES Statistical data in the Quarterly Economic Review are based on the latest available information, and several statistical tables are substantially up-dated and amended from time to time to reflect figures revised by respective sources.
Abbreviations used are: = = = e n.a.

E n.e.i.

= p - r .. R = = = = = Estimated Not yet available Estimated by Source Not elsewhere included Provisional Nil Revised Negligible/Almost Revised by Source 8 QUARTERLY ECONOMIC REVIEW MARCH 2021 contined to remain weak.

Amongst the components of money supply, narrow money and quasi-money both increased in the first quarter.

Reserve money also rose during the reviewed quarter.
industry’s balance capital adequacy The domestic banking sheet expanded quarter-on-quarter but declined year-on- year, driven primarily by developments in domestic assets.

The industry has remained well capitalized with a (CAR) positioned satisfactorily above the minimum threshold of 10.0 percent.

CAR rose in March 2021, mostly attributable to a reduction in risk weighted assets.

The industry’s financial performance remained satisfactory despite the current pandemic situation.
Banks’ asset quality improved over the quarter but deteriorated over the year.

ratio The country’s overall Balance of Payment (BOP) position fell to a deficit at the end of March 2021, compared to a significant surplus recorded at the end of December 2020.

Net outflows via the current account balance (CAB) more than offset the net inflows through the financial account balance.
The CAB posted a deficit after a surplus was reported in the previous quarter, reflecting significant reductions of the secondary income’s positive balances, outweighing the positive changes in both the trade in goods and services and primary income balances.

On the other hand, the surplus in the Capital Account Balance has decreased.

Likewise, the financial account decreased due to reductions in both the external assets and external liabilities.
With the development in the overall balance of payment position, the official foreign exchange reserves continued to hover sufficiently above the Reserve Bank’s minimum threshold of 4.0 months of import cover during the review quarter.

The RBV has maintained an accommodative monetary policy stance since March 2020.

At the end of March 2021, the Bank’s policy rate remained at 2.25 percent.
The Statutory Reserve Deposits (SRD) ratio, the Liquid Asset Ratio (LAR) and the Capital Adequacy Ratio were maintained at 5.25 percent, 5.0 percent, and 10.0 percent, respectively.

Also, the Bank’s Imports Substitution and Export Finance Facility (ISEFF) and Disaster Reconstruction Credit Facility (DRCF) remain available.

The overal monetary conditions is supportive for growth.

1.

EXECUTIVE SUMMARY The global economic prospects for 2021 have improved as countries emerged from strict lockdowns.
In its October 2020 World Economic Outlook (WEO) publication, the International Monetary Fund (IMF) revised its 2021global GDP forecast upward by a few percentage points relative to its previour forecast following the roll out of the COVID-19 vaccines.

Amongst the major economies, the US, Australia and New Zealand registered positive GDP growths in the first quarter of 2021as easing of COVID-19 restrictions and advancement improved consumer spending and confidence.
Economic activities in the Euro Area have also improved although GDP growth remained negative.

Parallel to improving economic conditions, inflation also rose.

Commodity prices continued to rise in the first quarter of 2021 with Agriculture commodities, particularly food, saw sharp price increases.

Oil prices have also risen.

Inspite of improving economic conditons, major central banks kept monetary policy largely accommodative.
in vaccines rollout The impact of the COVID-19 prevention measures on the domestic economy, especially tourism, persisted into the first quarter of 2021.

Nevertheless, the domestic economy is expected to recover in 2021 after it contracted in 2020 as a result of the impacts of the COVID-19 prevention measures.

The forecasted recovery in 2021 is broad based, driven by the Agriculture, Industrial and non-tourism Services sectors.
Annual headline inflation rose above 4.0 percent in the second quarter of 2020 and hovered above 4.0 percent in the last three quarters and the first quarter of 2021.

The rise in Inflation is driven mainly by a double-digit growth in food inflation due to supply disruptions caused by TC Harold and the COVID-19 state of preventive measures and declared emergencies.
The national state-of-emergency (SOE) has been extended to July 2021. surpluses, Despite the impacts of the COVID-19 measures, the Government continued to maintain a strong fiscal position in the first quarter of 2021.

Through past budget the Government has been accumulating deposits and improving its overall net lending position with the banking system.
However, in the quarter under review, the Government’s net lending position with the banking system deteriorated as the Government utilised its deposits to finance a temporary imbalance in the budget.

Total money supply expanded in the first quarter of 2021, driven by an increase in domestic credit while net foreign assets (NFA) declined.

The increase in domestic credit was caused primarily by the increase the Government’s net credit vis-à-vis the banking system.
Private sector credit growth, on the other hand, 9 QUARTERLY ECONOMIC REVIEW MARCH 2021 2.

THE INTERNATIONAL ECONOMY The World GDP Growth The global economy is forecasted to grow at 5.5 percent in 2021 and 4.2 percent in 2022.

The 2021 forecast was revised up 0.3 percentage point relative to the previous forecast.

The upward revisions reflected expectations of recovery in some economies as vaccine is rolled out.
Figure 1: World GDP Growth (Percentage Change; Annual Data) Europe Germany, Spain and Italy recorded declines in economic activity in the first quarter of 2021.

Compared to the previous quarter, growth improved, though still negative at -1.8 percent over the year to March 2021.

Inflation is positive at 1.3 percent after being negative at -0.3 percent during the last quarter of 2020.
Figure 3: Euro area GDP and CPI (Percentage Change; Annual Data) The United States The US economic growth was recorded at 6.4 percent on a yearly basis to March quarter of 2021.

This growth follows a 4.0 percent growth achieved in the previous quarter.

Consumer spending is leading the growth at 10.7 percent during the quarter compared to only 2.3 percent during the December quarter.

A widespread vaccination and Government stimulus helped the growth momentum in the first quarter of 2021.
The U.S. consumer prices rose 2.6 percent year-on-year to March 2021 quarter as the economy is recovering.

Australia Australia’s GDP rose 1.8 percent this quarter, reflecting the continued easing of COVID-19 restrictions and the recovery in the labor market, according to Australia’s bureau of statistics.

The current level of economic activity is 0.8 percent above the December quarter of 2019 pre-pandemic levels.
After the positive CPI recorded on a yearly basis to December 2020, Australia’s CPI recorded another positive 1.1 percent inflation during the March 2021 quarter, though less than the 1.6 percent recorded in the previous quarter.
Figure 2: US GDP and CPI (Percentage Change; Annual Data) Figure 4: Australia GDP and CPI (Percentage Change; Annual Data) 10 -4.0-2.00.02.04.06.08.020132014201520162017201820192020 e2021 f%Source: IMF ,October World Economic QUARTERLY ECONOMIC REVIEW MARCH 2021 New Zealand Pacific economies New Zealand's economic growth recorded a positive growth of 1.6 percent in the first quarter of 2021after consecutive declines during the previous quarters of 2020.
Inflation moved higher by 1.5 percent over the year to March 2021 from 1.4 percent the previous quarter.

Figure 5: New Zealand GDP and CPI (Percentage Change; Annual Data) 3 Key Policy Interest Rates All major central banks around the world kept their policy interest rates unchanged during the reviewed quarter.

Figure 6: Key Interest Rates (Percent; End of Period) Economic recovery in Pacific Island economies depend on both the efficacy and roll out of COVID-19 vaccines and Government supports.
As long as borders remain closed in main major tourism markets (Australia and New Zealand), business will continue to suffer.

PNG economy is forecasted to recover to 3.5 percent but this forecast is subjected to external and domestic headwinds.

As of 11 April 2021, there were 8,602 COVID-19 cases and 69 deaths related to COVID-19 reported in PNG.

Fiji’s economy is expected to experience a rebound in 2021, although GDP is not expected to return to pre- pandemic levels until 2022.

3.
3.

DOMESTIC ECONOMIC DEVELOPMENTS 3.1 REAL ECONOMY remained The impact of COVID-19 on the domestic economy persisted into the March quarter of 2021 as Vanuatu’s international borders closed.

Though Vanuatu has remained COVID-19 free, the adverse tourism and the border closures on effects of international travel-related sectors continued for the fourth in March 2021.
Nevertheless, domestic economic activity is upheld by non-tourism sectors especially construction, the primary sector (mainly agriculture, forestry and fishing), non- tourism retail trade and Government services.

consecutive quarter Nevertheless, the downturn of domestic economy during 2020 is estimated to be less severe than previously anticipated.
At its last meeting1 the Macro-Economic Committee (MEC) upgraded its forecast for domestic real GDP growth for 2020 reflecting improvements in the agriculture, forestry and fisheries sector.

Real GDP is estimated to have contracted by 2.6 percent in 2020; an upward revision from a previous forecast of -4.0 percent.
The domestic economy is also buoyed by ongoing supports to businesses and households to date, including: the Government’s financial support to the productive sector to boost agriculture production and supply value-chains, the ongoing support to TC Harold recovery and COVID-19 preparedness by aid-donors and development partners, loan repayment moratorium by commercial banks which has been extended for another 6 months from September 2020 the Commodity prices The recovery in commodity prices continued in the first quarter of 2021.
Agriculture commodities, particularly food have seen sharp price increases.

Oil prices are expected to average $56/bbl in 2021 before rising to $60/bbl in 2022, a substantial upward revision according to the world bank group’s publication.
1 26th February 2021 meeting 11 0.000.501.001.502.002.503.003.504.000.000.501.001.502.002.503.003.504.00Mar-20Jun-20Sep-20Dec-20Mar-21Fed (US)RBA (AUSTRALIA)ECB (EUROPE)RBNZ (NEW ZEALAND)%%Source: Reserve Bank of Australia, ReserveBank of New Zealand, European Central Bank, FederalReserve QUARTERLY ECONOMIC REVIEW MARCH 2021 to March 2021 and the current accommodative monetary policy stance by the Reserve Bank.
Figure 7: Sector Contribution to Real GDP Growth (Percentage; Annual level) The national State-of-Emergency (SOE) has been extended to July 2021 to ensure further improvements of health facilities and international border restrictions were maintained in line with the COVID-19 preventive measures.
The extension of the SOE also provided an opportunity to prepare Vanuatu to receive the COVID- 19 vaccine expected to arrive in the June quarter of 2021, and to ensure full implementation of clinical response plans.
Table 1: Real GDP Growth (%) Sector 2018 2019e 2020e 2021f 2022f Agriculture, Fisheries and Forestry Industry Services 0.9 4.9 0.8 Total GDP 2.9 4.1 9.9 3.3 3.9 3.6r 4.1r 4.0r 2.2r 19.9r 14.4r -5.6r 1.6r 2.9r -2.6r 4.0r 4.5r Source: VNSO 2018 GDP Release, Macroeconomic the reflect MEC also revised the 2021 GDP forecast to 4.0 percent; down from its previous estimate of 5.0 percent to some project rescheduling of implementations to 2022.
The economy is projected to expand by 4.5 percent in 2022 before returning to an above 3.0 percent annual average over the medium term.

The anticipated growth in 2021 is associated with forecasted increased construction activities with the implementation of infrastructure projects which will boost growth in the industry sector (Figure.

10).
10).

The favorable outlook for the agriculture, forestry and fisheries sector is buoyed by increased support from the Vanuatu Government for both private and public investment in the productive sector and ongoing support from the 11th EDF funds toward replanting of coconut, cocoa and kava and restocking of cattle.

The services sector is projected to maintain a gradual growth over the medium term as Vanuatu roll out its national the uncertainty vaccination program.
However, surrounding international the the re-opening of borders, natural disasters (such as tropical cyclones) and further delays in the implementation of scheduled construction projects are the key downside risks to the growth forecast.

Major Economic Sectors Agriculture, Forestry and Fisheries Sector The agriculture, forestry and fisheries sector is projected to expand by 4.1 percent in 2021, up from 3.6 percent in 2020 (Figure.

8).
8).

Growth in this sector is supported by ongoing recovery from TC Harold, improvement in exports and Vanuatu Government policies to increase productivity in the primary sector.

The projected growth in the agriculture sector is led by a projected rise in crop production sub-sector by 4.4 percent in 2021 (up from -0.2 percent growth in 2020) reflecting expected improvements in the production of prime agricultural export commodities, primarily kava production for domestic and export markets.
Although the Government’s copra price subsidy was extended for another year and export prices rose, the volume of copra production declined to 3,185 tons (valued at VT156 million) in the March quarter of 2021 compared to 4,239 tons (valued at VT166 million) in the same quarter of last year.

Average copra producer’s price rose 22 percent over the year to VT45,659 per ton.
Due to its seasonally low harvest season at the beginning of the year, the volume of cocoa production dropped to 70 tons (valued at VT11 million) from 184 tons (valued at VT31 million) in the previous quarter, and remained unchanged from the same period of last year.

Average cocoa producer’s price rose 6 percent over the year to VT163,898 per ton.
Animal production sub-sector is projected to grow 2.6 percent in 2021 in line with projected gradual increase in domestic demand for poultry and beef as a result of past years’ cattle re-stocking programs.

While levels remained comparably high over the previous two quarters, beef production dropped to 444 tons in the March quarter of 2021 compared to 488 tons in the March quarter of 2020.
12 4.42.93.9-2.64.04.53.83.13.0-6.0-4.0-2.00.02.04.06.08.010.0-6.0-4.0-2.00.02.04.06.08.010.0201720182019e2020f2021f2022f2023f2024f2025fAgriculture, fishing & forestryIndustryServicesServices - Retail tradeServices - TransportServices - Accomodation and food servicesServices - Real estateServices - Government servicesServices - other sectorsPlus taxes less subsidies on productsLess imputed bank service chargeReal GDP%%Source: VNSO2018 National Account; MEC forecasts (26 February 2021) Forecast QUARTERLY ECONOMIC REVIEW MARCH 2021 In addition, the Ministry of Agriculture, Livestock, Forestry, Fisheries and Bio-Security (MALFFB) further improved the implementation process of the National Subsidy Initiative of 70/30 and 60/40 to encourage production and farmers’ investment in the sector.
As part of disaster recovery program, the MALFFB also provided support to farmers through replanting programs of coconut, kava and cocoa, and cattle- restocking in the outer islands.

These programs, supported by the 11th European Development Fund (EDF) program, aims to stimulate efforts to increase production of major cash-crops, vegetables, root-crops, spices and other commodities and step up cattle stocking.
The fisheries subsector, which maintained solid growth over the last 5 years, has picked up strongly by 67.8 percent in 2020 as a result of increased commercial fishing and fish exports by Sino-Van Fish Factory in Port Vila.

The factory’s annual output in 2020 was comparably higher than 2019 since its operation began in October 2019.

There were 771 tons (valued at VT191 million) of fish exported in 2020 compared to 123 tons (valued at VT33 million) exported in 2019.
The fisheries subsector is projected to grow by 4.2 percent in 2021 in line with the expected ongoing exports of fish and increased subsistence fishing activities during the COVID-19 period.

There were 195 tons (valued at VT39 million) of fish exported in the March quarter of 2021.

The forestry subsector is projected to grow by 2.7 percent in 2021 (down from 3.3% in 2020).

Both forestry and fisheries subsectors are projected to maintain solid growth into the future.
Figure 8: Agriculture, Fisheries and Forestry Sector Growth (in constant prices) (Percentage growth; Annual level) Figure 9: International Commodity Prices (Quarterly level) Industry Sector The industry sector, comprising 13.7 percent of real GDP, is projected to grow by 19.9 percent in 2021, up from 2.2 percent in 2020 (Figure.

10).
10).

The projected industrial sector growth is led by growth in the following sub-sectors: construction grew by 30.3 percent (up from 6.3% in 2020) and mining and quarry grew by 20.0 percent (down from 35.0% in 2020).

The increased Vanuatu Government investment in high- infrastructure and donor-partners’ valued public support toward the implemention of TC Harold recovery projects are the main contributors to the large expansion in construction activity boosting the industrial sector growth.
The manufacturing sub-sector and electricity and water supply sub-sector are projected to expand 3.4 percent and 7.0 percent, respectively.

The gradual recovery in this sector is in line with an expected gradual recovery in domestic demand.

Figure 10: Industry Sector Growth (in constant prices) (Percentage; Annual level) Export commodity prices remained steadily high.
In the March quarter of 2021, cocoa price rose by 3 percent to 239 US Cent per kilogram, coconut oil rose 13 percent to US$1,494 per ton, copra rose 14 percent to US$994 per ton and beef rose 5 percent to 461 US Cent per kilogram.

The level remained high compared to the same period of last year although cocoa and beef prices fell (Figure.

9).

The construction sub-sector is further supported by ongoing public infrastructure development projects.
These included the Phase 2 of the China funded Vanuatu Road Rehabilitation Road projects on Malekula and Tanna.

The infrastructure investment mainly comprised of ongoing public projects approved to start in 2020 (a few have been postponed to 2021).
13 0.94.13.64.14.03.93.23.2-1001020304050607080-100102030405060708020182019e2020f2021f2022f2023f2024f2025fCrop productionAnimal productionForestryFishingAGRICULTURE, FISHERIES & FORESTRYSource:VNSO, MEC Forecast%%Forecast02004006008001,0001,2001,4001,6001,8002,0000200400600800100012001400160018002000Mar-18Sep-18Mar-19Sep-19Mar-20Sep-20Mar-21Cocoa (US Cent/Kg)Coconut oil (US $/ton)Beef US Cent/Kg)Copra (US $/ton)Source:World Bank; IMF4.99.92.219.914.48.64.54.0-10-50510152025303540-10-5051015202530354020182019e2020f2021f2022f2023f2024f2025fMining and quarryingManufacturingElectricity and water supplyConstructionINDUSTRYSource:VNSO, MEC Forecast%%Forecast QUARTERLY ECONOMIC REVIEW MARCH 2021 These included the World Bank funded Vanuatu Infrastructure Reconstruction Improvement Projectss (VIRIP) and the South Santo Road Rehabilitation Project, Road for Development (R4D) Project, Vanuatu Feeder Road projects, Pentecost Road and Wharf project, Vanuatu domestic airports upgrades, and the Public Works Department (PWD) road improvement projects.
Recent project development included the signing of the contract for the construction of the Brenwei Hydro plant under the Vanuatu Energy Access Project (VEAP) with the New Zealand joint venture, MAPs/Vortex, earlier in January 2020.

The project was delayed to the March quarter of 2021 due to closed international borders.
This project (valued at VT700 million (or US$5.84 million)) is funded jointly by the Asian Development Bank (ADB), Strategic Climate Fund and the Vanuatu Government, and projected to complete within 24 months.

In addition, the major infrastructure upgrade (funded by the Australian Government) of the Cooks Barracks and the Vanuatu Mobile Force (VMF) Headquarter in Port Vila, and Tioras Barracks in Luganville has started in March 2021.

The project is worth VT4.5 billion and projected to complete by 2023.
Services Sector The services sector, comprising 59.5 percent of real GDP, is projected to expand by 1.6 percent in 2021, up from -5.6 percent in 2020 (Figure.

11).

The economic impact of closed borders since March 2020 contributed to a significant slowdown in the tourism- related sectors, mainly in accommodation and food services, and transport services.
This also had rippled effects to other services directly in line with the tourism supply-chain, such as retail trade, information and communication, professional services, banking and financial services, and real estate services including market producers and suppliers.

On the other hand, public administration and other services rose.

Following a record low-level performance in 2020, these sectors are projected to grow at a slower pace in 2021 with expected gradual recovery in domestic demand.
The gradual growth in the services sector in 2021 will be driven by the following sub-sectors: Government services (2.9%), retail trade (1.2%), transport (2.2%), accommodation and food services (2.5%), and professional services (1.4%).

Real estate, finance and insurance and other services are projected to grow by 0.1 percent, 0.6 percent and 0.7 percent, respectively.
Figure 11: Services Sector Growth (in constant prices) (Percentage; Annual level) Tourism With Vanuatu’s international borders still closed, no visitor arrivals have been recorded in the March quarter of 2021, compared to 21,965 air visitors and 60,401 cruise-ship visitor arrivals in the same quarter of 2020 (Figure.

12).
12).

Tourism-related businesses in accommodation, food, tourism retail and transport services that were directly affected, continued to operate at reduced hours while a few businesses remained closed for a fourth consecutive quarter.

A number of accommodation businesses, such as hotels and resorts in Port Vila managed to remain in operation as quarantine venues for repatriates during the quarter and in response to the ongoing tourism marketing campaign targeting the domestic market.
Figure 12: Air and Cruise Visitors (Number of visitors; Quarterly level) International air travel continued to operate in a limited capacity under the direction of the National Disaster Management Office (NDMO) to enable movement of special category groups (seasonal workers and oversea students), repatriation and cargo flights.
14 0.83.3-5.61.62.92.72.52.5-60-50-40-30-20-1001020-60-50-40-30-20-100102020182019e2020f2021f2022f2023f2024f2025fWholesale, retail trade and repair of motor vehiclesOther wholesale tradeRetail tradeTransportAccommodation and food servicesInformation and communicationFinance and insuranceReal estateProfessional, scientific, technical and administrative servicesGovernment servicesEducation, health, recreation, and other servicesSERVICESSource:VNSO, MEC Forecast%%Forecast020,00040,00060,00080,000100,000120,000140,000020,00040,00060,00080,000100,000120,000140,000Mar-16Mar-17Mar-18Mar-19Mar-20Mar-21Cruise-ship visitorsAir visitor arrivalsTotal visitor arrivalsSource: VNSONo.sNo.s QUARTERLY ECONOMIC REVIEW MARCH 2021 Figure 14: Contribution to Annual CPI Inflation (Percentage; Quarterly Data) 3.2 FISCAL DEVELOPMENTS GOVERNMENT BOND MARKET to VT7,751 million, The Government amortized VT290.4 million worth of domestic bonds during the quarter under review.
Thus, the outstanding level of Government bonds declined from VT8,041.8 million in the preceding quarter.

Yet, the current level is substantially higher by 38.6 percent compared to the same quarter of last year.

In terms of bond holders, other financial corporations claimed the largest share (61.9%), followed by (28.6%), commercial banks (7.7%) and other resident sectors with 1.8 percent.
the Reserve Bank Figure 15: Outstanding Government Bonds (Quarterly Level) Inflation Annual headline inflation receded slightly to 5.2 percent in the March quarter of 2021 after it peaked at 6.2 percent in the fourth quarter of 2020.

The last three quarters saw year ended inflation hovering above 4 percent.
Much of the increases in headline inflation was driven by double-digit growth in food inflation associated with the combined effects of domestic market food supply disruptions and increased demand due to TC Harold and COVID-19 preventive measures and restrictions.

However, the year-on-year underlying inflation fell to -1.7 percent from -0.9 percent in the previous quarter.
The 5.2 percent increase in the annual headline inflation during the reviewed quarter was accounted for by increases in the following expenditure items: food (11.7%) due to increased price of root-crops, fruits and vegetables, transport (1.7%) , drinks and tobacco (3.8%), recreation (1.1%), health (3.5%) due to increased prices of prescription of medical drugs, and miscellaneous (0.8%).
On the other hand, prices of clothing and footwear, housing and utilities, and household supplies declined by -1.9 percent, -1.3 percent and -0.3 percent, respectively.

Prices of communication and education stable compared to the same quarter of last year.

remained Figure 13: Consumer Price Inflation (Percentage; Quarterly Data) On a quarter on quarter basis, inflation declined to - 0.5 percent in the March quarter of 2021, from 1.1 percent in the previous quarter.
The main categories contributing to this decline were: food (-0.8%) due to declined price of cereal products, housing and utilities (-0.8%) due to drop in electricity supply charges, communication (-0.8%) due to decline in price of prepaid sim cards, clothing and footwear (-0.7%), and miscellaneous (-0.4%).

Price of transport rose by 0.9 percent, while the prices of household supplies, health, recreation and education remained stable.
15 -4.0-2.00.02.04.06.08.010.0-4.0-2.00.02.04.06.08.010.0Mar-09Mar-11Mar-13Mar-15Mar-17Mar-19Mar-21Underlying Inflation (YoY)Inflation Upper Target of 0-4 percentHeadline Inflation (QoQ)Headline Inflation (YoY)%%Source: VNSO-4.0-2.00.02.04.06.08.0-4.0-2.00.02.04.06.08.0Mar-15Mar-16Mar-17Mar-18Mar-19Mar-20Mar-21FoodDrinks & TobaccoClothing & FootwearHousing &UtilitiesHousehold suppliesHealthTransportCommunicationRecreationEducationMiscellaneousAll Group CPI0-4% Inflation Target Range%%010002000300040005000600070008000900001,0002,0003,0004,0005,0006,0007,0008,0009,000Mar-18Sep-18Mar-19Sep-19Mar-20Sep-20Mar-21Reserve Bank of VanuatuOther Depository CorporationsOther financial CorporationsOther resident Sectors TotalMVTMVTSource: Reserve Bank of Vanuatu QUARTERLY ECONOMIC REVIEW MARCH 2021 3.3 FINANCE CENTRE ACTIVITIES Figure 17: Determinants of Money Supply (Percentage Change; Year-on-Year Growth) SHIPPING FEES2 Shipping registry fees received by the Vanuatu Maritime Services Limited (VMSL) stood at VT72.6 million during the reviewed quarter; higher than VT30.8 million quarter-on-quarter, but lower than VT97.6 million year-on-year.
Of the total collections, VT32.9 million was transferred as the Government revenue from the shipping registry.

The remaining balance of VT39.7 million was retained by the Vanuatu Maritime Marketing Limited (VMM) as operational fund.

A total of VT32.9 million was allocated to the Marine Participation and Investigation Trust Fund.
Figure 16: Shipping Fees (Annual Levels, Millions of Vatu) 3.4 MONETARY DEVELOPMENTS Money supply rose to VT96,511.4 million in the first quarter of 2021, representing growths of 2.1 percent and 0.8 percent quarter-on-quarter and year-on-year, respectively.

The quarter’s increase was driven mainly by an increase in the Government’s net credit vis-à-vis the banking system.

The year-on-year money growth continues to be driven by net foreign assets.
In terms of the measures of money supply, increases in both narrow money and quasi-money attributed the quarter-on- quarter growth, while the year-on-year growth was attributed mainly by the uptrend in narrow money.

RBV maintained an accommodative monetary policy stance since March 2020.

At the end of March 2021, the Bank’s policy rate remained at 2.25 percent.
Similarly, the Statutory Reserve Deposits ratio, the Liquid Asset Ratio and the Capital Adequacy Ratio were maintained at 5.25 percent, 5.0 percent, and 10.0 percent, respectively.

Also, the Bank’s Imports Substitution and Export Finance Facility (ISEFF)3 and (DRCF)4 Disaster Reconstruction Credit remained.

Generally, monetary conditions were supportive of growth as evidenced by high liquidity holdings and sound capital positions of commercial banks.
Facility The twin objectives for monetary policy are forecasted to remain within their respective targets in the medium term.

Though inflation has exceeded the Bank’s target range of 0-4 percent, at 5.6 percent, in Q2 2020, this increase is deemed transitory.

Official foreign reserves remained amply above the Bank’s minimum threshold of 4.0 months of import cover.

At the end of March 2021, official foreign reserves were sufficient to finance approximately 12.0 months of the country’s imports of goods.
The banking system liquidity remained supportive of growth, with ample liquidity recorded during the first three months of 2021.

At the end of March 2021 excess reserves stood at VT31,330.3 million.
2 Data relates to the Vanuatu International Shipping Registry 3 ISEFF is a back- to-back lending facility to businesses offered through commercial banks 4 DRCF is offered to businesses through commercial banks for the purpose of rehabilitation and reconstruction post disasters 16 05010015020025005010015020025020142015201620172018201920202021(Qtr 1)Government ShareVMM ShareTotal Shipping FeesSource: Vanuatu Maritime Marketing Limited (VMM)MVTMVT-20-10010203040-20-10010203040Mar-17Mar-18Mar-19Mar-20Mar-21NFA (LHS)Domestic Claims (RHS)M2 (RHS)%%Source:Other Depository Corporations; Reserve Bank QUARTERLY ECONOMIC REVIEW MARCH 2021 Figure 19: Foreign Exchange Turnover Position of Domestic Banks (Millions of VT) OTHER DEPOSITORY CORPORATION (ODCs) DETERMINANTS OF MONEY SUPPLY Net Foreign Assets (NFA) Total NFA decreased by 2.9 percent from the preceding quarter to VT73,130.6 million at the end of March 2021.
Compared with March 2020, NFA is higher by 5.2 percent.

The quarter-on-quarter decline reflected net outflows of foreign reserves5 recorded by both the RBV and commercial banks.

Figure 18: Net Foreign Assets (Percentage Change; Year-on-Year Growth) Domestic Claims Domestic credit expanded by 9.2 percent during the first three months of 2021 to VT42,173.4 million; however, when compared with a year ago, domestic credit decreased by 5.1 percent.
The quarter-on- quarter expansion was largely determined by an increase in net credit Government which outweighed reduction in credit to state and local government, public non-financial corporations and the private sector.7 Private sector credit declined over the quarter and over the year by 1.1 percent and 1.9 percent, respectively.
Figure 20: Private Sector Credit (Year-On-Year Growth; By Categories) Foreign Exchange Turnover6 Commercial banks’ foreign exchange turnover rose 70.4 percent quarter-on-quarter to VT9,707.0 million in March 2021; however, this level is lower at 12.6 percent year-on-year.

The upward trend quarter-on- quarter reflected increased earnings received from trading against both the local currency and the US dollar.
Bulk of transactions were carried out in the outright spot and forward markets and none for swap markets.

Overall, majority (83%) of earnings were generated via trading against the local currency, while 17 percent via trading against the US Dollar.

5 Please refer to Section 4.1, under Balance of Payments for sources of net foreign exchange reserves.

6Involves trading in major currencies, such as the Euro, NZD, AUD, GBP and other currencies against the Vatu and the US dollar.
17 7 Private sector comprises of loans extended to other financial corporation and other residents sectors 0510152025303540-50050100150200250300Mar-17Mar-18Mar-19Mar-20Mar-21Other Depository Corporations (LHS)Total (RHS)Reserve Bank (RHS)%%Source:Other Depository Corporations; RBV02,0004,0006,0008,00010,00012,00014,00016,00018,00020,00002,0004,0006,0008,00010,00012,00014,00016,00018,000Mar-17Mar-18Mar-19Mar-20Mar-21 FX Turnover Against VatuTotal FX Turnover Against USDMVTMVTSource:Other Depository Corporations-8-6-4-202468101214-8-6-4-202468101214Mar-17Mar-18Mar-19Mar-20Mar-21 Loans & advances to Nonfinancial CorporationsTotal Private Sector CreditLoans & advances to Individual / HouseholdsTotal Loans%%Source: OtherDepository Corporations; RBV QUARTERLY ECONOMIC REVIEW MARCH 2021 include: agriculture, Sectors that contributed positively to year ended development in private sector credit in the first quarter of 2021 tourism, construction, housing and land loans.
Sectors which contributed negatively to the year ended growth include: mining and quarrying, public utilities, communications, distribution, manufacturing, catering, professional & other services and personal loans.
and entertainment transport, forestry and Figure 21: Contributions to Growth of total ODC Loans (Contribution to Year Ended Growth; By Sectors) The Central Government’s net credit position vis-à-vis the banking system deteriorated quarter-on-quarter as the banking system’s net claims on Government increased by 16.8 percent to VT18,221 million in March 2021.
This trend implied that the Government has utilized its deposits with the banking system to finance the imbalances in its budget during the first three months of 2021.

However, the Government’s net credit position improved over the year to March 2021.
Figure 22: Net Claims of the Vanuatu Government Vis-à-vis the Total Banking Sector (Levels, Billions of VT) MEASURES OF MONEY SUPPLY Amongst the components of money supply, both narrow and quasi money recorded growths quarter-on-quarter thus attributed the upward trend in money supply.

Narrow money expanded further by 2.7 percent quarter-on-quarter and 8.3 percent year-on-year to VT69,509.6 million.

Growth was driven by a rise of 4.3 percent in transferable deposits.
The sectors which accumulated transferable deposits in local currency include: state and local government, public non- financial corporation, other non-financial corporation, and other residents sector.

Similarly, the upward trend transferable deposits was in attributed by built up of deposits of other depository corporations, other financial corporation and other nonfinancial corporation sectors.

Currency in circulation, in contrast, contracted by 6.2 percent.
This decline implied that the seasonal high level of currency in circulation, usually recorded at the end of December 2020 and at the beginning of 2021, have flowed back into the banking system.

This also resulted in the increase in transferable deposits.

foreign currency Figure 23: Money Supply Components (Percentage Change; Year-on-Year Growth) Quasi money rose 0.4 percent quarter-on-quarter to VT27,001.8 million in March 2021.
Sectors which accumulated term deposits in local currency include state and local governments, public non-financial corporation and other nonfinancial corporation.

Likewise, increases in term deposits denominated in foreign currency were recorded for public non- financial corporation, other non-financial corporation and other financial corporation.

Quasi money contracted by 14.5 percent year-on-year.
8INTEREST RATES9 Interest rates have widened marginally at the end of March 2021 as the interest rates spread further increased.

However, interest rates were lower relative 8 Data on interest rates have been revised starting Q32019 9Interest rates in Vanuatu have always been characterised by very high lending rates and low deposits rates.
18 -10-8-6-4-20246810-10-8-6-4-20246810Mar-20Jun-20Sep-20Dec-20Mar-21TourismConstructionProfessional & Other ServicesDistributionHousing & Land PurchasesPersonal LoansOther sectorsTotal%%OtherSectors: include Agriculture.

Fisheries, Mining & Quarrying, Manufacturing, Entertainment & Catering,Transport, Public Utilities, Communications, Forestry.
-25-20-15-10-50-25-20-15-10-50Mar-16Mar-17Mar-18Mar-19Mar-20Mar-21Reserve Bank (net)Other Depository Corporations (net)TotalSource: Other Depository Corporations; RBVBvtBvt-20-15-10-50510152025-20-15-10-50510152025Mar-17Mar-18Mar-19Mar-20Mar-21M2Quasi-MoneyM1%%Source: Other Depository Corporataions, RBV.

QUARTERLY ECONOMIC REVIEW MARCH 2021 to a year ago since the interest rates spread has declined year-on-year.
The rise in the interest rates quarter-on-quarter reflected mainly an upward trend in the weighted average interest rates on loans.

Weighted average interest rates on loans rose by 0.10 percentage points to 9.62 percent; however, this rate eased by 0.18 percentage points year-on-year.

The weighted average interest rates on deposits, in contrast, declined by 0.05 percentage points quarter- on-quarter and 0.07 percentage year-on-year to 0.60 percent.
Similarly, the weighted average interest rates on term deposits decreased to 1.37 percent from 1.45 percent at the end of 2020 and 1.41 percent in March 2021.

The effect of an increase in the weighted average interest rates on loans triggered a further widening of interest rates spread to 9.02 percent, up from 8.87 percent in December 2020, though down to 9.13 percent in March 2021.
Figure 24: Interest Rate (Percent, Month-End Rates) Figure 25: Components of Reserve Money (Levels; Billions of VT) MONEY MARKET DEVELOPMENT Commercial banks’ excess reserves increased to VT31,330.30 million in the first quarter of 2021, from in December 2020.

This VT31,325.70 million development was caused by offsetting movements in the determinants of excess reserves, of which the bulk of the increase was produced by the increase in the Net Claims on Government.
Figure 26: Bank Excess Reserves (Levels, Millions of Vatu, Month-End Data) MONETARY BASE (M0) Base money10 contracted by a slight 0.9 percent quarter-on-quarter to VT48,033.9 million.

However, the current level is higher by 4.8 percent year-on-year.

The quarter-on-quarter decline was primarily attributed to a decrease in currency in circulation11.

Excess reserves and SRD, on the other hand, rose quarter-on-quarter.
The upward trend in excess reserves continues to reflect the current accommodative monetary policy stance of the RBV.

The increase in SRD reflected an increase in average deposits in Vatu and transferable deposits in foreign currency over the months of January and February 2021.

Total outstanding RBV Notes has increased from VT4,204 million in the preceding quarter to VT5,506 million at the end of the first quarter.
During the review period, the Bank floated VT8,800 million in RBV Notes and received a total of VT26,696 million in bids from commercial banks and other financial Institutions, of which, VT8,309 million were allotted to the successful bidders.
RBV Notes allotments during the review quarter were as follows: VT1,502 million was allotted to the 7 days, VT1,477 million was allotted to the 14 10Base Money or ‘Reserve Money’ is made up of currency in circulation, Statutory Reserve Deposits (SRD), and Excess Reserves.

11 Refer to currency in circulation under narrow money for more information pg.
21 19 024681012024681012Mar-18Mar-19Mar-20Mar-21Interest rate spreadWeighted average deposit interest rateWeighted Average Total Lending RateWeighted Average Term Deposit ratesWeighted Average Private Sector Credit Lending Rate%%Source: Other Depository Corporations%%0481216202428323604812162024283236Mar-16Mar-17Mar-18Mar-19Mar-20Mar-21Currency in circulationSRDExcess ReservesBvtBvtSource: OtherDepository Corporations; RBV02,0004,0006,0008,00010,00012,00014,00016,00018,00020,00022,00024,00026,00028,00030,00032,00002,0004,0006,0008,00010,00012,00014,00016,00018,00020,00022,00024,00026,00028,00030,00032,000Mar-20Jun-20Sep-20Dec-20Mar-21 Excess Reserve TargetRBV NotesExcess Reserve LevelM vtM vtSource: RBV QUARTERLY ECONOMIC REVIEW MARCH 2021 days, VT1,810 million was allotted to the 28 days, VT1,770 million was allotted to the 63 days and VT1,750 million was allotted to the 91 days maturity.
Figure 28: Asset Position – Domestic Banks (Levels; Billions of Vatu) Figure 27: RBV Notes Yields (Level, Percentage, Month-End Data) The interest rates on all categories of RBV Notes have increased slightly except for the 63 days and the 91 days as shown in figure 27.
Between the various categories of RBV Notes, the 7 days Notes interest rates increased to 0.40 percent (previous 0.30%), 14 days Notes interest rates increased to 0.40 percebt (previous 0.30%), 28 days Notes interest rates increased to 0.40 percent (previous 0.30%), 63 days Notes interest rates remained at 0.32 percent (previous 0.32%), and the 91 days RBV Notes’ interest rate remained at 0.32 percent (previous 0.32%).
3.5 BANKING SECTOR DEVELOPMENTS Domestic Banks Financial Position industry’s balance sheet The domestic banking registered 0.2 percent increase quarter-on-quarter to VT133.4 billion; albeit 1.6 percent drop year-on-year.

This mostly reflected 1.4 percent quarter-on-quarter increase in total domestic assets to VT115.3 billion outweighing 7.4 percent drop in total foreign assets to VT18.0 billion.

Over the year, total domestic assets increased by 2.0 percent while total foreign assets fell by 19.6 percent.
Total domestic assets grew as claims on RBV, other domestic assets and claims of non-financial enterprises registered quarter-on-quarter increases of 4.4 percent to VT39.6 billion, 4.3 percent to VT10.6 billion and 49.7 percent to VT1.5 billion, respectively.

In contrast, Vatu denomnated cash, claims on private sector and financial institutions decreased by 5.4 percent to VT2.9 billion, 1.1 percent to VT58.7 billion and 13.5 percent to VT1.1 billion correspondingly.
Claims on central government stabilized at VT0.9 billion.

On the annual basis, claims on RBV, financial institutions and non- financial institutions as well as Vatu denominated cash (VUV) increased by 7.6 percent, 15.1 percent, 66.5 percent and 14.2 percent respectively.

On the other hand, other domestic assets, claims on private sector and central government correspondingly reduced by 1.1 percent, 2.0 percent and 25.3 percent.
The quarter-on-quarter reduction in foreign assets is attributed to declines in balances due from financial institutions abroad and claims on non-residence by 6.4 percent to VT16.3 billion and 24.1 percent to VT1.1 billion, respectively.

Foreign currency cash increased by 4.3 percent to VT0.6 billion.

Year-on-year growths saw 24.7 percent increase in cash while balances due to financial institution abroad and claims on non- residences declined by 20.2 percent and 26.1 percent in that order.
The domestic assets of the banking industry are mostly comprised of claims on private sector (50.9%), claims on RBV (34.3%), other domestic assets (9.2%), claims on non-financial institution (1.3%), claims on financial institution (1.0%) and claims on government (0.8%).
20 00.511.522.500.511.522.5Mar-20Jun-20Sep-20Dec-20Mar-217 days14 days28 days63 days91 days%%Source: RBV QUARTERLY ECONOMIC REVIEW MARCH 2021 Capital Adequacy Financial Performance The domestic banking industry remains well capitalized with capital adequacy ratio positioned at 21.8 percent at the end of the reviewed quarter (20.0%: Dec-20 and 19.2%: Mar-20).

This is comfortably above the minimum threshold of 10 percent.
The quarterly increase in CAR is mostly attributed to 8.3 percent drop in total risk weighted assets (TRWA) to VT67.6 billion.

Total capital base declined by 0.1 percent quarter-on-quarter to VT14.7 billion.

Over the year capital base grew by 8.5 percent whilst TRWA fell by 4.8 percent.

Capital base declined on the back of 1.5 percent drop in tier 1 capital to VT13.7 billion compared to tier 2 capital which increased by 21.8 percent quarter-on- quarter to VT1.0 billion.
Decline in tier 1 capital reflected reduction in retained earnings while increase in tier 2 capital mostly resulted from increase in year to date profit.

On an annual basis, both tier 1 and tier 2 capital increased by 8.6 percent and 6.2 percent, respectively.

Figure 29: Capital Adequacy & Tier 1 Ratio (Quarterly Data) (Levels, Billions of Vatu) The reviewed period saw declining trend in risks both on and off balance sheet by 1.5 percent to VT60.3 to VT1.6 percent billion and 77.3 percent correspondingly.
Nevertheless, operational risks increased quarter-on-quarter by 4.3 percent to VT7.4 billion.

Year-on-year growth saw declines in both on risk weighted assets, and off- balance respectively, by 3.5 percent and 39.4 percent whilst operational risks increased by 4.2 percent.

sheet industry’s financial performance The remains satisfactory despite being heavily challenged by the current pandemic situation.
The reviewed quarter’s underlying profit of VT299.5 million was lower than that of previous quarter and year, respectively, by 8.8 percent and 18.4 percent.

The decline was mostly contributed by declines in total operating income over both quarter and year by 7.7 percent and 14.8 percent correspondingly to VT1.5 billion.

Total operating expenses also declined by 7.4 percent quarter-on-quarter and 13.8 percent year-on-year to VT1.2 billion.
Interest income decreased over both quarter and year by 8.2 percent and 14.0 percent, respectively, to VT1.1 billion.

On the other hand, Interest expense also exhibited quarterly and yearly declines of 9.1 percent and 40.3 percent correspondingly to VT130.2 million.

Consequently, net interest income fell by 8.0 percent quarter-on-quarter and 8.6 percent year-on-year to VT976.1 million.
Similarly, non-interest income dropped over both quarter and year, respectively, by 6.4 percent and 16.7 percent to VT438.1 million.

In contrast, non-interest expense declined by 7.2 percent quarter-on-quarter and 9.1 percent year-on-year to VT1.1 billion.

The reduction in risks and improvement in economic indicators has resulted in write back of provision expenses allocated during previous quarter into earnings.

This is highlighted in negative provision figures at the end of March 2021.
Specific provisions for loan losses declined by 107.6 percent quarter-on- quarter and 119.0 percent year-on-year to negative VT21.0 million.

Similarly, general provisions were lower than previous quarter and year respectively by 112.7 percent and 127.3 percent to negative VT28.9 million.

In addition, specific provisions of other losses declined by 140.6 percent quarter-on-quarter to negative VT22.5 million; but, increased by 70.0 percent year-on-year.
Therefore, the industry recorded a net profit of VT371.8 million compared to a net loss of VT604.1 million at the end of the previous quarter and net profit of VT164.4 million in the previous year.

financial performance development The above resulted in improvements in both annualised ROA and ROE to 1.1 percent (-0.1%: Dec-20; 0.5%: Mar-20) and 9.0% (-0.6%: Dec-20; 4.4%: Mar-20).
Similarly, interest margin to gross income increased to 69.0 percent compared to 68.0 percent and 67.0 percent recorded during the previous quarter and year, respectively.

In contrast, non-interest expense to gross income further worsened to 78.8 percent (78.1%: Dec- 20; 77.0%: Mar-20).

21 QUARTERLY ECONOMIC REVIEW MARCH 2021 Figure 30: Earnings – Domestic Banks (Quarterly Data) (Levels, Millions of Vatu) respectively over the quarter and year to VT2.7 billion at the end of March 2021.
General provisions also improved by 2.2 percent quarter-on-quarter and by 20.8 percent year-on-year to VT2.3 billion.

Specific provisions to non-performing loans stood at 32.0 percent (37.0%: Dec-20; 36.2%: Mar-20) while general provisions to gross loans was 3.8 percent (4.7%: Dec-20; 3.3 percent: Mar-20).
Figure 31: Asset Quality – Domestic Banks (Share of Total Loans, By Loan Category) Asset Quality Despite the quarterly improvement, the quality of the industry’s loan book continued to deteriorate when compared to the previous year.

Over the quarter, non- performing loans (NPLs12) dropped by 4.0 percent to VT11.3 billion; nevertheless registered a 16.9 percent increase year-on-year.
Total NPLs to gross loans13 ratio improved over the quarter to 18.4 percent (19.0%: Dec-20); but worsened compared to 15.5 percent a year ago.

In addition, net NPLs to capital ratio stood at 58.6 percent at the end of the reviewed period (57.9%: Dec-20; 74.9%: Mar-20).

New capital injections towards the end of 2020 and the increase in specific provisions have contributed to improvement in net NPLs to capital ratio over the year.
Development within the high credit risk categories saw substandard loans declining by 3.2 percent quarter-on- quarter to VT4.4 billion; but, increased by 19.0 percent year-on-year.

Similarly, doubtful loans declined over the quarter by 11.6 percent and significantly increased year-on-year by 41.3 percent to VT3.4 billion.

In contrast, loss loans registered 0.5 percent quarterly increase and yearly drop of 4.1 percent to VT3.4 billion.

Majority (81.8%) of the lending book remained as standard loans.
The performing loans increased by 0.1 percent to VT50.2 billion during the reviewed quarter; albeit 4.8 percent drop year-on-year.

Increase in attributable are standard toreclassification of loans over the reviewed period.
mainly loans In light of the quarterly improvement, specific provisions dropped by 17.3 percent and 18.7 percent, Private Sector Lending The private sector credit14 (PSC) continued to remain weak registering quarterly and year declines of 0.2 percent and 1.0 percent, respectively, to VT60.2 billion.

The weak growth continued to be attributed to both the ongoing book management of the banks and generally weak demand for credits within the economy.
Major sectors contributing to the decrease during the reviewed quarter includes: personal (1.7% to VT32.1 billion), professional & others (7.0% to VT5.0 billion), construction (0.2% to VT4.0 billion) and manufacturing (26.9% to VT1.3 billion).
In contrast, the following major sectors depicted quarter-on-quarter declines: tourism (2.5% to VT7.5 billion, distribution (8.1% to VT5.2 billion), government (51.2% to VT1.5 billion), transport (15.0% to VT978.6 to VT937.2 million), (1.5% million), agriculture communication to VT780.2 million) and entertainment & catering (2.5% to VT368.9 million).
(15.8% sector credits continue record high Private concentration in loans to personal (53.3%), tourism (12.5%), distribution (8.7%), professional & other (8.3%) and construction (6.6%) sector.
to 12Include loans & advances classified as Substandard, Doubtful & Loss 13Loans & Advances to both residents & non-residents 14 Exclude credits to non-residents 22 QUARTERLY ECONOMIC REVIEW MARCH 2021 Figure 32: Private Sector Credit Domestic Banks (Quarterly Data, Levels, Billions of Vatu) International Banks Financial Position Figure 34: Offshore Banking Industry – Total Assets (Millions of USD, Quarterly Data) Liquidity Position The domestic banking industry’s liquidity position remained strong with liquid asset ratio (LAR) of 54.1 percent at the end of March 2021 (52.4%: Dec-20; 51.4%: Mar-20) well above the minimum regulatory threshold of 5 percent.
Total holdings of Vatu liquid assets increased quarter- on-quarter by 1.5 percent, albeit declined by 0.1 percent year-on-year to VT38.8 billion.

This is VT33.8 billion in excess over the required threshold of VT5.0 billion.

Customer deposits continued to be the core source of funding during the reviewed period.
Figure 33: Liquid asset ratio –Domestic Banks industry’s International Banking total assets The registered increases of 2.6 percent quarter-on-quarter and 2.7 percent year-on-year to USD90.4 million.

The quarterly increase is mostly attributed to increases in cash items by 47.2 percent to USD15.7 million.
In contrast, marketable securities, loans & advances, investments and other assets declined by 15.0 percent to USD2.8 million, 3.8 percent to USD16.0 million, 3.2 percent to USD45.3 million and 0.7 percent to USD10.6 million, respectively, quarter-on-quarter.

On the yearly basis, cash items, investments and other assets increased by 10.6 percent, 6.8 percent and 31.7 percent respectively whilst marketable securities and loans and advances fell by 22.3 percent and 18.9 percent correspondingly.
Similarly, total liabilities (less capital) grew by 4.4 percent quarter-on-quarter and 2.3 percent year-on- year to USD67.4 million.

This largely reflected quarterly increases in deposits, term debt & other borrowings, accrued liabilities and other liabilities by 4.2 percent to USD63.7 million, 44.4 percent to USD507.0 thousand, 2.1 percent to USD2.8 million and 11.8 percent to USD398.0 thousand, respectively.
Year-on-year developments saw deposits, accrued liabilities and other liabilities increased by 17.4 percent, 20.4 percent and 72.3 percent whilst term debt & other borrowings declined by 94.4 percent.

Financial Performance The offshore banking industry’s financial performance deteriorated quarter-on-quarter and year-on-year.

The industry registered a loss of USD698.0 thousand down by 131.9 percent compared to previous quarter; 8.1 percent lower than previous year.
23 QUARTERLY ECONOMIC REVIEW MARCH 2021 The quarterly deterioration mostly reflected 44.5 percent increase in total operating expense to USD1.4 million, outweighing 3.2 percent increase in total operating income to USD453.0 thousand.

Year-on- year, total operating expense increased by 13.1 percent and total operating income reduced by 16.6 percent.

Interest income depicted declines by 2.8 percent quarter-on-quarter and 11.0 percent year-on-year to USD210.0 thousand.
In contrast, interest expense increased over both quarter and year, respectively, by 111.8 percent and 730.8 percent to USD108.0 thousand.

As a result, net interest income recorded quarterly and yearly drops of 38.2 percent and 54.3 percent correspondingly to USD102.0 thousand.

Non- interest income grew by 9.0 percent over the quarter, however fell by 20.9 percent year-on-year to USD243.0 thousand.
On the other hand, non-interest expense registered 40.6 percent increase quarter-on- quarter to USD1.2 million; 5.2 percent increase on annual basis.

Figure 35: Offshore Banking Industry Earnings (Millions of USD &Percent; Quarterly Data) Total risks weighted assets fell by 20.4 percent year- on-year.

The entire capital base continues to be comprised of tier 1 capital.
The quarterly increase is mostly attributed to increase in other capital by 44.1 percent to USD585 thousand and improvement in earnings to negative USD698.0 thousand despite decline in paid up capital by 1.1 percent to USD28.9 million and increase in retained losses by 12.4 percent to USD6.4 million.

Paid-up capital increased by 5.8 percent year- on-year whilst disclosed reserves & retained losses increased by 15.8 percent.
Developments within the risks assets saw both on and off balance sheet risk weighted assets increased by 5.1 percent quarter-on-quarter but declined by 21.2 percent year-on-year to USD26.1 million.

Operational risk assets declined quarter-on-quarter by11.6 percent to USD2.9 million and recorded 11.5 percent growth year-on-year.
Figure 36: Offshore Banking Industry – Capital (Millions of USD &Percent; Quarterly Data) Given the above results, the offshore banking industry’s ROA and ROE stood at negative 3.1 percent (negative 1.7%: Dec-20; 3.0%: Mar-20) and negative 12.0 percent (negative 6.2%: Dec-20; negative 11.8%: Mar-20), respectively.

Capital The industry remained well capitalised with capital adequacy ratio positioned at 75.9 percent, lower than previous quarter (77.6%) (57.0%: Mar-20).
The drop was largely contributed by increase in risk weighted assets by 3.1 percent to USD29.0 million outweighing the 0.02 percent increase in capital base to USD22.0 million.

Over the year, capital base increased by 6.1 percent mostly reflecting additional capital injections.

24 The entire capital base continues to be comprised of tier 1 capital.
The quarterly reduction is mostly attributed to declines in paid-up capital by 2.3 percent to USD28.2 million outweighing 5.4 percent improvement in disclose reserves & retained earnings to negative USD5.6 million.

Paid-up capital increased by 5.4 percent year-on-year whilst disclosed reserves & retained earnings reduced by 20.2 percent.
Developments within the risks assets saw both on and off balance sheet risk weighted assets increased by 0.5 percent quarter-on-quarter but declined by 26.7 percent year-on-year to USD24.5 million.

Operational risk assets registered declines of 11.6 percent quarter- on-quarter and 11.6 percent year-on-year to USD 2.9 million.
QUARTERLY ECONOMIC REVIEW MARCH 2021 Figure 38: Margin of Solvency (Billions of Vatu, Quarterly Data) MRSM – Minimum required solvency margin SS – Solvency surplus The total domestic solvency position increased by 19 percent to VT949 million (VT796 million: Dec -20).

The total solvency margin for this reporting quarter is maintained at a satisfactory position.

The required minimum (MRSM) decreased significantly by 0.9 percent to VT107 million (VT108 million: Dec-20).
The solvency surplus position (after deduction of the minimum required solvency margin) recorded an increase of 22 percent to VT842 million (VT688 million: Dec-20).

solvency margin Domestic Industry Performance Gross Premium (GP) The total gross premium declined by 28 percent to VT310 million (VT434 million: Dec-20).

Net written premium declined significantly by 88 percent to VT39 million (VT322 million).

This huge decline is attributed to ceded reinsurance costs by a significant player.
Figure 39: Net Written Premium and Net Claims Incurred.

(Millions of Vatu, Quarterly Data) 3.6 INSURANCE SECTOR DEVELOPMENTS Domestic Insurers The admissible asset position for the domestic insurance industry in March 2021 declined by 5 percent to VT2.202 billion (VT2.321 billion: Dec-20).

This decline was attributed to a greater decline in premiums received from VT326 million to VT229 million in March 2021.
Other asset component that show a decline in this reporting quarter is the amounts due from Reinsurers which recorded an amount of VT181 million (VT233 million: Dec-20).

This is due to the gradual reduction in payment of TC Harold claims which subsequently reduced the amount due from reinsurers.

Cash on hand and deposits increased by 1.7 percent to VT1.791 billion (VT1.761 billion: Sept-20).
Cash & deposits is the major component under assets and comprised of 81 percent (76%: Dec-20) of total assets, followed by premium receivable which comprised of 10 percent.

Figure 37: Financial Position (Billions of Vatu, Quarterly Data) Insurance liability declined by 18 percent to VT1.252 billion (VT1.525 billion: Dec-20).

This decline is attributed to a greater decline in unexpired risks by 26 percent to VT368 million (VT498 million: Dec-20).
IBNR also recorded a decline of 37 percent to VT39 million (VT62 million: Dec-20).

Despite the higher percentage change reported, the difference from the previous quarter is of less significant amount compared to unexpired risks.

The amounts due to related parties declined by 34 percent to VT137 million (VT207 million: Dec-20).

Contingency recorded a decline of 12 percent to VT34.4 million VT39.2 million: Dec-20).

Gross outstanding claims decline by 8 percent to VT529 million (VT574 million: Dec-20).
Gross Outstanding claims is the major component under liabilities at 52 percent of total liabilities.
25 00.511.522.5300.511.522.53Mar-19Jun-19Sep-19Dec-19Mar-20Jun-20Sep-20Dec-20VTBVTBAssetsLiabilitiesNet Assets - 100 200 300 400 500 600 700 800 900 1,000 - 100 200 300 400 500 600 700 800 900 1,000Mar-19Jun-19Sep-19Dec-19Mar-20Jun-20Sep-20Dec-20Mar-21VTMVTMMRSMSSNet Assets-600-500-400-300-200-1000100200300400500600700-600-500-400-300-200-100 - 100 200 300 400 500 600 700Mar-19Jun-19Sep-19Dec-19Mar-20Jun-20Sep-20Dec-20Mar-21VTMVTMNWPNCI QUARTERLY ECONOMIC REVIEW MARCH 2021 Figure 41: Margin of Solvency (Thousands of USD, Quarterly Data) MRSM – Minimum required solvency margin SS – Solvency surplus Solvency position increased by 8 percent to USD518 thousand thousand: Dec-20).
Minimum Required Solvency decreased by 3 percent to USD14.4 thousand (USD 14.8 thousand: Dec-20).

Solvency surplus increased by 8 percent to USD 503 thousand (USD465 thousand: Dec 20).

(USD480 Figure 42: Business Performance (Thousands of USD, Quarterly Data) NWP– Net Written Premium NCI – Net Claims Incurred Net Written Premium decreased by 0.1 percent to USD74.4 thousand in March 2021 (USD74.5 thousand: Dec-20).

No Net Claims incurred was reported in this quarter.
Compared to the same quarter last year, Net Written Premium declined by 59 percent over the same period (USD179.5 thousand- Mar 20).

Claims The gross claims incurred (calculated as total reported claims, paid and outstanding at quarter end) reported a decline of 69 percent to VT28 million (VT93.8 million: Dec-20).

The decline in claims from the previous quarter to this reporting quarter reflected the adjustments to 2015 TC Pam reinsurance recoveries that have affected claims by a major player.
Net claims incurred declined significantly by 74 percent to VT88 million (VT348 million: Dec-20).

Again this figure reflected the adjustments made to TC Pam reinsurance recoveries which affected net claims incurred.

International Insurers Figure 40: Financial Position (Thousands of USD, Quarterly Data) Total assets for the international market increased by 4 percent to USD 551 thousand at the end of March 2021 (USD 531 thousand: Dec-20).
Cash on hand and bank deposits, which comprised 100 percent of total assets, also increased by 4 percent to USD 551 thousand over the period (USD 531 thousand: Dec -20).

Total liabilities in the international market decreased by 34 percent to USD 33.4 thousand in March 2021 (USD50.8 thousand: Dec-20).

Unexpired Risk, which comprises 95 percent of total liability, decreased by 36 percent to USD 31.6 thousand (49.3 thousand: Dec- 20).
IBNR and Contingency which comprise of 4 percent and 2 percent of total liability, declined by 25 percent and 10 percent, respectively.

In comparison to same quarter of last year, total assets declined by 30 percent (USD787 thousand – Mar 20), total liabilities declined by 28 percent (USD46.6- Mar 20) and net assets declined by 30 percent (USD741 – Mar 20).
26 01002003004005006007008009000100200300400500600700800900Mar-20Jun-20Sep-20Dec-20Mar-21USD,000USD,000AssetsLiabilitiesNet Assets0100200300400500600700800 - 100 200 300 400 500 600 700 800Mar-20Jun-20Sep-20Dec-20Mar-21USD'000USD'000MRSMSSNet Assets050100150200050100150200Mar-20Jun-20Sep-20Dec-20Mar-21USD,000USD,000NWPNCI QUARTERLY ECONOMIC REVIEW MARCH 2021 Insurance Brokers Overview.
Figure 43: Domestic Broker Business (Millions of Vatu, Quarterly Data) The total premiums transacted for the domestic market through brokers as at end of March 2021 decreased by 17 percent to VT193 million (VT231 million: Dec- 20).

The decrease is attributed to the decrease in number of renewals & new business with local insurers during this period.

The total brokerage commission also decreased by 19 percent to VT28.7 million over the period under review (VT35.3 million: Dec-20).
In comparison to the same quarter of 2020, premiums decreased by 21 percent (VT244 million: Mar 21).

Brokerage commission also decreased by 21 percent (VT36 million: Dec-20).

Figure 44: Offshore Broker Business (Millions of Vatu, Quarterly Data) The total brokerage commission also decreased by 105 percent to VT (1.2) million (VT23 million: Dec-20).

This significant decline is due to adjustments in brokerage figures that should be corrected in the next quarter.
In comparison to the same quarter of 2020, total premium decreased by 16 percent (VT42 million: Mar– 20).

Brokerage also decreased by 119 percent (VT 6 million: Mar-20), both indicating a decrease in offshore business over the year.

4 EXTERNAL SECTOR DEVELOPMENTS 4.1 BALANCE OF PAYMENTS The overall Balance of Payments (BOP) position reported a deficit of VT1.1 billion at end March 2021compared with a significant surplus of VT4.6 billion at end December 2020.
This outcome resulted from more outflows through the Current and Financial account balances offsetting inflows.

The Current Account Balance posted a deficit of 1.6 percent compared to the surplus reported last quarter.

This development reflected a significant reduction of the secondary income’s positive balances outweighing the positive changes in both the trade in goods and services and primary income balances.
The Capital Account Balance surplus declined by 5.5 percent while the financial account dropped by 197 percent, caused by the reductions in both the external assets and liabilities.

With the above offsetting developments, the Official Reserves stood at VT64 billion, sufficient to cover approximately 12 months of import.

Figure 45: Reserves and Months of Import Cover The total premiums remitted offshore through brokers decreased by 77 percent to VT35.4 million (VT154 million: Dec-20).
The decrease is due to decrease in number of renewals and new business from the following classes: Public/Products Liability, Medical & Repatriation, Aviation, Marine Hull & Liability and ISR.
27 050100150200250300050100150200250300Mar-2020-Jun20-SepDec-20Mar-21VTMVTMPremiumBrokerage-20020406080100120140160180-20020406080100120140160180Mar-20Jun-20Sep-20Dec-20Mar-21VTMVTMPremiumBrokerage0.02.04.06.08.010.012.014.016.00.010000.020000.030000.040000.050000.060000.070000.0Mar-17Sep-17Mar-18Sep-18Mar-19Sep-19Mar-20Sep-20Mar-21Foreign Reserves & Months of Import Cover Foreign Exchange (MVT)Months of Import CoverMVT QUARTERLY ECONOMIC REVIEW MARCH 2021 The financial account recorded a deficit, reflecting a VT1.4 billion vatu reduction in other investment assets abroad as investment conditions abroad continue to be affected by the pandemic.
Financial liabilities also declined, driven mainly by external loan repayments.

EXCHANGE RATE Over the March quarter, the Vatu appreciated against the AUD by 2.2 percent and NZD by 0.7 percent.

On the contrary, the Vatu depreciated against the USD and Euro by 2.6 percent and 2.2 percent, respectively.
International Trade Merchandise trade in Goods- The provisional trade in goods balance increased slightly by 0.01 percent as exports in general are estimated to decline by 0.19 percent while imports are to decline by 0.03 percent.

Services– The negative trade in services balance improved slightly by 0.03 percent mainly due to a 0.13 percent decline in outward service payments while inward service receipts declined by 0.29 percent.
The decline in service receipts stemmed mainly from reductions in transport (0.54%), other business services (0.22%) and financial services (0.10%).

Outward service payments declined mainly due to transport related services (0.21%) and other business services (0.49%).

The ongoing international border restrictions contributed to the reduction in both the inflows and outflows of transport services.
Income Primary- The primary income balance continued to increase over the quarter, underpinned by a 39 percent increase of income receipts outweighing a 26.24 percent increase in income payments.

The significant increase in income receipts was driven by a 55 percent increase in compensation of employees, driven by earnings from seasonal workers abroad.

Income payments, on the other hand, increased by 26.4 percent as investment income payments increased over the quarter.
Figure 46: Bilateral Exchange Rates (Vatu per major currency, Quarterly Data) Secondary- The secondary income15 balance, which is usually in surplus, recorded a 42 percent decline over the March quarter reverting from increase recorded in the previous period.
Secondary income inflows declined by 41 percent as external grants donated to the Government for current expenditure declined, while secondary income outflows also declined by 23 percent as both transfers to both the Government and private sectors declined.

the Capital Account and Financial Account The capital account balance experienced a 55 percent reduction over the March quarter as grants to the Government coffers for investment and development purposes declined.
15 The secondary income account includes current transfers (including Government revenue from abroad via its programs Vanuatu Development Support Program (VDSP) and Vanuatu Contribution Program (VCP)) 28 End Rates USDAUDNZDEUROUSDAUDMar-21109.283.076.3128.1108.083.2Apr-21107.383.377.7130.0108.083.2% ▲1.8-0.4-1.9-1.5Dec-20107.782.877.6132.5109.178.2% ▲1.40.2-1.7-3.3May-20118.378.473.3131.1119.877.9% ▲-7.75.94.0-2.3% ▲(-) Appreciation of Vatu Average rates Exchange rate of the Vatu against Major Currencies6070809010011012013014060708090100110120130140Mar-11Mar-12Mar-13Mar-14Mar-15Mar-16Mar-17Mar-18Mar-19Mar-20Mar-21Bilateral Exchange RatesUSDAUDEURONZD QUARTERLY ECONOMIC REVIEW MARCH 2021 CHRONOLOGY OF MAJOR EVENTS No.
BRIEF DESCRIPTION OF MAJOR EVENTS 1.

2.

3.

4 5 6 EFFECTIVE DATE Jan 12, 2021 VT18M REVENUE LOSS FOR SHEFA COUNCIL The SHEFA Provincial Government Council (SPGC) incurred a huge revenue loss of approximately Vt18 million in 2020.

The shortfall was the result of a government decision in 2020 to waive business licence fees due to the COVID-19 pandemic.

Business licences account for Vt14 million, while other licences account for the other Vt4 million.
(Source: Vanuatu Daily Post, Issue 6185) OVER VT12 BILLION IN 2020 CITIZENSHIP SALES The Government, through the Vanuatu National Citizenship Commission (VNCC), has generated a total Vt12.2 billion from sales under the citizenship program, from January until mid-December 2020.

The figure is expected to hit just over Vt13 billion if the revenue for the whole of December 2020 is finalised.
Jan 13, 2021 (Source: Vanuatu Daily Post, Issue 6186) VT250M GOV’T LOAN TO AVL The Government has provided a Vt250 million loan to help Airports Vanuatu Limited (AVL) maintain continuity of services.

Airport revenues are sourced from aeronautical means such as terminal, landing and passenger fees.

Like other airport authorities in the world, AVL revenue has been significantly impacted with the cancellation of international flights and shortfall of passengers since the coronavirus pandemic.
(Source: Vanuatu Daily Post, Issue 6190) Vanuatu to participate in Dubai World Expo 2021 A signing agreement this week between the Ministry of Foreign Affairs and six manufacturing businesses in Port Vila, seeks to ensure Vanuatu’s participation at the upcoming Dubai World Exposition.

Following the COVID-19 outbreak, the 2020 Dubai World Expo was postponed last year to this year, October 2021-April 2022.
(Source: Vanuatu Daily Post, Issue 6196) Australia gives Vt300M oneoff grant for primary schools A total of 53,519 students from 407 Government registered and non-government assisted primary schools will benefit from a Vt309.3 million one-off grant to help meet urgent needs and boost local communities responding to impacts of COVID-19 and TC Harold.
The grant is provided by the Government of Australia, through the new Vanuatu Australia School Community Grant topped up by an additional Vt21 million from the Global Partnership for Education (GPE).

(Source: Vanuatu Daily Post, Issue 6209) VT4.2 BILLION SANTO HYDROPOWER STATION PROJECT ADVANCES The Government of Japan has formalised the funding for the detail design phase of the construction of the Hydropower Station in Santo with the Vanuatu Government.
The total funding for the project will be 4.1 billion Japanese Yen (approximately VT4.2 billion) out of which 63 million Japanese Yen is committed to the detail design phase alone.

(Source: Vanuatu Daily Post, Issue 6211 Jan 19, 2021 Jan 27, 2021 Feb 13, 2021 Feb 17, 2021 29 QUARTERLY ECONOMIC REVIEW MARCH 2021 No.
BRIEF DESCRIPTION OF MAJOR EVENTS 7 8 9 VT4 billion VMF Cook Barracks complete makeover underway Works to demolish and rebuild the entire Cook Barracks, the Vanuatu Mobile Force (VMF) Headquarter in Port Vila, and upgrade Tioras Barracks in Luganville are underway, through funds from the Australian Government.

The Australian Government is giving Vt4.5 billion for the complete Cook and Tioras Barracks’ makeover.
This major infrastructure upgrade of Cook Barracks includes construction of new single and married quarters, new office spaces, dining facilities, engineering and vehicle workshops.

(Source: Vanuatu Daily Post, Issue 6219 A herd of 124 cattle have been offloaded at three sites on Epi as part of the second phase of the national cattle restocking program funded through EDF 11.
The breeding stock will benefit over 30 farmers from around Epi.The second phase of the national restocking program is focusing on only five islands that have competitive advantage in the cattle industry.

These islands are Epi, Erromango, Efate, Malekula and Santo.

(Source: Vanuatu Daily Post, Issue 6221) Three new health facilities will be constructed and one to be refurnished on the island of Pentecost under the Vanuatu Infrastructure and Improvement Project (VIRIP) at over Vt158 million.
VIRIP was launched in response to cyclone PAM in 2015.

The project will enable the MoH to equip these buildings with the necessary new medical equipment inventory to support delivery of the required level of health care to the total population in these health facility catchment areas.
(Source: Vanuatu Daily Post, Issue 6234 EFFECTIVE DATE Feb 27, 2021 Mar 3, 2021 Mar 20, 2021 30 QUARTERLY ECONOMIC REVIEW MARCH 2021 STATISTICAL ANNEX Table 1: Assets of the Reserve Bank of Vanuatu 31 (Millions of Vatu)TOTALMonetary Gold and SDR HoldingsDepositsSecurities Other than SharesCurrency Central GovernmentCentral BankOther Residents SectorsTOTALTrade Credit and AdvancesOther AssetsItems in the Process of Collection
201317,436.3601.410,916.75,918.26.61,920.90.053.5419.9109.0310.90.01,421.121,258.4201418,900.1595.013,435.94,869.27.52,475.00.076.0566.893.5473.30.01,396.223,421.4201529,755.8607.022,434.66,714.215.82,371.06.784.6649.1161.3487.80.01,354.034,237.0201633,495.4575.423,387.99,532.010.33,773.020.091.9736.8226.1510.60.01,581.539,708.7201742,472.0816.517,372.924,282.627.93,197.00.062.71,078.0145.9932.20.01,564.548,402.1201847,857.4808.216,922.730,126.415.42,828.80.074.24,186.2135.54,050.60.01,574.356,536.3201958,475.4770.918,050.239,654.327.82,527.60.085.84,137.2115.43,923.598.21,687.366,941.0202066,029.4707.323,315.942,006.233.02,375.40.0154.94,262.593.74,168.90.01,739.874,595.12013Q116,629.7551.88,191.67,886.29.11,518.30.083.7586.272.9513.30.01,375.220,202.2Q216,722.6586.08,192.57,944.15.81,518.30.071.7540.248.4491.80.01,356.920,215.4Q316,669.2589.29,458.56,621.49.31,618.80.060.3457.611.8336.2109.71,347.420,162.6Q417,436.3601.410,916.75,918.26.61,920.90.053.5419.9109.0310.90.01,421.121,258.42014Q117,004.5588.910,549.95,865.77.92,355.00.044.8406.071.6309.325.11,408.021,226.2Q217,746.3583.711,271.25,891.46.42,474.00.069.2719.244.3537.7137.11,393.722,408.8Q317,927.6593.510,441.46,892.65.52,474.50.082.1600.88.7501.290.91,386.322,476.8Q418,900.1595.013,435.94,869.27.52,475.00.076.0566.893.5473.30.01,396.223,421.42015Q120,167.6593.414,494.45,079.88.92,370.00.092.1591.972.7466.153.11,381.124,611.5Q228,478.8607.922,949.24,921.718.72,370.90.089.7694.738.6509.1147.11,376.333,029.0Q329,289.4632.421,629.67,027.38.52,370.80.081.
8584.711.8530.742.21,366.333,701.6Q429,755.8607.022,434.66,714.215.82,371.06.784.6649.1161.3487.80.01,354.034,237.02016Q129,649.9586.521,805.77,257.714.62,786.220.083.8605.9105.9459.740.21,340.534,500.8Q233,132.2594.723,289.89,247.75.42,786.526.081.4612.269.7482.759.91,581.938,225.6Q334,038.6586.324,941.98,510.48.83,791.220.187.1593.041.4524.527.01,577.840,116.7Q433,495.4575.423,387.99,532.010.33,773.020.091.9736.8226.1510.60.01,581.539,708.72017Q133,379.2814.216,099.616,465.324.63,764.40.086.2835.2145.853
1.0158.31,572.039,661.7Q235,871.1818.87,689.627,362.717.03,517.20.076.0650.3104.5502.043.81,575.241,706.7Q340,770.0815.014,485.225,469.817.33,542.90.068.2740.043.1664.932.01,563.046,701.4Q442,472.0816.517,372.924,282.627.93,197.00.062.71,078.0145.9932.20.01,564.548,402.12018Q143,656.8837.513,711.429,108.032.52,826.50.067.74,009.2110.13,831.367.81,583.452,176.1Q243,353.5835.912,251.830,265.816.22,827.50.065.44,096.296.93,945.953.41,570.051,928.8Q344,942.7841.411,769.532,331.814.22,828.80.061.54,222.254.14,011.7156.41,560.053,629.3Q447,857.4808.216,922.730,126.415.42,828.80.074.24,186.2135.54,050.60.01,574.356,536.32019Q149,222.3806.012,665.735,750.522.92,829.40.076.64,236.9105.83,923.5207.51,700.258,088.4Q252,937.7810.815,350.536,776.521.42,827.70.077.34,222.897.43,952.0173.41,727.561,814.4Q353,491.2818.016,926.735,746.628.92,827.70.078.14,148.921.13,925.5202.41,677.762,252.6Q458,475.4770.918,050.239,654.327.82,527.60.085.84,137.2115.43,923.598.21,687.366,941.02020Q159,332.0812.118,973.339,546.617.32,528.60.0108.14,026.796.53,877.452.81,689.767,702.5Q261,395.2703.420,649.740,042.115.52,371.60.0132.74,236.276.64,031.7127.91,696.169,847.3Q361,885.9702.321,506.839,676.820.82,372.30.0152.93,936.617.83,883.135.71,682.770,051.2Q466,029.4707.323,315.942,006.233.02,375.40.0154.94,262.593.74,168.90.01,739.874,595.12021Q164,759.3705.422,728.941,325.034.32,218.40.0155.94,202.676.24,103.922.51,722.073,092.5
End of Period TOTAL ASSETSSECURITIES OTHER THAN SHARESLOANSCURRENCY AND DEPOSITSNON-FINANCIAL ASSETSCLAIMS ON NON RESIDENTSOTHER ACCOUNTS RECEIVABLE QUARTERLY ECONOMIC REVIEW MARCH 2021 Table 2(a): Liabilities of the Reserve Bank of Vanuatu 32 (Millions of
Vatu)201315,328.05,054.31,881.48,392.31,768.81,768.8175.6201416,850.65,532.51,959.09,359.12,507.52,507.5138.0201520,287.16,284.12,246.711,756.37,141.17,141.12,740.2201625,181.17,151.12,108.415,921.67,498.97,498.92,711.0201734,221.37,832.22,698.523,690.66,536.76,536.72,743.8201840,393.28,581.92,969.428,841.84,393.64,393.62,549.3201947,098.79,345.12,962.034,791.66,913.26,913.21,826.1202048,463.410,383.53,046.135,033.713,640.813,640.81,247.02013Q112,601.64,595.91,681.36,324.42,464.62,464.6135.3Q213,090.34,775.81,384.86,929.72,361.42,361.4169.4Q313,469.85,034.61,508.36,926.92,259.52,259.5139.0Q415,328.05,054.31,881.48,392.31,768.81,768.8175.62014Q114,299.24,768.21,364.58,166.51,918.91,918.9228.2Q215,700.75,194.61,559.18,947.02,379.22,379.2312.1Q315,792.45,531.81,333.78,926.92,474.92,474.9280.2Q416,850.65,532.51,959.09,359.12,507.52,507.5138.02015Q116,654.55,307.01,758.99,588.73,735.03,735.0135.2Q218,765.25,863.71,806.811,094.77,521.27,521.22,706.6Q319,585.76,106.21,798.611,680.97,169.47,169.42,830.4Q420,287.16,284.12,246.711,756.37,141.17,141.12,740.22016Q119,800.85,711.51,891.212,198.28,156.98,156.92,699.5Q222,360.66,262.21,786.314,312.18,753.78,753.72,733.0Q323,513.06,793.91,406.715,312.49,343.99,343.92,726.5Q425,181.17,151.12,108.415,921.67,498.97,498.92,711.02017Q124,114.36,866.91,636.715,610.77,618.07,618.02,668.6Q226,692.67,367.02,333.616,992.17,387.47,387.42,698.0Q331,340.57,557.61,806.721,976.26,684.26,684.22,708.7Q434,221.37,832.22,698.523,690.66,536.76,536.72,743.82018Q136,305.77,439.72,075.226,790.95,097
.85,097.82,814.9Q235,095.78,256.52,068.324,770.94,903.94,903.92,795.9Q337,355.08,197.81,923.927,233.44,718.14,718.12,646.2Q440,393.28,581.92,969.428,841.84,393.64,393.62,549.32019Q139,184.87,944.72,296.328,943.76,495.26,495.22,317.9Q242,153.98,664.22,537.030,952.77,545.87,545.82,169.0Q343,382.58,813.52,389.732,179.36,787.06,787.02,017.1Q447,098.79,345.12,962.034,791.66,913.26,913.21,826.12020Q145,847.98,809.22,522.334,516.48,691.28,691.21,749.2Q247,238.49,702.42,645.834,890.310,089.010,089.01,445.9Q346,233
.39,703.12,776.433,753.811,337.411,337.41,397.5Q448,463.410,383.53,046.135,033.713,640.813,640.81,247.02021Q148,033.99,741.72,881.035,411.211,654.011,654.01,242.8r:
revisedEnd of Period NON RESIDENTS DEPOSITS CENTRAL GOVERNMENTCurrency in CirculationLiabilities to Other Depository Corporation LIABILITIES TOMONETARY BASECurrency Other Depository CorporationTOTALDepositsTOTAL QUARTERLY ECONOMIC REVIEW MARCH 2021 Table 2(b): Liabilities of the Reserve Bank of Vanuatu....Continued 33 (Millions of Vatu) OTHER ACCOUNTS PAYABLECentral
bank20130.0627.6374.2331.7299.632.2213.82,438.721,258.420140.0215.7371.3391.2332.658.6527.12,420.023,421.420150.0443.7382.7437.9357.680.4309.82,494.534,237.020160.0303.9376.1536.6424.0112.5649.92,451.239,708.720170.0578.48.8471.2368.1103.11,356.52,485.448,402.120180.01,368.60.0472.1304.6167.64,788.72,570.856,536.320190.02,669.3-0.2446.5321.9124.65,417.52,570.066,941.020200.03,018.00.0493.0420.672.45,401.62,331.374,595.12013Q10.01,357.5342.7316.9269.647.2750.22,233.420,202.2Q20.01,277.6364.1285.3242.742.6293.92,373.320,215.4Q30.01,039.0366.4278.7251.427.4222.42,387.820,162.6Q40.0627.6374.2331.7299.632.2213.82,438.721,258.42014Q10.01,291.2366.7298.3278.719.5433.32,390.221,226.2Q20.0310.9363.8576.0529.546.5394.72,371.422,408.8Q30.0411.3370.3307.0260.746.3427.52,413.222,476.8Q40.0215.7371.3391.2332.658.6527.12,420.023,421.42015Q10.0395.8370.3339.2315.224.0567.92,413.724,611.5Q20.0438.8379.5353.2311.941.3390.92,473.733,029.0Q30.0473.6396.3330.8304.825.9332.22,583.233,701.6Q40.0443.7382.7437.9357.680.4309.82,494.534,237.02016Q10.0328.9376.2373.4321.951.6313.42,451.734,500.8Q20.0375.8381.4625.0497.6127.4510.42,485.738,225.6Q30.0553.4376.4608.1426.7181.3542.02,453.340,116.7Q40.0303.9376.1536.6424.0112.5649.92,451.239,708.72017Q10.0698.3622.9872.1360.5511.6652.52,415.039,661.7Q20.0758.0631.0440.9328.9112.0652.52,446.441,706.7Q30.01,575.8634.0378.3333.644.7922.02,457.946,701.4Q40.0578.48.8471.2368.1103.11,356.52,485.448,402.12018Q10.0757.516.5431.0338.093.04,203.42,549.352,176.1Q20.01,874.415.3390.9334.456.54,308.12,544.
651,928.8Q30.01,446.219.6447.3323.6123.74,435.72,561.253,629.3Q40.01,368.60.0472.1304.6167.64,788.72,570.856,536.32019Q10.02,064.620.2456.5304.2152.34,985.42,563.858,088.4Q20.01,436.324.1639.0281.5357.65,267.52,578.861,814.4Q30.01,598.28.0447.9277.9169.95,410.22,601.762,252.6Q40.02,669.3-0.2446.5321.9124.65,417.52,570.066,941.02020Q10.02,788.640.2334.9267.167.85,523.72,726.667,702.5Q20.02,799.2-47.0342.0292.949.15,591.82,388.069,847.3Q30.02,798.4-47.4329.3290.838.55,616.62,386.270,051.2Q40.03,018.00.0493.0
420.672.45,401.62,331.374,595.12021Q10.04,202.70.0439.1397.641.55,194.82,325.273,092.5r:
revised* This was reclassified from Central Government deposits to Loans effective Qtr 2 2018 TOTAL LIABILITIES SDR AllocationsOther LiabilitiesDEPOSITSEnd of PeriodTOTALSECURITIES OTHER THAN SHARESTrade Credit & Advances SHARES AND OTHER EQUITYLOANS* RTP IMF QUARTERLY ECONOMIC REVIEW MARCH 2021 Table 3(a): Assets of Other Depository Corporations 34 (Millions of
Vatu)201318,577.51,997.31,881.4115.916,580.111,459.08,436.58,392.30.044.23,022.50.03,022.5201419,893.72,141.51,959.0182.617,752.113,515.59,409.09,359.10.049.94,106.50.04,106.5201525,347.32,732.42,246.7485.722,614.916,528.811,778.711,756.30.022.44,750.10.04,750.1201632,405.62,508.92,108.4400.529,896.721,018.015,975.515,921.60.053.95,042.50.05,042.5201737,681.73,366.12,698.5667.734,315.625,225.823,731.223,690.60.040.51,494.60.01,494.6201857,687.03,438.02,969.4468.654,249.032,798.228,980.628,841.811.7127.03,817.6875.02,942.5201957,157.53,487.82,962.0525.853,669.741,393.435,613.435,531.90.081.55,780.00.05,780.0202057,206.53,666.13,046.1620.053,540.437,898.534,869.234,862.50.06.63,029.42.13,027.22013Q18,149.41,825.01,681.3143.76,324.46,324.46,324.46,324.40.00.00.00.00.0Q28,452.81,523.11,384.8138.36,929.76,929.76,929.76,929.70.00.00.00.00.0Q319,083.31,633.81,508.3125.617,449.511,063.56,968.76,926.90.041.84,094.90.04,094.9Q418,577.51,997.31,881.4115.916,580.111,459.08,436.58,392.30.044.23,022.50.03,022.52014Q116,694.31,465.01,364.5100.515,229.412,471.98,191.68,166.50.025.14,280.30.04,280.3Q217,912.51,711.31,559.1152.216,201.213,274.38,985.88,947.00.038.84,288.50.04,288.5Q319,911.71,518.51,333.7184.818,393.214,488.89,500.08,926.9538.234.94,988.866.54,922.3Q419,893.72,141.51,959.0182.617,752.113,515.59,409.09,359.10.049.94,106.50.04,106.52015Q121,753.71,939.51,758.9180.619,814.213,756.99,638.09,588.70.049.34,118.90.04,118.9Q222,650.12,072.71,806.8265.920,577.415,610.811,137.611,094.70.042.94,473.20.04,473.2Q324,117.82,2
82.21,798.6483.621,835.616,554.811,696.011,680.90.015.14,858.80.04,858.8Q425,347.32,732.42,246.7485.722,614.916,528.811,778.711,756.30.022.44,750.10.04,750.12016Q125,613.92,435.81,891.2544.623,178.217,564.212,226.412,198.20.028.25,337.80.05,337.8Q228,733.42,171.11,786.3384.826,562.421,675.214,339.714,312.10.027.67,335.50.07,335.5Q329,870.71,766.21,406.7359.528,104.423,477.115,334.315,312.40.021.98,142.80.08,142.8Q432,405.62,508.92,108.4400.529,896.721,018.015,975.515,921.60.053.95,042.50.05,042.52017Q132,0
50.41,955.91,636.7319.130,094.618,567.715,635.415,610.70.024.62,932.30.02,932.3Q235,016.42,907.82,333.6574.332,108.519,631.317,017.516,992.10.025.42,613.80.02,613.8Q327,638.12,417.71,806.7611.025,220.325,220.322,006.821,976.20.030.73,213.50.03,213.5Q437,681.73,366.12,698.5667.734,315.625,225.823,731.223,690.60.040.51,494.60.01,494.62018Q142,164.02,418.82,075.2343.739,745.229,516.726,816.726,790.90.025.92,700.00.02,700.0Q248,620.92,650.02,068.3581.745,970.927,203.824,801.324,770.90.030.52,402.50.02,402.5Q350,056.02,366.51,923.9442.747,689.529,984.827,272.027,233.40.038.62,712.90.02,712.9Q457,687.03,438.02,969.4468.654,249.032,798.228,980.628,841.811.7127.03,817.6875.02,942.52019Q158,938.62,581.52,296.3285.256,357.132,523.529,066.428,943.7108.214.43,457.2302.23,155.0Q257,643.82,736.62,537.0199.654,907.234,225.130,915.430,873.537.04.93,309.7683.22,626.5Q356,890.52,715.52,389.7325.854,175.035,384.933,118.233,024.066.527.72,266.7580.21,686.5Q457,157.53,487.82,962.0525.853,669.741,393.435,613.435,531.90.081.55,780.00.05,780.02020Q158,401.63,040.92,522.3518.655,360.738,351.933,980.733,977.60.03.14,371.20.04,371.2Q258,234.63,268.92,645.8623.154,965.736,922.934,603.434,598.80.04.52,319.51.62,317.9Q357,058.63,272.62,776.4496.153,786.037,506.534,156.034,151.70.04.33,350.52.13,348.4Q457,206.53,666.13,046.1620.053,540.437,898.534,869.234,862.50.06.63,029.42.13,027.22021Q156,721.03,527.72,881.0646.653,193.338,863.335,801.035,797.70.03.43,062.316.13,046.2*
Since Q12008-Q22013 values of transferable, savings and time deposits with non residents are not segregated hence are classified under non-residents, Loans category** Prior to Q32013 these accounts are not segregatedForeignEnd of Period Nonresi dents*Nonresi dents*CURRENCY AND DEPOSITSCurrency Transferable DepositsIn National CurrencyIn Foreign CurrencyTotal Deposits Total Transferable Deposits TotalCentral Bank Other Depository CorporationsTotalOther Depository Corporation TOTALTotalNational QUARTERLY ECONOMIC REVIEW MARCH 2021 Table 3(b): Assets of Other Depository Corporation....Continued 35 (Millions of
Vatu)2013516.6516.64,604.60.00.04,604.64,604.61,615.6628.1987.50.02014746.7746.73,489.9395.1395.13,094.83,094.8803.2215.7587.50.020151,222.81,222.84,863.3605.4605.44,257.84,257.81,131.2443.7687.50.020164,574.14,574.14,304.6465.5465.53,839.13,839.11,291.4303.9987.50.020172,191.02,191.06,898.7483.0483.06,415.86,415.82,125.9578.41,547.50.020181,042.61,042.620,408.2517.9517.919,890.319,890.32,581.11,293.61,287.50.02019822.6822.611,453.7537.8537.810,915.910,915.93,856.82,669.31,187.50.020206,783.56,783.58,858.4249.4249.48,609.08,609.03,905.53,018.0887.50.02013Q10.00.00.00.00.00.00.02,145.71,358.7787.094.5Q20.00.00.00.00.00.00.02,066.11,279.1787.00.0Q3354.2354.26,031.8369.2369.25,662.65,662.61,658.2722.3935.80.0Q4516.6516.64,604.60.00.04,604.64,604.61,615.6628.1987.50.02014Q1370.8370.82,386.70.00.02,386.72,386.72,078.81,291.3787.50.0Q2465.0465.02,461.90.00.02,461.92,461.9898.4310.9587.50.0Q30.00.03,904.4202.6202.63,701.83,701.8998.9411.4587.50.0Q4746.7746.73,489.9395.1395.13,094.83,094.8803.2215.7587.50.02015Q11,064.71,064.74,992.5397.7397.74,594.94,594.9983.3395.8587.50.0Q2750.8750.84,215.7400.1400.13,815.63,815.61,026.3438.8587.50.0Q3778.3778.34,502.5402.8402.84,099.74,099.71,161.1473.6687.50.0Q41,222.81,222.84,863.3605.4605.44,257.84,257.81,131.2443.7687.50.02016Q12,181.42,181.43,432.6408.0408.03,024.63,024.61,216.4328.9887.50.0Q22,901.32,901.31,985.9410.6410.61,575.31,575.31,263.3375.8887.50.0Q32,825.92,825.91,801.5413.2413.21,388.31,388.31,440.9553.4887.50.0Q44,574.14,574.14,304.6465.5465.53,839.13,839.11,291.43
03.9987.50.02017Q16,148.76,148.75,378.2476.2476.24,902.14,902.11,685.8698.3987.50.0Q26,716.06,716.05,761.2478.4478.45,282.85,282.82,245.5758.01,487.50.0Q32,157.52,157.56,595.3480.4480.46,114.96,114.93,063.31,575.81,487.50.0Q42,191.02,191.06,898.7483.0483.06,415.86,415.82,125.9578.41,547.50.02018Q13,832.93,832.96,395.5485.2485.25,910.35,910.32,025.0737.51,287.50.0Q2783.8783.817,983.2564.0564.017,419.317,419.33,161.91,874.41,287.50.0Q3250.4250.417,454.3565.9565.916,888.416,888.42,621.21,333.71,287.50.0Q41,04
2.61,042.620,408.2517.9517.919,890.319,890.32,581.11,293.61,287.50.02019Q1683.1683.123,150.5524.8524.822,625.722,625.73,339.62,052.11,287.50.0Q21,259.81,259.819,422.3525.6525.618,896.818,896.82,618.81,331.31,287.50.0Q31,561.01,561.017,229.1534.0534.016,695.116,695.12,805.71,518.21,287.50.0Q4822.6822.611,453.7537.8537.810,915.910,915.93,856.82,669.31,187.50.02020Q11,925.91,925.915,082.8538.0538.014,544.814,544.83,976.12,788.61,187.50.0Q22,993.42,993.415,049.4488.2488.214,561.214,561.23,986.72,799.21,187.50.0Q33,414.23,414.212,865.4488.3488.312,377.012,377.03,685.92,798.4887.50.0Q46,783.56,783.58,858.4249.4249.48,609.08,609.03,905.53,018.0887.50.02021Q16,344.66,344.67,985.4209.3209.37,776.17,776.15,090.24,202.7887.50.0*
Since Q12008-Q22013 values of transferable, savings and time deposits with non residents are not segregated hence are classified under non-residents, Loans category** Prior to Q32013 these accounts are not segregatedEnd of Period Interbank Funds Sold Other Depository Corporation In Foreign CurrencyNonresidents*TotalTotalTotalNonresidents*Total Time Deposit CURRENCY AND DEPOSITS SECURITIES OTHER THAN SHARES Savings DepositsTime DepositsIn National CurrencyIn Foreign CurrencyTotalCentral Bank Cental Government QUARTERLY ECONOMIC REVIEW MARCH 2021 Table 3(c): Assets of Other Depository Corporations....Continued 36 (Millions of
Vatu)201354,585.60.05.20.084.7648.424,502.527,568.01,776.83,293.059.33,233.73,954.382,026.0201456,772.20.049.41.891.01,306.425,996.827,984.81,341.93,172.348.63,123.74,318.684,959.9201558,204.70.045.00.073.61,184.425,583.829,743.91,574.02,796.379.02,717.34,278.491,757.7201659,039.70.00.50.0128.81,251.325,611.429,804.92,242.93,537.353.13,484.34,522.1100,796.1201761,624.20.135.80.0107.91,271.125,632.732,992.91,583.63,117.645.43,072.34,441.1108,990.5201863,380.80.047.10.076.21,034.925,843.034,800.51,579.13,864.666.43,798.34,863.7132,377.1201962,596.40.053.90.066.81,065.025,691.734,182.91,536.04,447.940.34,407.66,285.2134,343.7202061,851.00.072.30.037.3947.426,400.832,925.61,467.64,116.349.24,067.16,075.2133,154.42013Q162,824.40.00.00.036.0550.426,893.424,811.310,533.31,909.80.01,909.81,835.276,959.0Q262,678.60.00.10.032.5503.026,500.625,335.310,307.11,646.00.01,646.01,958.376,801.7Q354,263.10.1528.60.276.71,005.423,133.327,740.81,778.02,781.478.62,702.83,865.281,651.2Q454,585.60.05.20.084.7648.424,502.527,568.01,776.83,293.059.33,233.73,954.382,026.02014Q155,923.615.15.00.082.1590.726,270.227,180.51,779.92,862.2204.32,657.94,033.981,593.0Q255,682.00.56.50.072.6877.326,125.526,914.81,684.83,370.3140.73,229.64,140.882,004.1Q356,011.50.254.90.068.51,250.925,477.827,699.31,459.92,728.892.92,635.84,191.583,842.5Q456,772.20.049.41.891.01,306.425,996.827,984.81,341.93,172.348.63,123.74,318.684,959.92015Q157,201.50.048.30.088.61,266.125,966.828,430.81,400.93,539.7173.23,366.54,448.487,926.6Q257,775.20.147.20.090.81,299.326
,043.128,874.11,420.73,346.4150.33,196.14,565.589,363.4Q357,877.40.046.10.073.91,366.525,879.329,195.61,316.02,895.097.52,797.54,285.890,337.1Q458,204.70.045.00.073.61,184.425,583.829,743.91,574.02,796.379.02,717.34,278.491,757.72016Q158,038.20.043.8100.0110.41,237.125,430.129,521.91,594.93,023.0198.42,824.54,305.792,197.3Q259,145.50.20.8100.0116.61,297.525,920.230,095.71,614.42,941.4154.02,787.34,369.796,453.2Q358,851.20.01.80.0125.41,131.725,800.329,977.81,814.23,260.098.93,161.14,516.497,939.2Q459,039.7
0.00.50.0128.81,251.325,611.429,804.92,242.93,537.353.13,484.34,522.1100,796.12017Q160,604.00.00.90.0110.61,319.926,950.330,358.91,863.43,819.3233.43,586.04,553.1102,712.6Q261,039.30.00.70.0119.51,351.326,395.031,616.31,556.57,059.2164.36,894.94,582.0109,942.3Q361,054.80.0478.20.0109.9696.925,866.432,148.91,754.510,201.5112.510,089.04,030.6105,988.2Q461,624.20.135.80.0107.91,271.125,632.732,992.91,583.63,117.645.43,072.34,441.1108,990.52018Q162,217.30.135.30.085.91,313.125,902.433,304.61,575.93,325.4181.03,144.44,495.5114,227.3Q263,297.20.050.10.0100.41,293.325,696.534,645.61,511.42,255.3100.32,155.04,538.7121,874.1Q363,889.80.339.10.073.41,082.626,325.534,780.41,588.52,511.278.02,433.24,594.4123,672.6Q463,380.80.047.10.076.21,034.925,843.034,800.51,579.13,864.666.43,798.34,863.7132,377.12019Q163,471.41.165.70.072.71,022.625,760.535,040.01,508.83,469.9116.13,353.85,588.7134,808.2Q264,137.40.569.20.069.8986.126,245.635,276.21,489.94,174.5174.93,999.65,683.5134,258.0Q363,337.30.276.40.062.71,097.725,893.534,727.31,479.44,022.650.13,972.55,866.4132,922.6Q462,596.40.053.90.066.81,065.025,691.734,182.91,536.04,447.940.34,407.66,285.2134,343.72020Q162,356.40.065.50.064.2851.426,504.533,362.11,508.74,321.7209.14,112.66,433.6135,489.4Q261,940.70.266.60.059.7807.326,398.633,150.41,457.94,357.8157.54,200.36,286.7134,806.5Q361,673.70.071.90.059.8875.326,257.532,937.61,471.54,172.5112.54,060.06,396.0132,986.8Q461,851.00.072.30.037.3947.426,400.832,925.61,467.64,116.349.24,0
67.16,075.2133,154.42021Q161,355.31.4969.00.033.8557.526,320.332,358.71,114.64,091.5127.63,963.96,101.5133,359.4*
Since Q12008-Q22013 values of transferable, savings and time deposits with non residents are not segregated hence are classified under non-residents, Loans category** Prior to Q32013 these accounts are not segregatedOther AssetsOther Depository CorporationsTotalTOTALEnd of Period TOTAL ASSETSOther Financial CorporationsState and Local GovernmentTrade Credit and Advances**Cental Govern-mentPublic Nonfinancial CorporationsOther Nonfinancial CorporationsOther Residents SectorsNonresi dents* NONFINANCIAL ASSETS LOANSOTHER ACCOUNTS RECEIVABLE QUARTERLY ECONOMIC REVIEW MARCH 2021 Table 4(a): Liabilities of Other Depository Corporations 37 (Millions of
Vatu)201358,440.625,586.815,263.013.41,842.51,130.935.6358.24,259.07,623.21,110.57,522.87.9247.3233.30.0208.84,193.52,631.91,690.5201462,091.127,050.216,040.8257.21,591.8868.938.9265.24,619.08,399.91,244.17,692.917.2546.6195.60.0290.73,951.72,691.12,072.3201569,543.134,218.921,462.174.83,164.9928.250.7411.86,565.410,266.21,384.28,875.0232.1428.0225.10.0209.85,458.02,322.02,497.6201677,172.044,208.025,327.7109.04,633.91,270.971.9346.57,996.810,898.71,338.014,374.5301.9261.22,924.88.5140.56,781.13,956.63,167.8201783,396.643,044.426,953.5170.53,300.71,160.363.4381.29,188.212,689.11,183.013,328.4317.8545.5443.44.2194.68,687.13,135.81,579.42018101,318.554,917.234,888.1316.32,405.54,950.396.5476.210,988.115,655.11,363.817,280.32,089.2589.0737.40.0149.910,614.63,100.21,385.02019104,100.261,168.740,178.6243.04,307.93,694.986.2970.913,772.917,201.01,696.617,775.6600.1503.1753.90.0226.512,930.72,761.21,518.02020101,049.765,104.544,224.1635.33,051.33,513.064.8654.416,118.920,186.41,656.317,848.1793.6561.11,275.50.0405.911,874.52,937.41,376.02013Q153,996.020,146.510,885.20.00.0239.313.11,103.15,116.54,413.20.09,261.30.00.029.80.096.66,674.92,460.00.0Q252,985.419,433.910,730.40.00.0278.912.8554.45,394.04,490.30.08,703.50.00.094.40.077.16,233.02,299.00.0Q359,667.026,581.915,178.916.71,895.7901.350.7132.24,121.18,170.8948.48,512.18.2184.0144.40.0174.95,721.42,279.11,832.8Q458,440.625,586.815,263.013.41,842.51,130.935.6358.24,259.07,623.21,110.57,522.87.9247.3233.30.0208.84,193.52,631.91,690.52014Q158,807.525,190.015,138.67.31
,374.71,132.344.7262.74,367.37,974.71,105.67,477.040.5214.7237.20.0217.24,392.72,374.71,443.6Q258,599.624,014.114,952.217.51,512.5819.535.2270.24,488.67,945.8988.36,503.638.5235.195.20.0216.13,661.02,257.71,570.0Q361,352.525,991.915,630.675.4768.5967.444.9909.03,869.09,087.31,102.47,612.512.4178.0235.510.1229.03,239.93,707.61,555.5Q462,091.127,050.216,040.8257.21,591.8868.938.9265.24,619.08,399.91,244.17,692.917.2546.6195.60.0290.73,951.72,691.12,072.32015Q163,602.828,372.017,720.5188.92,054.91,012.142.331
1.55,440.68,723.31,072.47,595.1534.4316.6205.50.0208.13,815.22,515.31,983.9Q265,862.631,647.019,935.0134.82,350.8862.762.2322.86,097.210,251.51,274.18,522.8157.3258.0291.80.0172.34,796.92,846.41,915.1Q368,302.032,741.620,351.997.72,080.0947.359.2355.96,283.910,570.01,218.69,236.3206.8260.9468.60.0137.05,751.62,411.31,934.8Q469,543.134,218.921,462.174.83,164.9928.250.7411.86,565.410,266.21,384.28,875.0232.1428.0225.10.0209.85,458.02,322.02,497.62016Q171,418.936,526.521,741.090.43,317.7988.875.4369.96,474.810,464.31,391.710,240.7634.3494.8798.89.9197.25,759.42,346.23,153.0Q274,971.839,786.824,030.669.64,111.5900.658.8290.97,812.910,846.21,259.911,059.3944.3358.31,356.35.5208.05,744.92,442.03,437.1Q376,004.441,329.224,791.691.84,650.6952.078.0445.07,844.410,756.91,147.011,948.3566.1362.21,422.14.5168.56,553.02,872.03,442.2Q477,172.044,208.025,327.7109.04,633.91,270.971.9346.57,996.810,898.71,338.014,374.5301.9261.22,924.88.5140.56,781.13,956.63,167.82017Q178,271.845,266.026,863.3247.04,938.91,518.793.0375.08,358.811,490.11,337.413,894.8162.9610.63,413.24.889.76,611.03,002.63,170.6Q281,234.848,500.029,675.4194.48,556.51,386.566.1269.56,973.212,273.01,466.816,016.6140.3616.24,493.95.8114.48,170.32,475.61,341.1Q382,815.645,510.128,625.3180.24,983.11,198.188.6414.29,314.812,478.32,004.213,479.8318.4594.91,257.82.3142.18,072.73,091.61,400.8Q483,396.643,044.426,953.5170.53,300.71,160.363.4381.29,188.212,689.11,183.013,328.4317.8545.5443.44.2194.68,687.13,135.81,579.42018
Q187,231.449,859.132,092.5197.63,617.91,085.0161.2408.210,799.115,891.31,496.314,535.5763.1546.01,118.04.7186.98,474.23,442.51,734.8Q294,213.152,072.131,232.0150.42,886.81,152.7112.7588.911,123.715,270.31,377.917,377.02,334.9815.52,676.25.8158.38,442.02,944.32,085.2Q395,051.552,279.831,725.3282.33,805.5852.3123.1524.310,490.715,803.41,408.517,220.41,692.2895.01,745.10.0227.29,715.82,945.01,925.6Q4101,318.554,917.234,888.1316.32,405.54,950.396.5476.210,988.115,655.11,363.817,280.32,089.2589.0737.40.0149.910,
614.63,100.21,385.02019Q1103,621.656,999.534,472.1569.32,991.53,057.7174.0518.711,480.215,888.11,614.018,677.8948.1444.01,151.20.0126.513,157.72,850.32,235.7Q2103,359.958,471.035,557.6395.03,805.22,870.3210.5438.011,864.716,147.31,490.519,177.21,270.9399.31,427.50.0359.912,714.13,005.52,245.7Q3103,129.960,763.239,121.9579.63,902.04,951.5154.91,074.512,081.016,580.81,568.118,916.61,150.3429.71,055.70.0257.511,711.54,311.81,156.5Q4104,100.261,168.740,178.6243.04,307.93,694.986.2970.913,772.917,201.01,696.617,775.6600.1503.1753.90.0226.512,930.72,761.21,518.02020Q1104,129.363,358.739,597.1384.14,137.03,634.0100.0551.812,884.717,958.11,840.120,278.4647.7506.0874.70.0108.615,477.42,664.11,643.1Q2103,920.263,444.840,686.6412.92,655.13,404.5143.5699.214,041.019,458.31,637.219,514.3669.3482.71,934.10.0352.913,326.32,749.11,606.7Q399,674.263,682.942,438.7605.42,810.43,914.799.9705.914,611.419,726.81,642.418,223.2668.8655.7890.70.0329.212,926.12,752.71,378.5Q4101,049.765,104.544,224.1635.33,051.33,513.064.8654.416,118.920,186.41,656.317,848.1793.6561.11,275.50.0405.911,874.52,937.41,376.02021Q1101,721.366,904.945,795.6609.62,887.13,409.3202.3663.516,804.021,242.41,710.818,046.21,559.0576.8664.60.0229.612,172.12,844.11,352.3*
Since Q12008-Q22013 values of transferable, savings and time deposits due to non residents are not segregated hence are classified under non-residents, Loans categoryr: revisedEnd of Period In Foreign CurrencyIn National CurrencyCentral Gov.State and Local Gov.Non-Resi-dents*TotalOther Depository Corp.Other Financial Corp.State and Local Gov.TOTALTotal Transfer-able DepositsTotal DEPOSITS Public Nonfinancial Corp.Other Non Financial Corp.Other Resi-dents Sectors Transferable DepositsCen-tral Gov.Other Non Financial Corp.Other Resi-dents Sectors Non-resi-dents*Public Non-Finan-cial Other Depo-sitory Corp.Other Finan-cial Corp. QUARTERLY ECONOMIC REVIEW MARCH 2021 Table 4(b): Liabilities of Other Depository Corporations....Continued 38 (Millions of Vatu)TotalSavings
DepositsTotal20132,114.41,859.81.60.00.0158.71,699.5236.017.80.00.01.915.90.820142,130.81,908.73.00.00.0151.51,754.2209.411.90.00.02.79.10.820152,304.52,085.04.10.00.0196.71,878.5195.623.20.00.01.621.60.820162,523.82,288.14.90.00.0243.42,037.5210.224.70.00.02.322.40.820173,337.02,970.95.02.40.0286.62,675.9347.617.70.00.01.616.10.820181,007.92.80.00.00.02.70.00.08.00.00.08.00.0997.220190.00.00.00.00.00.00.00.00.00.00.00.00.00.020200.00.00.00.00.00.00.00.00.00.00.00.00.00.02013Q16,633.06,259.4320.71.051.894.15,791.80.0373.51.02.7237.4132.40.0Q26,936.36,510.5389.80.852.1115.75,952.10.0425.81.00.0275.4149.40.0Q32,205.41,938.00.40.00.0158.21,779.5250.116.50.00.02.214.20.9Q42,114.41,859.81.60.00.0158.71,699.5236.017.80.00.01.915.90.82014Q12,069.61,821.72.50.00.0163.11,656.0231.016.20.00.01.714.50.8Q22,108.61,863.22.70.00.0141.61,718.9228.915.80.00.01.913.90.8Q32,071.01,835.42.90.00.0143.81,688.7221.513.30.00.01.711.60.8Q42,130.81,908.73.00.00.0151.51,754.2209.411.90.00.02.79.10.82015Q12,188.01,946.63.60.00.0175.81,767.2217.723.00.00.01.621.30.8Q22,292.42,060.33.70.00.0180.11,876.4218.912.40.00.01.610.80.8Q32,298.62,041.73.90.00.0191.51,846.3237.518.70.00.01.517.20.8Q42,304.52,085.04.10.00.0196.71,878.5195.623.20.00.01.621.60.82016Q12,404.62,198.94.90.035.0224.81,931.7189.915.10.00.01.613.50.8Q22,491.72,289.34.90.035.1216.52,030.5181.520.10.00.01.618.60.8Q32,373.22,187.04.90.00.0240.81,939.0167.817.60.00.01.616.00.8Q42,523.82,288.14.90.00.0243.42,037.5210.224.70.00.02.322.40.82017Q12,678.62,464.64.90.00.0272.92,186.21
90.922.30.00.01.620.70.8Q22,754.42,562.34.91.20.0284.32,271.6178.912.40.00.01.610.80.8Q32,958.22,629.15.01.80.0271.02,350.1301.127.30.00.01.625.60.8Q43,337.02,970.95.02.40.0286.62,675.9347.617.70.00.01.616.10.82018Q10.00.00.00.00.00.00.00.00.00.00.00.00.00.0Q20.00.00.00.00.00.00.00.00.00.00.00.00.00.0Q30.00.00.00.00.00.00.00.00.00.00.00.00.00.0Q41,007.92.80.00.00.02.70.00.08.00.00.08.00.0997.22019Q122.321.10.00.00.014.76.40.00.00.00.00.00.01.2Q295.391.70.00.00.044.547.20.00.00.00.00.00.03.7Q3411.8400.30.00
.00.0230.9169.30.00.00.00.00.00.011.5Q40.00.00.00.00.00.00.00.00.00.00.00.00.00.02020Q10.00.00.00.00.00.00.00.00.00.00.00.00.00.0Q20.00.00.00.00.00.00.00.00.00.00.00.00.00.0Q30.00.00.00.00.00.00.00.00.00.00.00.00.00.0Q40.00.00.00.00.00.00.00.00.00.00.00.00.00.02021Q10.00.00.00.00.00.00.00.00.00.00.00.00.00.0r:
revised* Since Q12008-Q22013 values of transferable, savings and time deposits due to non residents are not segregated hence are classified under non-residents, Loans categoryPublic Nonfinancial CorporationsOther Nonfinancial CorporationsState and Local GovernmentsState and Local GovernmentsCentral GovernmentPublic Nonfinancial corporationsOther Nonfinancial CorporationsOther Residents SectorsNon-residents*TotalOther Residents SectorsNon-residents*End of Period DEPOSITS Savings DepositsIn National CurrencyIn Foreign Currency QUARTERLY ECONOMIC REVIEW MARCH 2021 Table 4(c): Liabilities of Other Depository Corporations....Continued 39 (Millions of
Vatu)TotalTotal201330,739.518,247.50.14,091.7488.878.91,300.42,630.59,657.11,867.27,661.7368.9535.70.00.0252.32,120.24,384.62,963.1201432,910.120,401.740.14,526.1736.190.3723.34,065.010,220.91,841.18,606.2118.81,450.30.00.0102.32,375.04,559.72,061.2201533,019.720,123.0307.63,252.11,232.598.8902.93,854.210,474.91,814.48,598.1240.21,721.20.00.0108.21,232.65,295.92,484.2201630,440.118,950.0650.43,279.81,103.5100.0563.02,672.710,580.71,254.79,156.91,826.9478.00.00.092.71,638.25,121.21,078.5201737,015.325,836.0348.45,185.66,231.1116.8841.23,863.49,249.5808.89,561.8477.12,236.40.00.090.71,702.55,055.0808.8201845,393.325,578.3357.55,737.46,454.2116.71,310.72,807.08,794.8628.214,758.13,367.02,519.10.00.091.63,495.65,284.94,428.8201942,931.527,080.9811.35,428.18,276.0115.41,201.32,834.38,414.31,067.613,447.30.02,969.80.00.0695.85,179.94,601.81,335.7202035,945.320,079.4733.11,538.45,901.173.91,073.42,839.87,919.91,477.613,570.20.02,613.0845.10.090.36,241.03,780.9818.02013Q127,216.518,771.00.00.039.7134.84,268.66,489.27,838.60.08,445.60.00.02.50.0632.94,065.33,745.00.0Q226,615.319,108.50.00.045.0136.24,279.56,257.48,390.40.07,506.70.00.02.40.0328.93,738.83,436.70.0Q330,879.719,007.00.15,556.7189.476.21,306.22,381.19,497.41,481.88,001.9401.0654.20.00.0251.22,220.04,475.52,389.0Q430,739.518,247.50.14,091.7488.878.91,300.42,630.59,657.11,867.27,661.7368.9535.70.00.0252.32,120.24,384.62,963.12014Q131,547.919,031.00.15,254.5495.281.1671.72,600.39,928.11,940.17,653.9287.1778.60.00.074.62,065.24,448.52,922.9Q232,476.819,304.02.1
5,214.8509.282.2649.82,699.510,146.42,302.78,186.7281.01,242.90.00.0177.32,013.64,471.82,683.4Q333,289.620,726.60.24,867.7734.877.6548.83,925.210,572.21,759.58,536.8112.61,163.50.00.0128.61,699.95,432.12,266.7Q432,910.120,401.740.14,526.1736.190.3723.34,065.010,220.91,841.18,606.2118.81,450.30.00.0102.32,375.04,559.72,061.22015Q133,042.820,040.3248.03,722.6845.694.9625.74,151.810,351.61,777.58,942.5347.61,663.60.00.0105.52,383.54,442.22,282.5Q231,923.219,694.4350.63,280.0607.696.9392.84,278.710,687.61,785.
88,117.5403.21,339.50.00.0106.41,842.94,425.52,325.5Q333,261.820,433.4303.23,699.0720.996.7711.94,331.310,570.41,774.78,564.6308.61,811.70.00.0109.81,437.64,896.92,489.0Q433,019.720,123.0307.63,252.11,232.598.8902.93,854.210,474.91,814.48,598.1240.21,721.20.00.0108.21,232.65,295.92,484.22016Q132,487.819,774.8310.63,092.81,108.4100.5646.83,713.910,801.91,640.68,534.9230.91,546.30.00.0106.21,220.25,431.42,537.4Q232,693.319,513.4313.92,869.61,126.7102.7686.73,364.111,049.81,577.29,478.2336.42,078.60.00.0107.81,586.85,368.72,124.4Q332,302.019,235.6263.63,237.01,104.1104.2699.93,242.510,584.41,597.48,958.2322.01,809.00.00.079.41,596.95,150.92,510.8Q430,440.118,950.0650.43,279.81,103.5100.0563.02,672.710,580.71,254.79,156.91,826.9478.00.00.092.71,638.25,121.21,078.52017Q130,327.118,761.1660.63,267.81,126.8107.5579.22,721.210,298.01,259.39,216.91,735.1864.10.00.091.61,442.65,083.61,089.8Q229,980.418,340.1268.93,658.91,137.0111.2591.02,551.710,021.3953.19,903.6426.22,466.10.00.089.41,850.45,071.5783.6Q334,347.222,840.4269.83,716.65,162.7110.4647.83,373.69,559.6794.19,949.5415.62,409.60.00.090.21,982.45,051.7763.3Q437,015.325,836.0348.45,185.66,231.1116.8841.23,863.49,249.5808.89,561.8477.12,236.40.00.090.71,702.55,055.0808.82018Q137,372.325,964.4350.55,842.16,255.5117.7965.92,990.19,442.5767.59,777.6473.02,344.90.00.0101.51,964.44,893.8862.9Q242,141.026,621.8354.26,533.76,337.3126.4917.73,277.09,075.6760.514,081.83,270.02,760.90.00.090.22,974.64,986.2676.8Q342,771.726,5
62.9356.46,485.36,443.5120.91,112.73,213.18,830.9587.514,971.93,490.22,437.00.00.091.04,013.24,940.6649.4Q445,393.325,578.3357.55,737.46,454.2116.71,310.72,807.08,794.8628.214,758.13,367.02,519.10.00.091.63,495.65,284.94,428.82019Q146,599.726,480.1358.55,702.67,611.7118.91,277.12,588.58,822.7545.015,731.53,738.62,765.80.00.091.74,582.64,552.73,843.3Q244,793.627,152.1428.05,703.98,355.8118.81,292.62,590.38,662.7648.513,997.51,917.52,574.70.00.092.04,811.14,602.22,995.5Q341,955.025,270.0484.15,492.76,884.4120
.51,205.22,627.38,455.8593.813,761.61,490.42,929.40.00.093.94,988.14,259.72,329.6Q442,931.527,080.9811.35,428.18,276.0115.41,201.32,834.38,414.31,067.613,447.30.02,969.80.00.0695.85,179.94,601.81,335.72020Q140,770.624,121.9815.45,326.86,001.9116.01,160.12,689.38,012.31,037.914,501.90.03,287.51,025.20.096.65,507.54,585.21,109.0Q240,475.424,011.4818.95,270.36,062.1117.61,116.12,751.17,875.4893.014,161.10.03,244.3970.90.093.95,580.54,271.51,409.9Q335,991.420,127.5820.71,590.15,845.4119.21,068.12,733.77,950.51,474.013,507.20.02,727.1948.00.092.95,839.93,899.4882.7Q435,945.320,079.4733.11,538.45,901.173.91,073.42,839.87,919.91,477.613,570.20.02,613.0845.10.090.36,241.03,780.9818.02021Q134,816.418,855.7690.21,513.84,675.474.31,115.02,915.67,871.41,479.113,745.90.02,660.1924.40.091.46,388.43,681.5735.7*
Since Q12008-Q22013 values of transferable, savings and time deposits due to non residents are not segregated hence are classified under non-residents, Loans categoryr: revisedEnd of Period Other Deposi-tory Corpor-ationOther Financial Corpora-tionsCentral Gov.State and Local Gov.Total Time DepositsNon- residents*DEPOSITSTime DepositsIn National CurrencyIn Foreign CurrencyCentral Gov.State and Local Gov.Public NonFinancial Corpora-tionsOther Non Financial Corpora-tionsOther Residents SectorsPublic NonFinancial Corpora-tionsOther Residents SectorsNon- residents*Other Deposi-tory Corpora-tionOther Financial Corpora-tionsOther Non Financial Copora-tions QUARTERLY ECONOMIC REVIEW MARCH 2021 Table 4(d): Liabilities of Other Depository Corporations....Continued 40 (Millions of
Vatu)INTERBANK20132,903.30.00.02,903.30.08,106.684.68,022.012,575.882,026.320142,461.20.00.02,461.20.010,549.7117.010,432.69,857.984,959.920152,367.10.0200.02,167.10.010,468.8181.710,287.19,378.791,757.720163,043.00.00.03,043.00.07,400.1142.27,257.913,181.0100,796.120174,076.30.01,377.02,699.30.08,529.974.08,455.912,987.7108,990.520186,393.70.03,149.83,243.90.09,274.3152.69,121.815,390.6132,377.120192,123.80.047.52,076.20.013,158.2124.513,033.814,961.5134,343.720202,227.70.0948.31,279.30.013,580.8115.513,465.316,296.3133,154.42013Q16,076.30.00.06,076.30.05,098.30.05,098.311,788.576,959.1Q26,996.60.00.06,996.60.04,620.80.04,620.812,198.876,801.7Q31,978.90.00.01,978.90.011,334.2105.111,229.08,671.481,651.5Q42,903.30.00.02,903.30.08,106.684.68,022.012,575.882,026.32014Q12,432.90.00.02,432.90.010,053.1105.39,947.710,299.781,593.2Q22,294.60.00.02,294.60.010,849.294.610,754.610,123.682,004.1Q32,453.30.00.02,453.30.010,491.0155.810,335.29,545.683,842.4Q42,461.20.00.02,461.20.010,549.7117.010,432.69,857.984,959.92015Q13,365.20.00.03,365.20.010,979.0135.710,843.39,926.687,873.5Q22,805.70.00.02,805.70.010,648.2140.410,507.89,899.989,216.3Q32,362.50.00.02,362.50.010,187.3164.010,023.49,443.190,294.9Q42,367.10.0200.02,167.10.010,468.8181.710,287.19,378.791,757.72016Q11,748.30.00.01,748.30.09,295.0128.19,166.99,695.092,157.1Q21,698.70.00.01,698.70.09,915.1144.39,770.89,807.796,393.3Q31,672.40.00.01,672.40.07,419.3155.67,263.712,816.097,912.1Q43,043.00.00.03,043.00.07,400.1142.27,257.913,181.0100,796.12017Q13,237.50.00.03,23
7.50.07,599.683.57,516.113,445.5102,554.3Q24,080.20.01,254.92,825.30.010,983.879.210,904.613,599.8109,898.6Q34,054.20.01,947.52,106.70.014,474.670.014,404.613,364.7114,709.1Q44,076.30.01,377.02,699.30.08,529.974.08,455.912,987.7108,990.52018Q14,933.70.01,714.83,218.90.08,806.2106.38,699.913,188.2114,159.4Q25,889.50.03,136.42,753.20.08,166.9129.68,037.213,604.7121,874.1Q35,449.80.02,830.62,619.20.09,060.8145.38,915.514,110.5123,672.6Q46,393.70.03,149.83,243.90.09,274.3152.69,121.815,390.6132,377.12019Q15,73
4.10.03,144.42,589.70.010,005.6129.29,876.415,447.0134,808.2Q24,302.00.02,283.32,018.70.011,039.7149.210,890.415,556.4134,258.0Q32,495.50.0515.91,979.50.012,297.5167.012,130.614,999.6132,922.6Q42,123.80.047.52,076.20.013,158.2124.513,033.814,961.5134,343.72020Q12,589.90.0426.22,163.80.013,682.7129.513,553.215,087.5135,489.4Q21,839.20.0650.81,188.40.013,637.6113.713,523.915,409.5134,806.5Q32,757.60.01,260.61,497.00.013,764.8146.213,618.616,790.2132,986.8Q42,227.70.0948.31,279.30.013,580.8115.513,465.316,296.3133,154.42021Q11,712.70.0882.3830.40.013,054.0158.712,895.316,871.4133,359.4r:
revisedLOANSOTHER ACCOUNTS PAYABLE* Since Q12008-Q22013 values of transferable, savings and time deposits due to non residents are not segregated hence are classified under non-residents, Loans categoryEnd of Period TOTALOther Depository Corporation Central Bank Non Residents* FUNDS PURCHASEDTOTALTrade Credit and Advances Other Liabilities SHARES AND OTHER EQUITY TOTAL LIABILITIES QUARTERLY ECONOMIC REVIEW MARCH 2021 Table 5(a): Monetary Survey: A Consolidated Statement of Accounts of the Reserve Bank of Vanuatu and Other Depository Corporations 41 (Millions of
Vatu)TOTAL201314,131.314,822.117,436.316,834.9601.42,614.3-690.810,080.510,771.351,773.1-1,089.2-222.0-867.2201415,974.416,342.018,900.118,305.1595.02,558.0-367.69,522.49,890.153,886.4-1,618.0-403.8-1,214.2201526,290.924,521.129,755.829,148.8607.05,234.71,769.812,312.810,543.049,859.9-6,855.3-5,152.8-1,702.5201634,393.828,333.133,495.432,920.0575.45,162.36,060.716,153.010,092.348,470.1-8,418.6-4,102.0-4,316.6201740,630.937,242.842,472.041,655.5816.55,229.23,388.110,815.07,426.850,462.2-9,640.9-3,348.6-6,292.4201850,963.442,737.347,857.447,049.2808.25,120.18,226.119,275.811,049.649,456.6-12,419.3-1,564.8-10,854.4201965,999.454,079.358,475.457,704.5770.94,396.111,920.019,614.17,694.145,223.2-15,923.0-4,385.6-11,537.4202075,325.762,451.166,029.465,322.1707.33,578.312,874.619,481.76,607.138,625.8-21,912.6-11,265.4-10,647.12013Q118,861.714,260.916,629.716,077.8551.82,368.74,600.810,677.06,076.351,241.0-1,133.9-1,289.0155.1Q217,628.814,179.916,722.616,136.6586.02,542.73,448.810,445.46,996.651,212.4-1,230.7-1,207.3-23.5Q317,317.614,142.416,669.216,079.9589.22,526.83,175.212,057.08,881.851,238.8-1,306.5-1,007.0-299.5Q414,131.314,822.117,436.316,834.9601.42,614.3-690.810,080.510,771.351,773.1-1,089.2-222.0-867.22014Q113,252.314,386.017,004.516,415.5588.92,618.5-1,133.78,943.210,076.953,178.1-1,010.469.3-1,079.8Q214,085.215,062.817,746.317,162.6583.72,683.5-977.69,091.210,068.852,958.4-1,108.0-269.0-839.0Q315,993.415,234.217,927.617,334.0593.52,693.4759.210,118.99,359.752,909.9-1,723.9-370.7-1,353.2Q415,974.416,342.018,9
00.118,305.1595.02,558.0-366.69,522.49,889.153,886.4-1,618.0-403.8-1,214.22015Q118,328.917,618.820,167.619,574.2593.42,548.8710.111,409.310,699.252,678.1-3,214.6-1,735.3-1,479.3Q223,742.723,298.628,478.827,870.9607.95,180.2444.110,769.210,325.049,735.9-6,708.2-5,529.9-1,178.4Q325,410.223,875.829,289.428,657.0632.45,413.61,534.411,551.510,017.149,995.1-6,648.1-5,194.9-1,453.2Q426,290.924,521.129,755.829,148.8607.05,234.71,769.812,312.810,543.049,859.9-6,855.3-5,152.8-1,702.52016Q126,549.224,498.729,649.929,
063.4586.55,151.22,050.512,711.410,660.948,766.8-7,660.3-5,746.9-1,913.4Q231,473.527,913.433,132.232,537.5594.75,218.73,560.113,838.910,278.948,762.5-8,749.7-6,348.6-2,401.1Q332,873.728,858.834,038.633,452.3586.35,179.94,014.914,552.610,537.648,599.4-8,524.6-5,929.0-2,595.6Q434,393.828,333.133,495.432,920.0575.45,162.36,060.716,153.010,092.348,470.1-8,418.6-4,102.0-4,316.62017Q133,137.128,295.633,379.232,565.0814.25,083.64,841.515,127.010,285.549,274.2-9,552.6-4,476.5-5,076.1Q238,467.930,726.835,871.135,052.3818.85,144.37,741.115,290.07,548.949,522.7-10,036.1-4,501.3-5,534.8Q340,277.535,603.440,770.039,955.0815.05,166.64,674.112,044.17,370.049,457.2-9,911.3-3,775.3-6,136.0Q440,630.937,242.842,472.041,655.5816.55,229.23,388.110,815.07,426.850,462.2-9,640.9-3,348.6-6,292.42018Q142,159.338,292.743,656.842,819.4837.55,364.23,866.611,947.48,080.851,250.2-9,458.8-2,287.8-7,171.0Q250,333.638,013.043,353.542,517.6835.95,340.512,320.619,974.27,653.650,896.2-10,955.1-2,076.4-8,878.7Q350,790.539,735.344,942.744,101.4841.45,207.411,055.218,245.47,190.252,719.6-9,642.9-1,889.4-7,753.5Q450,963.442,737.347,857.447,049.2808.25,120.18,226.119,275.811,049.649,456.6-12,419.3-1,564.8-10,854.42019Q154,589.444,340.649,222.348,416.3806.04,881.710,248.721,076.310,827.547,839.2-14,198.9-3,665.8-10,533.1Q259,041.548,189.952,937.752,127.0810.84,747.810,851.620,250.59,398.946,640.1-16,084.2-4,718.1-11,366.1Q360,998.548,872.453,491.252,673.3818.04,618.812,126.119,753.77,627.646,372.4-15,563
.4-3,959.3-11,604.1Q465,999.454,079.358,475.457,704.5770.94,396.111,920.019,614.17,694.145,223.2-15,923.0-4,385.6-11,537.42020Q169,508.154,856.259,332.058,520.0812.14,475.814,651.922,445.77,793.844,444.8-16,511.0-6,162.6-10,348.4Q272,133.157,561.461,395.260,691.9703.43,833.914,571.721,306.96,735.241,713.8-18,901.5-7,717.4-11,184.1Q371,320.358,102.361,885.961,183.6702.33,783.613,218.020,092.86,874.740,678.9-19,676.2-8,965.1-10,711.2Q475,325.762,451.166,029.465,322.1707.33,578.312,874.619,481.76,607.138,625.8
-21,912.6-11,265.4-10,647.12021Q173,130.661,191.364,759.364,053.9705.43,568.011,939.318,047.76,108.442,173.4-18,221.8-9,435.6-8,786.2r:
revisedDOMESTIC CLAIMSMonetary AuthorityOther Depository CorporationsClaims on NonresidentsClaims on Non Residents Liabilities to Non ResidentsMonetary Gold and SDR Holdings Liabilities to Non ResidentsNet Claims on Central Government Monetary Authority (net) Other Depository Corporations (net)TotalOfficial Reserve Assets Total ClaimsMonetary Authority NFATotalEnd of PeriodNET FOREIGN ASSETS (NFA)TOTAL NFA QUARTERLY ECONOMIC REVIEW MARCH 2021 Table 5(b): Monetary Survey: A Consolidated Statement of Accounts of the Reserve Bank of Vanuatu and Other Depository Corporations....Continued 42 (Millions of
Vatu)M2M1201352,862.35.284.7648.424,502.527,621.553,772.226,475.95,054.321,421.627,296.427,296.412,132.1201455,504.449.491.01,306.425,996.828,060.858,391.228,201.85,532.522,669.330,189.430,189.411,469.6201556,715.245.073.61,184.425,430.129,828.565,060.535,467.96,284.129,183.829,592.729,592.711,090.4201656,888.70.5128.81,251.325,611.429,896.771,969.042,657.67,151.135,506.529,311.329,311.310,894.9201760,103.235.8107.91,271.125,632.733,055.678,660.746,510.57,832.238,678.232,150.232,150.212,432.5201861,875.947.176.21,034.925,843.034,874.888,955.555,062.68,581.946,480.733,892.933,892.911,464.5201961,146.253.966.81,065.025,691.734,268.795,102.462,850.39,345.153,505.232,252.132,252.116,021.8202060,538.372.337.3947.426,400.833,080.694,570.867,667.310,383.557,283.726,903.526,903.519,380.72013Q152,374.80.036.0550.426,893.424,895.057,960.024,473.34,595.919,877.433,486.733,486.712,142.7Q252,443.10.132.5503.026,500.625,406.956,950.823,836.44,775.819,060.633,114.433,114.411,890.4Q352,545.3528.776.71,005.423,133.327,801.256,563.227,789.55,034.622,754.928,773.728,773.711,993.1Q452,862.35.284.7648.424,502.527,621.553,772.226,475.95,054.321,421.627,296.427,296.412,132.12014Q154,188.520.182.1590.726,270.227,225.454,064.526,039.54,768.221,271.328,024.928,024.912,366.0Q254,066.47.072.6877.326,125.526,984.154,730.525,872.75,194.620,678.128,857.828,857.812,543.5Q354,633.855.168.51,250.925,477.827,781.458,037.327,662.95,531.822,131.130,374.430,374.410,866.0Q455,504.449.491.01,306.425,966.828,060.858,391.228,201.85,532.522,669.330,189.
430,189.411,469.62015Q155,892.848.388.61,266.126,043.128,522.959,508.229,405.05,307.024,098.030,103.130,103.111,445.8Q256,444.147.290.81,299.325,879.328,963.862,440.233,167.05,863.727,303.329,273.229,273.210,891.2Q356,643.246.173.91,366.525,583.829,277.464,612.134,278.46,106.228,172.230,333.730,333.710,751.0Q456,715.245.073.61,184.425,430.129,828.565,060.535,467.96,284.129,183.829,592.729,592.711,090.42016Q156,427.143.8110.41,237.125,430.129,605.765,316.035,905.65,711.530,194.129,410.529,410.59,959.8Q257,5
12.20.8116.61,297.525,920.230,177.169,264.639,095.16,262.232,832.930,169.430,169.410,911.6Q357,124.11.8125.41,131.725,800.330,064.970,449.241,159.86,793.934,365.929,289.429,289.410,996.9Q456,888.70.5128.81,251.325,611.429,896.771,969.042,657.67,151.135,506.529,311.329,311.310,894.92017Q158,826.80.9110.61,319.926,950.330,445.172,026.242,693.06,866.935,826.129,333.329,333.310,226.7Q259,558.80.7119.51,351.326,395.031,692.376,855.147,178.77,367.039,811.729,676.529,676.511,091.7Q359,368.5478.2109.9696.925,866.432,217.177,485.647,206.97,557.639,649.330,278.730,278.712,217.1Q460,103.235.8107.91,271.125,632.733,055.678,660.746,510.57,832.238,678.232,150.232,150.212,432.52018Q160,709.035.385.91,313.125,902.433,372.381,351.151,864.77,439.744,425.029,486.429,486.411,990.5Q261,851.350.1100.41,293.325,696.534,711.087,402.953,036.58,256.544,780.134,366.334,366.313,773.5Q362,362.539.173.41,082.626,325.534,841.989,637.354,546.08,197.846,348.235,091.335,091.313,716.5Q461,875.947.176.21,034.925,843.034,874.888,955.555,062.68,581.946,480.733,892.933,892.911,464.52019Q162,038.265.772.71,022.625,760.535,116.691,506.656,885.77,944.748,940.934,621.034,621.010,714.4Q262,724.369.269.8986.126,245.635,353.691,986.759,101.38,664.250,437.132,885.432,885.413,521.5Q361,935.876.462.71,097.725,893.534,805.493,392.360,844.98,813.552,031.432,547.432,547.413,776.2Q461,146.253.966.81,065.025,691.734,268.795,102.462,850.39,345.153,505.232,252.132,252.116,021.82020Q160,955.965.564.2851.426,504.533,47
0.295,772.564,175.98,809.255,366.731,596.631,596.618,127.6Q260,615.366.659.7807.326,398.633,283.195,704.164,564.79,702.454,862.431,139.431,139.418,142.7Q360,355.171.959.8875.326,257.533,090.592,401.065,559.79,703.155,856.526,841.326,841.319,598.2Q460,538.372.337.3947.426,400.833,080.694,570.867,667.310,383.557,283.726,903.526,903.519,380.72021Q160,395.2969.033.8557.526,320.332,514.696,511.469,509.69,741.759,767.927,001.827,001.818,792.7r:
revisedOther Items (net)End of PeriodClaims on Other SectorsNarrow Money (M1)Quasi MoneyTotalTransferable DepositsCurrency in CirculationTotalTOTALTotalOther DepositsDOMESTIC CLAIMSBROAD MONEY (M2) Other Financial Corp.State and Local Gov.Public Nonfinancial Corp.Other NonFinancial Corp.Other Residents Sectors QUARTERLY ECONOMIC REVIEW MARCH 2021 Table 6: Domestic Money Supply and Components 43 (Millions of
Vatu)20136,163.8778.56,935.61,881.45,054.314,132.17,289.526,475.919,616.87,679.553,772.220146,690.6791.17,476.31,959.05,532.515,171.97,497.428,201.821,571.48,618.158,391.220157,659.7886.98,530.82,246.76,284.120,533.88,649.935,467.820,971.48,621.365,060.520168,388.4881.39,259.52,108.47,151.124,056.811,449.742,657.620,129.79,181.771,969.020179,620.0938.610,530.72,698.57,832.225,793.212,885.146,510.422,570.79,579.578,660.7201810,524.21,042.611,551.32,969.48,581.929,937.816,542.955,062.619,126.914,766.088,955.5201911,230.61,104.212,307.12,962.09,345.136,483.617,021.662,850.318,804.813,447.395,102.4202012,322.11,140.613,429.73,046.110,383.540,711.116,572.667,667.314,178.312,725.294,570.82013Q15,553.2733.16,277.21,681.34,595.910,645.99,231.524,473.324,670.08,816.757,960.0Q25,418.7747.76,160.61,384.84,775.810,451.58,609.123,836.425,184.27,930.256,950.8Q35,786.5765.76,542.91,508.35,034.614,387.28,367.727,789.520,755.38,018.456,563.2Q46,163.8778.56,935.61,881.45,054.314,132.17,289.526,475.919,616.87,679.553,772.22014Q15,372.3768.36,132.71,364.54,768.214,031.57,239.826,039.520,354.87,670.154,064.5Q25,978.0782.16,753.71,559.15,194.614,446.66,214.725,855.820,548.88,324.954,730.5Q36,079.8791.16,865.51,333.75,531.814,754.27,377.027,662.921,824.38,550.158,037.3Q46,690.6791.17,476.31,959.05,532.515,171.97,497.428,201.821,571.48,618.158,391.22015Q16,271.1803.67,065.81,758.95,307.016,761.57,389.629,458.121,137.78,965.459,561.2Q26,865.9823.37,670.51,806.85,863.719,219.48,231.033,314.121,143.38,129.962,587.3Q37,049.2864.27,670.51,
798.66,106.219,446.88,767.634,320.621,750.38,583.464,654.3Q47,659.7886.98,530.82,246.76,284.120,533.88,649.935,467.820,971.48,621.365,060.52016Q16,802.7814.57,602.61,891.25,711.420,752.29,441.935,945.820,860.48,550.165,356.2Q27,234.8819.18,048.51,786.36,262.223,130.09,702.939,155.020,671.19,498.369,324.4Q37,364.2845.18,200.61,406.76,793.923,839.710,526.241,186.820,313.68,975.870,476.2Q48,388.4881.39,259.52,108.47,151.124,056.811,449.742,657.620,129.79,181.771,969.02017Q17,626.4877.38,503.61,636.76,866.925,
344.510,481.642,851.320,094.09,239.372,184.6Q28,799.6901.49,700.52,333.67,367.028,289.011,522.747,222.419,760.59,916.076,898.9Q38,452.1929.69,364.41,806.77,557.627,427.212,222.047,238.920,301.99,976.877,517.6Q49,620.0938.610,530.72,698.57,832.225,793.212,885.146,510.422,570.79,579.578,660.72018Q18,586.6960.89,514.92,075.27,439.731,007.513,417.551,864.719,708.89,777.681,351.1Q29,361.3979.610,324.82,068.38,256.530,079.314,700.853,036.520,284.514,081.887,402.9Q39,136.3999.610,121.61,923.98,197.830,872.915,475.354,546.020,119.414,971.989,637.3Q410,524.21,042.611,551.32,969.48,581.929,937.816,542.955,062.619,126.914,766.088,955.52019Q19,221.81,042.210,241.12,296.37,944.731,414.417,526.656,885.718,889.515,731.591,506.6Q210,164.81,057.811,201.22,537.08,664.232,687.317,749.859,101.318,888.013,997.591,986.7Q310,156.21,076.011,203.32,389.78,813.534,170.417,860.960,844.918,785.913,761.693,392.3Q411,230.61,104.212,307.12,962.09,345.136,483.617,021.662,850.318,804.813,447.395,102.42020Q110,250.81,097.911,331.52,522.38,809.235,963.019,403.764,175.918,119.913,476.795,772.5Q211,243.41,120.312,348.22,645.89,702.437,282.117,580.364,564.717,949.313,190.195,704.1Q311,373.21,127.112,479.62,776.49,703.138,524.017,332.565,559.714,282.112,559.292,401.0Q412,322.11,140.613,429.73,046.110,383.540,711.116,572.667,667.314,178.312,725.294,570.82021Q111,521.81,135.212,622.82,881.09,741.742,386.317,381.669,509.614,180.312,821.496,511.4
M2 (Broad Measure) End of Period Notes Coins Total (2) Currency Other Depository Corporations Currency with the Public in Vatu Transferable Deposits of Residents in National Currency Transferable Deposits of Residents in Foreign Currency M1 (Narrow Measure) Other Deposits of Residents in National Currency Other Deposits Residents in Foreign Currency QUARTERLY ECONOMIC REVIEW MARCH 2021 Table 7: Distribution of VATU and Foreign Currency Deposits of Residents by Categories 44 (Millions of
Vatu)201314,132.11,858.217,758.733,748.97,289.517.87,661.714,969.069.330.7100.01,854.6201415,171.91,905.719,665.736,743.37,497.416.216,115.416,115.469.5100.0100.01,803.5201521,462.12,085.020,123.043,670.18,875.023.28,598.117,496.471.428.6100.02,390.0201625,327.72,288.118,950.046,565.814,374.524.79,156.923,556.166.433.6100.05,304.1201726,953.52,970.925,836.055,760.413,328.417.79,561.822,907.970.929.1100.07,844.9201834,888.12.825,578.360,469.217,280.38.014,758.132,046.465.434.6100.012,141.9201940,276.80.027,080.967,357.717,775.60.013,447.331,222.968.331.7100.012,724.9202044,224.10.020,079.464,303.517,848.10.013,570.231,418.467.232.8100.011,534.62013Q110,645.95,938.718,731.335,316.09,231.5373.58,443.118,048.266.233.8100.0631.9Q210,451.56,120.719,063.535,635.68,609.1425.87,504.416,539.368.331.7100.0810.5Q314,387.21,937.718,817.635,142.58,367.716.58,001.916,386.168.231.8100.01,235.5Q414,132.11,858.217,758.733,748.97,289.517.87,661.714,969.069.330.7100.01,854.62014Q114,031.51,819.118,535.734,386.37,239.816.27,653.914,909.969.830.2100.01,867.3Q214,446.61,860.518,688.334,995.46,214.715.88,308.814,539.370.629.4100.01,425.6Q314,754.21,832.519,991.836,578.47,377.013.38,536.815,927.169.730.3100.01,940.7Q415,171.91,905.719,665.736,743.37,497.411.98,606.216,115.469.530.5100.01,803.52015Q117,773.61,946.620,040.339,760.57,595.123.08,942.516,560.670.629.4100.02,066.8Q220,082.12,060.319,694.441,836.88,522.812.48,117.516,652.771.528.5100.01,765.9Q320,394.12,041.720,433.442,869.29,236.318.78,564.617,819.670.629.4100.02,140.7Q421,4
62.12,085.020,123.043,670.18,875.023.28,598.117,496.471.428.6100.02,390.02016Q121,781.22,198.919,774.843,754.910,240.715.18,534.918,790.770.030.0100.02,900.9Q224,090.52,289.319,513.445,893.211,059.320.19,478.220,557.669.130.9100.03,388.6Q324,818.72,187.019,235.646,241.311,948.317.68,958.220,924.168.831.2100.03,483.1Q425,327.72,288.118,950.046,565.814,374.524.79,156.923,556.166.433.6100.05,304.12017Q127,021.62,464.618,761.148,247.313,894.822.39,216.923,134.066.433.6100.06,063.6Q229,719.22,562.318,340.150,62
1.616,016.612.49,903.625,932.666.433.6100.07,022.3Q328,657.32,629.122,840.454,126.913,428.327.39,949.523,405.169.830.2100.07,623.5Q426,953.52,970.925,836.055,760.413,328.417.79,561.822,907.970.929.1100.07,844.92018Q132,160.30.025,964.458,124.714,535.50.09,777.624,313.170.529.5100.08,458.5Q231,285.40.026,621.857,907.217,377.00.014,081.831,458.864.835.2100.010,166.2Q331,881.60.026,562.958,444.517,220.40.014,971.932,192.364.535.5100.09,041.0Q434,888.12.825,578.360,469.217,280.38.014,758.132,046.465.434.6100.012,141.92019Q134,679.621.126,480.161,180.818,677.80.015,731.534,409.366.137.2103.311,820.6Q235,731.091.727,152.162,974.719,177.20.013,997.533,174.765.534.5100.012,653.6Q339,324.3400.325,270.064,994.618,916.60.013,761.632,678.266.533.5100.012,891.6Q440,276.80.027,080.967,357.717,775.60.013,447.331,222.968.331.7100.012,724.92020Q139,649.90.024,121.963,771.720,278.40.014,501.934,780.364.735.3100.011,535.9Q240,814.50.024,011.464,825.919,514.30.014,161.133,675.465.834.2100.012,371.6Q342,474.50.020,127.562,601.918,223.20.013,507.231,730.366.433.6100.011,598.7Q444,224.10.020,079.464,303.517,848.10.013,570.231,418.467.232.8100.011,534.62021Q145,818.00.018,855.764,673.818,046.20.013,745.931,792.167.033.0100.09,673.7Government
Deposits (MVT) 2/Vatu Deposits(MVT) 1/ 'Foreign Currency Deposits (MVT) 1/ Percent Distribution ( % )SavingsTimeTotalVatu Deposits Foreign Currency Deposits Total TransferableEnd of Period TransferableSavingsTimeTotal QUARTERLY ECONOMIC REVIEW MARCH 2021 Table 8: Time Deposits in Vatu by Maturities with Other Depository Corporations 45 (Millions of
Vatu)1/2013871.23,606.52,119.82,556.52,789.04,995.7810.610.217,759.52014224.92,860.53,239.22,625.33,638.38,360.61,205.488.622,242.82015131.84,088.63,927.93,061.13,406.56,226.7966.7128.121,937.4201667.54,993.02,488.72,289.03,116.26,637.8568.644.020,204.7201768.72,104.17,129.21,967.92,929.58,689.12,038.51,717.926,644.8201852.41,008.88,041.11,742.73,931.37,370.22,479.41,690.826,316.8201962.21,704.69,460.41,157.16,109.06,434.02,989.9214.728,131.9202048.91,463.14,752.12,778.04,319.65,539.52,654.91.021,557.02013Q12,146.05,216.43,250.02,238.52,630.35,813.1764.80.022,059.1Q21,763.06,398.43,381.52,556.94,277.54,135.5745.80.023,258.6Q3395.93,398.42,046.01,978.03,257.67,886.51,515.111.220,488.8Q4871.23,606.52,119.82,556.52,789.04,995.7810.610.217,759.52014Q1448.82,650.92,829.03,219.12,897.27,526.11,374.625.420,971.1Q2157.23,350.02,262.12,870.03,388.67,353.12,017.080.121,478.0Q3196.84,653.42,185.42,501.93,509.27,651.91,692.495.122,486.1Q4224.92,860.53,239.22,625.33,638.38,360.61,205.488.622,242.82015Q1176.42,664.63,587.33,564.92,941.47,382.01,334.8166.621,818.1Q2286.02,976.93,424.73,089.13,447.46,883.71,159.5212.821,480.2Q3167.13,782.92,779.03,306.43,907.56,904.21,232.8128.122,208.1Q4131.84,088.63,927.93,061.13,406.56,226.7966.7128.121,937.42016Q1191.93,951.54,120.12,741.52,952.96,445.9813.6198.021,415.4Q2174.95,747.62,254.82,579.62,797.76,627.1771.4164.221,117.3Q3122.04,144.03,760.62,004.13,612.96,488.1619.781.620,833.0Q467.54,993.02,488.72,289.03,116.26,637.8568.644.020,204.72017Q129.53,186.84,484.12,186.63,088.46,395.36
06.842.920,020.4Q259.21,136.73,345.82,059.84,224.67,051.91,207.1208.019,293.2Q3313.42,358.87,165.2770.23,617.68,138.51,089.3181.623,634.5Q468.72,104.17,129.21,967.92,929.58,689.12,038.51,717.926,644.82018Q1255.42,042.17,152.41,711.43,291.48,588.11,988.91,702.326,731.9Q255.93,562.55,828.42,336.83,839.27,364.52,706.81,688.127,382.3Q335.52,633.76,832.51,876.43,859.87,670.12,554.31,688.127,150.4Q452.41,008.88,041.11,742.73,931.37,370.22,479.41,690.826,316.82019Q160.31,504.47,186.41,662.65,162.07,268.72,513.31,
651.427,009.2Q288.11,639.68,073.51,781.04,784.57,268.92,405.11,759.927,800.6Q396.81,684.16,596.21,636.15,108.06,546.72,436.41,759.625,863.8Q462.21,704.69,460.41,157.16,109.06,434.02,989.9214.728,131.92020Q1177.41,974.06,639.03,108.65,458.45,235.52,566.10.725,159.7Q21,019.83,838.34,160.92,820.54,631.65,362.03,070.90.524,904.4Q380.12,785.24,212.32,055.83,948.46,074.62,444.60.521,601.5Q448.91,463.14,752.12,778.04,319.65,539.52,654.91.021,557.02021Q111.63,194.03,120.31,586.33,847.05,828.32,739.08.320,334.9*
Since Q3 2013 time deposits includes both residents and non residents deposits 1/ In the revised prudential format implementated in Q3 2013, maturites over 2 years were recorded prior to that maturites were recorded up to over one year only.Maturity PeriodEnd of Period 2 Years and OverUp to and Inclusive of 7 DaysOver 7 Days & up to 1 Month1 to 2 Months 2 to 3 Months3 to 6 Months 6 to 12 Months 12 to 24 MonthsTotal QUARTERLY ECONOMIC REVIEW MARCH 2021 Table 9(a): Other Depository Corporations' Sectoral Distribution of Loans and Advances in Vatu and Foreign Currency 46 (Millions of Vatu)Depository Institutions DomesticOther Financial Corporations DomesticCentral GovernmentProvincial Assemblies & Local GovernmentStatutory Non-Financial Corporations Domestic Manufact-turing Agriculture Public Utilities Forestry*FisheriesMining & QuarryingConstructionDistribution (Wholesale &
Retail)20130.05.20.084.7648.41,723.8575.8205.384.710.244.93,772.54,716.520140.049.41.891.01,306.41,720.6483.6174.865.09.764.63,619.65,329.020150.045.00.073.61,184.41,217.2765.2148.828.43.1123.03,894.64,917.920160.00.50.0128.81,251.31,163.1467.0131.68.81.9136.33,427.05,269.620170.135.80.0107.91,271.11,461.1487.9137.40.026.640.03,577.65,005.820180.047.10.076.21,034.91,411.2923.5428.56.419.961.82,911.45,198.020190.053.90.066.81,065.01,569.7970.8270.60.015.195.33,453.65,046.320200.072.30.037.3947.41,768.7923.5139.085.713.094.03,988.34,819.32013Q10.0192.532.536.4229.61,528.1930.281.30.032.8201.05,509.47,151.0Q20.0161.529.534.2180.81,511.5945.9271.80.034.0157.45,743.67,228.1Q30.1528.60.276.71,005.46,327.7529.46.682.49.141.83,174.63,756.1Q40.05.20.084.7648.41,723.8575.8205.384.710.244.93,772.54,716.52014Q115.15.00.082.1590.71,683.8566.8195.947.19.144.53,698.75,332.3Q20.553.80.070.7877.71,702.8570.5186.547.69.243.93,803.55,346.9Q30.254.90.068.51,250.91,602.7510.7181.764.68.441.92,960.04,812.7Q40.049.41.891.01,306.41,720.6483.6174.865.09.764.63,619.65,329.02015Q10.048.30.088.61,266.11,709.0474.0156.036.49.862.73,592.85,423.8Q20.147.20.090.81,299.31,680.8471.9158.740.213.260.83,701.35,367.3Q30.046.10.073.91,366.51,707.5479.6160.929.512.338.43,848.85,136.4Q40.045.00.073.61,184.41,217.2765.2148.828.43.1123.03,894.64,917.92016Q10.043.8100.0110.41,237.11,213.0448.9145.328.72.7121.43,858.35,193.3Q20.20.8100.0116.61,297.51,228.9419.8140.928.92.2139.73,979.45,345.1Q30.01.80.0125.41,131.71,228.4471.5203.829.53.4139.03,453.65,223
.5Q40.00.50.0128.81,251.31,163.1467.0131.68.81.9136.33,427.05,269.62017Q10.00.90.0110.61,319.91,286.9471.2142.17.929.6135.23,940.65,100.2Q20.00.70.0119.51,351.31,354.1548.6137.25.527.828.53,252.55,210.3Q30.0478.20.0109.9696.91,353.3534.3135.31.627.528.23,527.05,113.8Q40.135.80.0107.91,271.11,461.1487.9137.40.026.640.03,577.65,005.82018Q10.135.30.085.91,313.11,466.8507.2139.10.023.735.93,799.45,204.3Q20.050.10.0100.41,293.31,736.6762.6115.97.022.660.13,548.14,936.7Q30.339.10.073.41,082.61,870.0857.9450.86.5
21.159.33,181.45,090.2Q40.047.10.076.21,034.91,411.2923.5428.56.419.961.82,911.45,198.02019Q11.165.70.072.71,022.61,325.0951.7392.76.018.791.33,569.05,111.9Q20.569.20.069.8986.11,467.5907.5551.46.117.443.33,369.95,399.2Q30.276.40.062.71,097.71,501.0897.0303.00.016.291.52,923.85,301.7Q40.053.90.066.81,065.01,569.7970.8270.60.015.195.33,453.65,046.32020Q10.065.50.064.2851.41,561.2935.0241.886.314.195.23,477.45,383.1Q20.266.60.059.7807.31,694.8909.5205.985.213.398.53,360.45,345.3Q30.071.90.059.8875.31,703.1911.5173.483.813.891.03,721.25,097.0Q40.072.30.037.3947.41,768.7923.5139.085.713.094.03,988.34,819.32021Q11.4969.00.033.8557.51,292.8937.2102.582.13.593.33,979.05,210.4*
Theses sectors have been classified under Miscellaneous sectors prior to Q3 2013, no miscellaneous sectors were recorded after Q3 2014r: revisedEnd of Period QUARTERLY ECONOMIC REVIEW MARCH 2021 Table 9(b): Other Depository Corporations' Sectoral Distribution of Loans and Advances in Vatu and Foreign Currency…Continue 47 (Millions of
Vatu)***20134,990.8443.41,191.1694.96,048.516,894.310,506.1167.70.052,808.839,724.413,084.51,776.854,585.520146,190.9594.31,454.3963.15,327.317,263.710,447.8273.20.055,430.240,757.114,673.21,341.956,772.220156,386.3637.91,441.2962.95,057.117,626.711,808.2309.00.056,630.741,507.915,122.81,574.058,204.720166,461.9852.31,307.7997.95,386.518,166.711,385.0253.20.056,796.840,129.116,667.72,242.959,039.720176,251.3681.92,138.01,132.94,692.215,212.917,552.7227.40.060,040.641,789.518,251.01,583.661,624.220186,754.8965.32,123.6595.04,443.719,495.214,949.8253.90.061,699.942,048.419,651.51,579.163,279.020195,963.0983.81,647.9346.35,329.519,970.713,949.4262.80.061,060.442,847.218,213.21,536.062,596.420207,320.6850.8673.6360.05,364.315,936.016,719.0270.70.060,383.443,219.417,164.01,467.661,851.02013Q14,464.21,210.70.0256.46,352.514,223.78,991.80.0868.252,292.340,297.911,994.4726.353,018.6Q24,408.61,151.20.0273.26,216.414,243.68,877.30.0903.052,371.540,126.912,244.6775.453,146.9Q34,758.9330.7442.4665.63,008.016,059.811,509.6171.40.052,485.140,353.612,131.61,778.054,263.1Q44,990.8443.41,191.1694.96,048.516,894.310,506.1167.70.052,808.839,724.413,084.51,776.854,585.52014Q15,343.0477.72,156.6692.06,022.820,122.16,903.0155.50.054,143.840,784.813,358.91,779.955,923.7Q25,565.6562.81,433.4774.66,374.117,094.99,492.8188.10.054,199.940,896.013,304.01,657.455,857.3Q35,702.7444.01,455.6957.86,735.017,089.710,402.8206.80.054,551.640,559.313,992.31,459.956,011.5Q46,190.9594.31,454.3963.15,327.317,263.710,447.8273.20.055,430.240,757.114,67
3.21,341.956,772.22015Q16,152.7676.41,486.1819.55,367.618,304.09,845.3281.50.055,800.741,146.314,654.31,400.957,201.5Q26,283.7591.61,486.5855.55,331.620,509.98,107.1257.00.056,354.541,618.314,736.31,420.757,775.2Q36,169.9732.01,502.1976.25,085.717,901.910,995.3298.30.056,561.441,449.515,111.91,316.057,877.4Q46,386.3637.91,441.2962.95,057.117,626.711,808.2309.00.056,630.741,507.915,122.81,574.058,204.72016Q16,392.7806.91,377.3977.24,864.317,327.611,897.4297.00.056,443.341,333.615,109.71,594.958,038.2Q26,562
.0837.71,364.2887.54,984.018,831.010,970.1294.50.057,531.041,312.016,219.01,614.459,145.5Q36,526.0830.71,309.8894.75,486.418,504.411,182.2291.20.057,037.040,711.616,325.41,814.258,851.2Q46,461.9852.31,307.7997.95,386.518,166.711,385.0253.20.056,796.840,129.116,667.72,242.959,039.72017Q16,881.7798.52,128.1999.95,028.619,125.811,015.4217.60.058,740.641,519.817,220.81,863.460,604.0Q26,636.6755.92,133.5943.95,360.719,255.812,130.9229.60.059,482.841,512.217,970.61,556.561,039.3Q36,312.8801.32,074.21,095.04,862.118,994.212,922.0269.30.059,336.941,256.918,080.01,754.561,091.4Q46,251.3681.92,138.01,132.94,692.215,212.917,552.7227.40.060,040.641,789.518,251.01,583.661,624.22018Q16,463.0917.41,997.71,085.74,262.317,694.915,394.1215.50.060,641.441,762.618,878.81,575.962,217.3Q26,849.2890.72,040.2714.64,012.114,909.919,488.9246.80.061,785.942,050.119,735.81,511.463,297.2Q36,857.0919.72,028.7595.94,387.118,608.315,924.8247.40.062,301.341,880.320,421.01,588.563,889.8Q46,754.8965.32,123.6595.04,443.719,495.214,949.8253.90.061,699.942,048.419,651.51,579.163,279.02019Q16,544.41,030.61,875.9584.44,075.619,895.815,012.4245.70.061,893.342,480.919,412.31,508.863,402.1Q26,486.9899.01,603.5551.34,605.320,069.414,569.2243.90.061,916.542,719.119,197.41,489.963,406.5Q36,058.7862.01,768.2543.15,099.019,776.914,280.1236.80.060,896.241,854.619,041.61,479.462,375.6Q45,963.0983.81,647.9346.35,329.519,970.713,949.4262.80.061,060.442,847.218,213.21,536.062,596.42020Q16,180.5904.11,716.8378.85,5
30.015,744.117,376.0242.10.060,847.742,936.717,911.11,508.762,356.4Q26,421.41,007.71,616.0387.85,252.815,954.617,018.8177.00.060,482.942,826.117,656.81,457.961,940.7Q37,128.2991.2857.2359.35,126.816,739.616,001.7196.30.060,202.242,920.117,282.11,471.561,673.7Q47,320.6850.8673.6360.05,364.315,936.016,719.0270.70.060,383.443,219.417,164.01,467.661,851.02021Q17,500.2978.6780.2368.94,991.516,113.715,976.4268.50.060,240.743,250.516,990.11,114.661,355.3r:
revised* Theses sectors have been classified under Miscellaneous sectors prior to Q3 2013, no miscellaneous sectors were recorded after Q3 2013 Of which: Local Currency Foreign Currency Total Non-Resident GRAND TOTAL Housing and Land Purchase Individuals Other Non-profit Institutions Serving Households Miscella-neous Total Resident Professional & Other ServicesEnd of Period TourismTransportCommunicationsEntertainment & Catering QUARTERLY ECONOMIC REVIEW MARCH 2021 Table 10: Distribution of Vatu Advances by Interest Rates as at end of March 2021 48 (Millions of Vatu) RATE OF INTEREST( % )Below<08951 180 780 - 2,623 569 51 - - - 1,852 3,384 1,114 3,843 - 223 15,569 At8.00- - - - - 220 - - - - - 100 - - - - 320 8.50- - - - - - - - - - - - 351 1,783 - - 2,133 9.00- 132 - - - - - - - - - - - 1,954 401 - 2,487 9.50- - - - - - - - - - - - - 5,978 1,695 - 7,673 10.00- - - - - 39 - - - - - - - - 2,788 - 2,826 10.50- 287 - - - - - - - - 262 - 482 - - 45 1,076 11.00- - - 166 - - - - - - - 160 - - - - 326 11.50- - - - - - - - - - - - - - 4,246 - 4,246 12.00- - - - - - - - - - - - - - - - - 12.50- - - 6 - - - - - - 663 - - - - - 669 13.00- 24 - - 362 - - - 3 - - - - - - - 389 13.50- - - 22 - - - - - - - - - - - - 22 14.00227 - - - - - - - - - - - - - - - 227 14.50- - - - - - - - - - - - - - - - - 15.00- - - - - - - - - - - - - - - - - 15.50- - - - - - - - - 65 - - - - - - 65 16.00- - - - - - - - - 28 - - - - - 0 28 16.50- - - - - - - - - - - - - - - - - 17.00- - - - - - - - - - - - - - - - - 17.50- - - - - - - - - - - - - -
 - - - At18.00- - - - - - - - - - - - - - 4,093 - 4,093 Above>18- - - - - - 0 - - - - - - - - - 0 TOTAL1,177 622 780 194 2,985 827 51 - 3 93 2,777 3,645 1,946 13,557 13,223 269 42,149 IndividualNon-profit Institutions Serving HouseholdsGrand TotalManufacturingTransportCommunicationsEntertainment & CateringProfessional & Other ServicesAgricultureDistribution (Wholesale & Retail)Tourism (Hotels & Restaurants)Housing and Land PurchasesOtherElectricity / Gas / WaterForestryFisheriesMining &
 QuarryingConstructionPrivate Sector Domestic & Non-Financial Corporations QUARTERLY ECONOMIC REVIEW MARCH 2021 Table 11(a): Selected Interest Rates for Other Depository Corporations 49 1/(Aust.
Dollar)20131.00-4.500.50-4.501.50-4.501.50-7.002.00-7.771.50-6.501.00-7.002.00-7.102.00-6.802.25-4.004.51.90.04-3.5920140.50-3.750.50-3.501.00-4.001.00-5.551.50-5.581.00-6.151.00-7.001.00-7.502.00-7.001.00-6.004.52.60.01-5.5020150.50-4.500.50-3.500.00-3.752.00-5.151.20-5.252.00-5.252.00-5.202.00-6.002.00-7.001.00-6.003.82.30.05-3.6120160.50-3.750.50-3.000.00-3.750.00-4.000.10-4.850.10-4.850.10-5.200.05-5.000.10-5.001.00-5.003.11.70.10-3.5920170.25-3.750.25-2.000.00-3.750.5-4.250.5-4.250.10-3.750.10-4.250.10-5.000.10-5.002.5-6.002.42.50.50-4.2520180.45-2.300.00-0.000.00-3.750.25-3.000.10-3.750.25-3.750.10-4.250.01-4.200.10-5.002.50-3.501.32.00.05-2.0020190.00-5.300.00-0.000.00-3.700.10-6.000.10-3.000.15-3.700.10-3.700.10-4.200.00-5.000.00-3.651.50.80.05-2.0520200.05-1.300.00-0.000.00-1.500.10.1.650.10-6.000.10-2.800.10-3.500.01-4.200.10-3.800.95-1.151.50.70.05-1.522013Q10.00-3.000.5-4.000.01.25-5.001.25-5.001.25-4.501.25-5.052.00-6.002.75-8.180.03.92.11.20-2.85Q20.00-3.000.5-4.000.01.25-5.001.25-5.001.25-5.001.25-5.052.00-8.182.75-8.180.04.22.11.00-2.90Q30.50-4.500.50-3.501.00-4.001.00-6.761.00-6.501.00-6.001.00-7.001.00-8.251.00-7.001.00-7.004.52.30.5-3.60Q41.00-4.500.50-4.501.50-4.501.50-7.002.00-7.771.50-6.501.00-7.002.00-7.102.00-6.802.25-4.004.51.90.04-3.592014Q10.50-3.750.50-3.501.50-4.751.00-7.001.00-6.501.00-7.001.00-7.001.00-8.251.00-6.802.25-6.004.82.00.02-3.29Q20.50-4.000.50-3.501.00-4.751.00-7.151.00-6.501.00-6.501.00-7.001.00-8.251.00-6.931.00-7.004.92.10.05-3.29Q30.50-4.000.50-3.500.50-3.501.00-6.7
61.00-6.501.00-6.001.00-7.001.00-8.251.00-7.001.00-7.004.52.00.05-3.50Q40.50-3.750.50-3.501.00-4.001.00-5.551.50-5.581.00-6.151.00-7.001.00-7.502.00-7.001.00-6.004.52.60.01-5.502015Q10.50-4.500.50-3.501.00-6.001.00-5.001.20-5.001.00-6.251.00-6.001.00-6.002.00-7.001.00-7.004.33.00.01-3.59Q20.50-4.500.50-3.501.00-4.251.00-5.551.20-5.001.00-5.501.00-5.251.00-7.002.00-6.251.00-7.004.12.30.01-3.37Q30.50-4.500.50-3.500.00-3.752.00-5.251.20-5.002.00-5.502.00-5.002.00-7.002.00-7.001.00-6.004.02.40.02-3.59Q40.50-4.500.50-3.500.00-3.752.00-5.151.20-5.252.00-5.252.00-5.202.00-6.002.00-7.001.00-6.003.82.30.05-3.612016Q10.05-4.500.50-3.500.00-3.751.00-5.151.20-5.252.00-6.001.50-5.252.00-6.002.00-6.001.00-7.003.62.10.01-3.61Q20.50-8.000.50-3.500.00-3.750.50-5.150.50-5.150.50-4.851.00-5.201.00-6.000.50-6.001.00-6.003.62.00.05-3.70Q30.50-8.000.50-3.000.00-3.750.00-4.850.10-4.500.10-4.850.10-5.201.00-6.000.10-5.001.00-6.003.31.80.05-3.59Q40.50-3.750.50-3.000.00-3.750.00-4.000.10-4.850.10-4.850.10-5.200.05-5.000.10-5.001.00-5.003.11.70.10-3.592017Q10.50-15.750.50-3.000.00-3.750.10-4.500.50-4.500.10-4.850.10-5.200.05-5.000.10-5.000.00-4.752.61.50.05-3.59Q20.50-15.760.50-3.000.00-3.750.5-3.850.50-4.250.10-4.250.10-5.200.05-5.000.10-5.000.00-4.852.62.90.5-4.25Q30.50-3.750.50-3.000.00-4.850.5-4.000.50-4.850.10.3.750.10-5.200.10-5.000.10-5.000.00-4.852.52.60.50-4.85Q40.25-3.750.25-2.000.00-3.750.5-4.250.5-4.250.10-3.750.10-4.250.10-5.000.10-5.002.5-6.002.42.50.50-4.252018Q10.10-1.900.
00-0.000.00-3.750.5-4.000.25-6.000.10-3.750.10-4.250.10-5.000.10-5.002.50-5.002.22.40.05-3.31Q20.10-2.300.00-0.000.00-3.750.10-3.750.10-6.000.25-3.750.10-4.250.01-5.000.10-4.152.50-5.002.12.40.05-3.61Q30.5-2.300.00-0.000.00-3.750.10-3.750.10-2.750.25-3.000.10-4.250.01-5.000.10-5.002.50-5.001.52.00.01-3.75Q40.45-2.300.00-0.000.00-3.750.25-3.000.10-3.750.25-3.750.10-4.250.01-4.200.10-5.002.50-3.501.32.00.05-2.002019Q10.45-2.300.5-0.50.00-3.750.25-3.750.25-3.750.25-3.750.5-4.250.5-4.200.25-5.001.75-2.751.41.80.25-3.75Q20.45-7.480.5-1.250.00-1.250.25-3.750.25-6.000.25-3.750.5-3.750.5-4.200.25-5.001.75-3.751.11.70.05-2.75Q30.45-6.770.00-0.000.00-3.750.25-6.000.41-2.750.25-3.750.6-3.751.00-4.200.00-5.000.00-2.751.00.60.05-3.05Q40.00-5.300.00-0.000.00-3.700.10-6.000.10-3.000.15-3.700.10-3.700.10-4.200.00-5.000.00-3.651.50.80.05-2.052020Q10.03-2.300.00-0.000.00-3.700.10-3.700.10-3.700.25-3.700.10-3.700.01-4.200.10-5.000.00-2.001.40.70.05-2.45Q20.03-2.300.00-0.000.00-3.700.10-2.000.10-6.000.25-2.800.10-3.000.01-4.200.10-5.000.00-1.751.30.60.03-2.00Q30.05-2.300.00-0.000.00-3.000.10-6.000.10-1.950.19-2.800.10-3.000.01-4.200.10-3.800.95-1.751.40.60.05-3.05Q40.05-1.300.00-0.000.00-1.500.10.1.650.10-6.000.10-2.800.10-3.500.01-4.200.10-3.800.95-1.151.50.70.05-1.522021Q10.05-1.350.00-0.000.00-0.250.10-6.000.10-3.000.10-3.500.10-3.000.01-4.200.10-3.800.70-3.001.40.60.05-1.52Source:
Other Depository Corporations returns: r: revised1/ In the revised prudential format implementated in Q3 2013, maturites over 2 years were recorded, prior to that maturites were recorded up to over one year onlyWeighted Average Rate for Fixed DepositsWeighted Average Rate for Total Deposits DemandSavingsUp to 7 Days 7 Days to 1 Month 1-2 Months 2-3 Months 3-6 Months 6-12 Months 12-24 Months Over 24 Months Foreign Currency Deposit Rates 1 Month (Locally Quoted) End Period Deposit Interest Rates in National CurrencyTime Deposits QUARTERLY ECONOMIC REVIEW MARCH 2021 Table 11(b): Selected Interest Rates for Other Depository Corporations…Continue 50
********1/2/201312.75-15.750.007.00-15.2510.98-20.259.30-25.006.00-25.005.00-28.004.65-28.004.90-28.009.70-25.008.00-25.0010.540.005.0020147.25-20.250.0010.00-22.007.00-25.008.00-25.007.25-25.004.00-28.005.50-28.005.50-28.009.70-25.008.00-28.0010.2210.414.7520157.25-15.750.009.45-22.07.00-25.008.00-25.005.20-25.003.00-28.004.50-21.504.70-28.009.99-28.008.00-28.0010.0110.731.35201612.00-22.000.008.00-22.007.00-20.257.75-25.003.00-25.002.40-25.004.70-21.504.70-28.009.99-28.008.00-25.009.9210.152.35201712.75-20.250.0010.50-22.007.00-20.256.00-25.006.20-26.503.45-28.004.50-36.404.70-28.009.99-28.008.00-28.0010.2610.462.35201812.00-20.250.0012.50-22.006.25-20.257.50-25.003.00-25.003.45-28.002.00-30.004.50-29.009.99-28.006.00-28.0010.1111.012.4020195.80-25.000.0010.75-15.757.00-25.005.00-22.003.00-22.004.50-28.002.00-22.003.50-29.003.50-28.005.75-25.009.8911.892.4020200.00-25.000.0012.00-22.007.00-25.005.00-22.003.00-22.003.00-28.002.00-28.003.50-28.503.50-28.006.00-28.009.529.561.752013Q10.000.000.000.009.30-28.008.00-19.505.00-23.007.60-14.006.60-28.000.000.0010.450.005.50Q20.000.000.000.009.30-28.008.00-19.505.00-20.257.60-14.006.60-28.000.000.0010.010.005.00-5.50Q313.00-15.750.007.00-15.2510.20-20.259.00-22.006.00-25.005.00-28.005.77-28.005.50-28.009.99-25.008.50-25.009.8710.125.00Q412.75-15.750.007.00-15.2510.98-20.259.30-25.006.00-25.005.00-28.004.65-28.004.90-28.009.70-25.008.00-25.0010.2510.525.002014Q19.25-20.250.0010.00-22.008.25-25.008.75-28.008.00-25.005.77-28.006.78-28.004.90-28.007.75-25.008.50-25.0010
.1310.205.00Q212.75-20.250.0010.00-25.008.25-17.258.75-25.006.00-26.507.00-28.005.50-28.005.50-28.009.99-25.008.00-25.0010.4710.555.00Q312.75-20.250.0010.00-22.007.00-25.008.00-28.008.00-25.007.00-28.005.50-28.005.50-28.009.99-25.008.00-25.0010.3910.585.00Q47.25-20.250.0010.00-22.007.00-25.008.00-25.007.25-25.004.00-28.005.50-28.005.50-28.009.70-25.008.00-28.0010.2210.414.752015Q17.25-15.750.009.45-29.407.00-25.008.00-25.007.25-28.004.00-28.004.70-22.004.70-28.009.99-28.004.51-28.0010.3010.444.75Q212.5-12.50.009.45-30.507.00-25.008.00-25.006.00-26.503.45-28.004.54-22.004.70-28.009.99-28.004.51-28.0010.2510.181.35Q37.25-15.750.009.45-22.07.00-25.008.00-25.006.00-25.003.45-28.004.54-21.504.70-28.009.99-28.006.50-25.0010.1110.301.35Q47.25-15.750.009.45-22.07.00-25.008.00-25.005.20-25.003.00-28.004.50-21.504.70-28.009.99-28.008.00-28.0010.0110.731.352016Q17.25-15.750.008.00-22.007.00-25.008.00-25.006.00-25.003.00-28.004.70-21.504.70-28.009.99-28.008.00-25.009.9510.421.35Q27.25-12.750.008.00-29.407.00-25.008.00-25.003.00-25.003.00-25.004.70-21.504.70-28.009.99-28.006.50-25.0010.1810.412.35Q37.00-12.750.008.00-22.007.00-25.008.00-25.003.00-26.503.00-28.004.70-21.504.70-28.009.99-28.008.50-25.0010.3610.632.35Q412.00-22.000.008.00-22.007.00-20.257.75-25.003.00-25.002.40-25.004.70-21.504.70-28.009.99-28.008.00-25.009.9210.152.352017Q112.00-22.000.0010.00-22.007.00-20.257.75-25.006.00-25.003.00-25.004.70-21.504.70-28.009.50-28.008.00-25.009.9010.212.35Q212.75-12.750.0010.
00-22.007.00-21.508.00-25.006.00-25.005.78-25.004.70-25.004.50-23.759.99-28.008.00-25.009.639.892.35Q312.75-12.750.0010.00-22.007.00-15.758.00-25.006.20-25.003.45-28.004.70-23.904.70-28.009.99-28.008.00-25.0010.0310.292.35Q412.75-20.250.0010.50-22.007.00-20.256.00-25.006.20-26.503.45-28.004.50-36.404.70-28.009.99-28.008.00-28.0010.2610.462.352018Q112.75-20.250.0010.50-28.007.00-20.258.00-25.006.00-25.003.45-28.004.70-28.004.70-23.909.99-28.008.00-28.0010.3110.622.35Q212.00-28.000.0010.50-28.009.00-21.505.00-28.003.00-25.005.00-28.004.70-36.405.00-40.509.99-28.008.00-28.0010.0810.542.40Q312.00-20.250.0010.50-22.006.00-20.256.00-22.006.00-26.003.45-28.004.70-36.404.50-40.509.99-28.008.00-28.0010.059.992.40Q412.00-20.250.0012.50-22.006.25-20.257.50-25.003.00-25.003.45-28.002.00-30.004.50-29.009.99-28.006.00-28.0010.1111.012.402019Q112.75-20.260.0010.50-28.007.00-20.268.00-25.016.00-25.013.45-28.014.70-28.014.70-23.919.99-28.008.00-28.009.9810.132.40Q212.75-20.270.0010.50-28.017.00-20.278.00-25.026.00-25.023.45-28.024.70-28.024.70-23.929.99-28.018.00-28.019.9810.042.40Q312.75-20.280.0010.50-28.027.00-20.288.00-25.036.00-25.033.45-28.034.70-28.034.70-23.939.99-28.028.00-28.029.989.722.40Q45.80-25.000.0010.75-15.757.00-25.005.00-22.003.00-22.004.50-28.002.00-22.003.50-29.003.50-28.005.75-25.009.899.922.402020Q15.80-25.000.0010.75-20.257.00-18.255.00-22.003.00-22.005.00-28.002.00-22.003.50-28.003.50-28.005.75-25.009.809.821.75Q25.80-22.000.0010.75-13.507.00-18.255.00-2
3.003.00-22.003.50-28.002.00-28.003.50-28.503.50-28.006.00-25.009.729.761.75Q30.00-15.750.0010.75-13.507.00-25.005.00-22.003.00-22.003.00-28.002.00-28.503.50-28.503.50-28.006.00-28.009.609.631.75Q40.00-25.000.0012.00-22.007.00-25.005.00-22.003.00-22.003.00-28.002.00-28.003.50-28.503.50-28.006.00-28.009.529.561.752021Q10.00-25.000.0012.00-22.005.95-20.255.00-22.005.45-22.005.00-28.004.50-28.001.00-28.503.50-28.005.75-28.009.629.781.75Source:
Other Depository Corporations returns: 2/ Services Sectors includes: Distribution, Tourism, Transport, Communiciations, Entertainment & Catering and Professional & Other Services.
* Prior to Q3 2013 interest rates for these sectors were not reported.
**From Q12008-Q2 2013 interest rates ranges reflected interest on all business loans which bulk are relating to the services sector 1/ Industry sectors includes: Mining & Quarrying, Manufacturing, Public utilities & ConstructionLocal Inter-IndividualsDepository & Financial Corporations Central Government Provincial Assemblies & Local Government Statutory Non Financial Corporations Agriculture, Fishing, Forestry Industry SectorsServices SectorHousing & Land PurchasesOtherNon-Profit Institution Serving Household Non Residents Weighted Average Rate for Bank Loans Call or Overnight End Period Non Financial CorporationWeighted Average Rate for Private Sector Loans Loans and Advance Interest Rates in National Currency QUARTERLY ECONOMIC REVIEW MARCH 2021 Table 12: Denominations of Currency on Issue 51 ( Millions of Vatu
)NotesVT100VT200VT500VT1,000VT2,000VT5,000VT10,000Total201324.7136.1295.22,255.50.02,881.6570.76,163.8736.36,900.1201424.4159.4314.92,144.1238.03,181.0628.96,690.6808.37,498.9201524.3213.8328.02,376.0648.83,023.71,045.07,659.7886.98,546.6201624.2193.1345.72,197.81,050.02,884.81,692.78,388.4881.39,269.7201724.1247.2382.22,210.91,170.63,429.02,155.99,620.0938.610,558.6201824.1203.3370.12,141.51,196.64,154.52,430.510,520.51,042.611,563.1201924.1247.1419.82,141.31,341.34,538.62,513.911,226.11,104.212,330.3202024.1219.7434.72,292.71,396.65,096.02,847.412,311.31,140.613,451.92013Q124.7136.6254.12,238.50.02,455.0444.45,108.8733.15,841.9Q224.7147.6261.52,074.10.02,433.0477.84,940.9747.75,688.6Q324.7135.0269.42,197.40.02,618.3541.75,786.5765.76,552.2Q424.7136.1295.22,255.50.02,881.6570.76,163.8736.36,900.12014Q124.7136.1295.22,255.50.02,881.6570.76,163.8778.56,942.3Q224.4150.2301.82,118.3133.22,689.2560.95,978.0782.16,760.1Q324.4149.7281.92,009.5203.02,827.7583.56,079.7791.46,871.1Q424.4159.4314.92,144.1238.03,181.0628.96,690.6808.37,498.92015Q124.4164.5290.42,003.9210.12,904.7673.26,271.1803.67,074.7Q224.4174.3299.12,237.2268.23,130.9731.96,865.9823.37,689.2Q324.3191.0313.52,272.0398.23,096.0754.17,049.3864.27,913.4Q424.3213.8328.02,376.0648.83,023.71,045.07,659.7886.98,546.62016Q124.3213.7304.11,951.5533.52,836.8938.96,802.8814.57,617.3Q224.3219.9318.22,002.3639.52,858.21,172.47,234.7819.18,053.8Q324.3180.2324.12,024.4655.62,775.81,379.97,364.3845.18,209.4Q424.2193.1345.72,197.81,050.02,884.81,692.78,388.4881.39,269.
72017Q124.1194.5321.92,041.1903.22,690.41,451.17,626.4877.38,503.7Q224.1221.9339.72,198.21,185.32,877.11,953.48,799.6901.49,701.0Q324.1240.4337.92,064.1970.12,957.81,857.78,452.1929.69,381.7Q424.1247.2382.22,210.91,170.63,429.02,155.99,620.0938.610,558.62018Q124.1218.8332.42,171.1992.33,040.71,807.18,586.5960.89,547.3Q224.1232.5375.42,109.31,031.33,495.02,093.89,361.3979.610,341.0Q324.1195.1359.31,966.31,034.43,536.22,020.89,136.3999.610,135.8Q424.1203.3370.12,141.51,196.64,154.52,430.510,520.51,042.611,563.12019Q124.1204.8364.91,961.7991.73,724.91,945.89,218.01,042.210,260.2Q224.1214.4376.72,229.81,157.03,975.72,183.310,161.01,057.811,218.8Q324.1238.3401.42,085.11,186.54,066.42,150.510,152.31,076.011,228.3Q424.1247.1419.82,141.31,341.34,538.62,513.911,226.11,104.212,330.32020Q124.1214.8414.61,922.41,217.24,189.52,263.210,246.01,097.911,343.9Q224.1213.2416.02,093.01,284.04,760.82,447.511,238.61,120.312,358.9Q324.1217.1423.02,128.91,263.64,713.12,598.511,368.31,127.112,495.4Q424.1219.7434.72,292.71,396.65,096.02,847.412,311.31,140.613,451.92021Q124.1219.9426.92,040.81,267.74,845.62,692.011,517.01,135.212,652.2End
of Period Total Notes & Coins Coins QUARTERLY ECONOMIC REVIEW MARCH 2021 Table 13: Net Official Reserves 52 (Millions of Vatu)(1+2+3) (4)(5)(4-5) (6)(7)(8)(7-8)
(9)201316,834.9227.2374.217,436.32,526.814,909.510,080.510,771.3-690.8201418,305.1223.7371.318,900.12,558.016,342.09,522.49,890.1-367.6201529,148.8224.3382.729,755.85,234.724,521.112,312.810,543.01,769.8201632,920.0199.3376.133,495.45,162.328,333.116,153.010,092.36,060.7201741,655.5175.4641.142,472.05,229.237,242.810,815.07,426.83,388.1201847,049.2145.1663.147,857.45,120.142,737.319,275.811,049.68,226.1201957,704.5108.0662.958,475.44,396.154,079.319,614.17,694.111,920.0202065,322.1106.0601.466,029.43,578.362,451.119,481.76,607.112,874.62013Q116,077.8209.2342.716,629.72,368.714,260.910,677.06,076.34,600.8Q216,136.6221.9364.116,722.62,542.714,179.910,445.46,827.73,617.7Q316,079.9222.9366.416,669.22,526.814,142.412,057.08,881.83,175.2Q416,834.9227.2374.217,436.32,526.814,909.510,080.510,771.3-690.82014Q116,415.5222.2366.717,004.42,526.814,477.68,943.210,076.9-1,133.7Q217,162.6219.8363.817,746.32,683.515,062.88,939.310,068.8-1,129.5Q317,334.0223.3370.317,927.62,693.415,234.210,118.99,359.7759.2Q418,305.1223.7371.318,900.12,558.016,342.09,522.49,890.1-367.62015Q119,574.2223.1370.320,167.62,548.817,618.811,409.310,699.2710.1Q227,870.9228.3379.528,478.85,180.223,298.610,769.210,325.0444.1Q328,657.0236.1396.329,289.45,413.623,875.811,551.510,017.11,534.4Q429,148.8224.3382.729,755.85,234.724,521.112,312.810,543.01,769.82016Q129,063.4210.3376.229,649.95,151.224,498.712,711.410,660.92,050.5Q232,537.5213.3381.433,132.25,218.727,913.413,838.910,278.93,560.1Q333,452.3209.9376.434,038.65,179.928,858.814,552.610,537.64,014.9Q
432,920.0199.3376.133,495.45,162.328,333.116,153.010,092.36,060.72017Q133,018.5191.3622.933,832.75,040.228,792.515,650.59,578.36,072.2Q233,977.0187.8631.034,795.85,197.729,598.115,747.98,260.07,487.9Q339,955.0181.0634.040,770.05,166.635,603.412,044.17,370.04,674.1Q441,655.5175.4641.142,472.05,229.237,242.810,815.07,426.83,388.12018Q142,819.4179.9657.643,656.85,364.238,292.711,947.48,080.83,866.6Q242,517.6179.5656.443,353.55,340.538,013.019,974.27,653.612,320.6Q344,101.4180.7660.644,942.75,207.439,735.318,245.47,190.211,055.2Q447,049.2145.1663.147,857.45,120.142,737.319,275.811,049.68,226.12019Q148,416.3144.7661.349,222.34,881.744,340.621,076.310,827.510,248.7Q252,127.0145.6665.252,937.74,747.848,189.920,250.59,398.910,851.6Q352,673.3146.9671.153,491.24,618.848,872.419,753.77,627.612,126.1Q457,704.5108.0662.958,475.44,396.154,079.319,614.17,694.111,920.02020Q158,520.0108.7703.359,332.04,475.854,856.222,445.77,793.814,651.9Q260,691.987.4616.061,395.23,833.957,561.421,306.96,735.214,571.7Q361,183.686.8615.561,885.93,783.658,102.320,092.86,874.713,218.0Q465,322.1106.0601.466,029.43,578.362,451.119,481.76,607.112,874.62021Q164,053.9105.7599.864,759.33,568.061,191.318,047.76,108.411,939.3Net
Position End of Period2.
Net Foreign Assets of Other Depository Corporations 1.Net Official ReservesForeign Exchange of RBV (1)Special Drawing Rights (2)Reserve Position in IMF (3)Total Holdings Foreign Liabilities Net Position Foreign Assets Foreign Liabilities QUARTERLY ECONOMIC REVIEW MARCH 2021 Table 14: Reserve Bank Notes Issued in Primary Market 53 Weighted NotesDate Period of Date of Average Yield Range ofOutstanding of IssueFloatReceivedAccepted of
AcceptedMaturitiesTenders(MVT)6-Jan-21713-Jan-211404201400.30.30-0.5020348011420-Jan-211404201400.30.30-0.50283-Feb-211604801600.30.30-0.406310-Mar-211805401800.320.32-0.40917-Apr-211804201800.320.32Total800228080013-Jan-21720-Jan-211404201400.30.30-0.5062049811427-Jan-211404201400.30.30-0.502810-Feb-211604801600.30.30-0.406317-Mar-211805401800.320.32-0.409114-Apr-211804301800.320.32Total800229080020-Jan-21727-Jan-211404201400.30.30-0.456205161143-Feb-211404201400.30.30-0.452817-Feb-211604401600.30.30-0.556324-Mar-211805401800.320.32-0.609121-Apr-211805401800.320.32-0.60Total800236080010-Feb-21717-Feb-211404171400.30.30-0.4534042611424-Feb-211403741400.30.30-0.452810-Mar-211604261600.30.30-0.456314-Apr-211805401800.320.32-0.609112-May-211805401800.320.32-0.60Total800229780017-Feb-21724-Feb-211402801400.30.30-0.456604401143-Mar-211402801400.30.30-0.452817-Mar-211603201600.30.30-0.556321-Apr-211803601800.320.32-0.609119-May-211803601800.320.32-0.60Total800160080024-Feb-2173-Mar-211403801400.40.40-0.4548047211410-Mar-211403801400.40.40-0.452824-Mar-211604761600.30.30-0.556328-Apr-211805401800.320.32-0.609126-May-211805401800.320.32-0.60Total80023168003-Mar-21710-Mar-21140330500.40.40-0.4546050611417-Mar-211403301400.40.40-0.422831-Mar-211604402100.30.30-0.55635-May-211803601800.320.32-0.60912-Jun-211803402200.320.32-0.60Total800180080010-Mar-21717-Mar-21140332520.40.40-0.4553051551424-Mar-21140332520.40.40-0.42287-Apr-211604801600.30.30-0.556312-May-211805201800.320.32-0.60919-Jun-211805201800.320.32-0.60Total800
218462417-Mar-21724-Mar-211404121400.40.40-0.6071252431431-Mar-211404201400.420.42-0.602814-Apr-211604801600.30.30-0.606319-May-211805202100.320.32-0.609116-Jun-211804301500.320.32-0.60Total800226280024-Mar-21731-Mar-211403671400.40.40-0.605325271147-Apr-211404201400.40.40-0.602821-Apr-211604801600.30.30-0.606326-May-21180360600.320.32-0.609123-Jun-21180360600.320.32-0.60Total800198756031-Mar-2177-Apr-211403002800.40.40-0.6049055061414-Apr-211402801650.40.40-0.602828-Apr-211603201600.40.40-0.606320-Jun-21180360600.320.320-0.609130-Jun-21180360600.320.320-0.60Total8001620725Amount
Issued (Million VT) Original MaturityYields Received(Million Vatu) 1/ Original Maturity QUARTERLY ECONOMIC REVIEW MARCH 2021 Table 15: Other Depository Corporations Liquidity 54 '(1+2)(3+4+5)(1)(2)
'(3)(4)(5)(6)20131,881.45,331.77,213.13,030.6627.610,871.320142,141.56,139.68,281.13,219.580.211,580.820152,732.49,156.211,888.62,600.1443.714,932.420162,508.913,078.215,587.12,843.4303.918,734.420173,366.120,422.823,789.03,267.8578.427,635.220183,438.025,176.328,614.33,665.51,293.633,573.420193,487.830,691.934,179.74,099.72,669.340,948.720203,666.131,044.034,710.13,989.73,018.041,717.82013Q11,681.33,577.85,259.12,747.11,357.59,363.7Q21,628.34,096.15,724.42,833.61,277.69,839.0Q31,508.34,055.85,564.12,871.11,039.09,474.2Q41,881.45,331.77,213.13,030.6627.610,871.32014Q11,364.55,130.16,494.63,036.41,291.210,822.2Q21,752.35,887.87,640.13,059.2310.911,010.2Q31,518.55,820.47,338.93,106.5411.410,856.8Q42,141.56,139.68,281.13,219.580.211,580.82015Q11,939.56,343.98,283.33,244.8395.811,923.9Q22,072.78,674.710,747.42,420.0438.813,606.2Q32,282.29,122.211,404.42,558.7473.614,436.7Q42,732.49,156.211,888.62,600.1443.714,932.42016Q12,435.89,574.312,010.12,623.9328.914,962.9Q22,171.111,614.613,785.62,697.5375.816,858.9Q31,766.212,506.014,272.32,806.4553.417,632.1Q42,508.913,078.215,587.12,843.4303.918,734.42017Q11,955.912,678.514,634.42,932.2698.318,264.9Q22,907.813,980.316,888.13,011.8758.020,657.9Q32,417.718,870.721,288.43,105.51,575.825,969.7Q43,366.120,422.823,789.03,267.8578.427,635.22018Q12,418.823,457.625,876.43,333.3737.529,947.3Q22,650.021,141.023,791.03,629.91,874.429,295.3Q32,366.523,543.825,910.33,689.61,333.730,933.6Q43,438.025,176.328,614.33,665.51,293.633,573.42019Q12,581.525,134.827,716.33,808.92,052.133,577.3Q
22,736.626,987.929,724.63,964.81,436.335,125.6Q32,715.528,203.230,918.73,976.11,518.236,413.0Q43,487.830,691.934,179.74,099.72,669.340,948.72020Q13,040.930,319.233,360.14,197.22,788.640,346.0Q23,268.930,897.334,166.23,993.02,799.240,958.3Q33,272.629,651.432,923.94,102.42,798.439,824.8Q43,666.131,044.034,710.13,989.73,018.041,717.82021Q13,527.731,330.334,857.94,080.94,202.743,141.5TotalEnd
of PeriodLiquid AssetsVault Cash Deposits with RBV (Excess Reserves)Statutory Reserve Deposits (SRD)RBV NotesTotal QUARTERLY ECONOMIC REVIEW MARCH 2021 Table 16(a): Commercial Domestic Banks Consolidated Capital 55 (Millions of
Vatu)GrossEligible1/20134,063.25,191.874.00.00.09,329.01,238.9-0.4530.00.00.01,768.511,097.50.010,603.620143,469.03,695.00.00.00.07,164.01,421.00.0527.30.00.01,948.39,112.30.07,959.320153,907.45,582.2256.43.4242.19,500.5757.9-0.5543.60.00.01,300.910,801.40.09,614.920165,321.05,765.1257.70.00.011,343.81,475.9-0.1789.60.00.02,265.413,609.20.013,367.020174,609.36,972.1254.10.0497.111,338.41,021.3-3.8831.10.00.01,848.613,187.00.013,083.520185,195.46,373.9172.420.80.011,720.91,865.00.0824.90.00.02,689.914,410.80.014,410.820195,788.67,025.1172.4447.80.012,538.3136.20.0804.80.00.0941.013,479.30.013,479.320207,171.77,030.9172.4373.292.113,909.70.00.0853.60.00.0853.614,763.30.014,763.32013Q13,986.55,534.20.07.028.09,485.7560.40.0495.60.00.01,056.010,541.70.010,541.7Q23,988.55,379.40.03.04.09,360.9755.40.0517.40.00.01,272.810,633.70.010,633.7Q34,061.25,409.10.00.05.29,465.2812.2-0.6562.60.00.01,374.210,839.40.010,129.6Q44,063.25,191.874.00.00.09,329.01,238.9-0.4530.00.00.01,768.511,097.50.010,603.62014Q13,471.05,287.80.00.00.08,758.8460.0-0.1508.00.00.0967.99,726.70.07,923.7Q23,471.05,027.60.00.00.08,498.6729.00.0326.00.00.01,055.09,553.60.09,553.6Q33,894.04,803.3248.20.00.08,945.51,091.00.0326.00.00.01,417.010,362.50.010,362.5Q43,469.03,695.00.00.00.07,164.01,421.00.0527.30.00.01,948.39,112.30.07,959.32015Q13,903.66,526.2254.00.00.010,683.8212.7-0.3536.70.00.0749.111,432.90.010,649.1Q23,904.46,240.3254.53.476.210,319.6449.8-0.3549.10.00.0998.611,318.20.010,610.4Q33,904.45,592.1254.53.4212.29,535.4386.6-0.5552.10.00.093
8.210,473.60.09,815.6Q43,907.45,582.2256.43.4242.19,500.5757.9-0.5543.60.00.01,300.910,801.40.09,614.92016Q13,903.95,904.7254.23.40.010,059.5429.1-0.4523.20.00.0952.011,011.50.09,936.9Q23,906.15,907.7255.50.00.010,069.2778.7-0.3534.50.00.01,313.011,382.20.010,293.8Q35,307.45,757.3254.40.00.011,319.11,111.5-0.2783.00.00.01,894.313,213.40.011,413.0Q45,321.05,765.1257.70.00.011,343.81,475.9-0.1789.60.00.02,265.413,609.20.013,367.02017Q15,317.47,127.1255.50.03.412,696.6416.4-0.2762.10.00.01,178.313,874.90.013,769.5Q25,315.57,124.6254.40.035.012,659.6585.7-0.3878.50.00.01,463.914,123.50.014,019.5Q34,872.36,971.1253.70.084.212,012.8866.1-2.7906.20.00.01,769.613,782.40.013,679.4Q44,609.36,972.1254.10.0497.111,338.41,021.3-3.8831.10.00.01,848.613,187.00.013,083.52018Q14,998.16,868.5172.40.00.012,039.0820.6-0.2821.70.00.01,642.113,681.00.013,681.0Q25,019.87,121.2172.40.00.012,313.31,024.2-0.1856.30.00.01,880.414,193.80.014,193.8Q35,022.17,134.3172.40.00.012,328.81,476.5-0.2846.80.00.02,323.014,651.70.014,651.7Q45,195.46,373.9172.420.80.011,720.91,865.00.0824.90.00.02,689.914,410.80.014,410.82019Q15,333.07,947.0172.4597.30.012,855.1322.90.0817.50.00.01,140.413,995.50.013,995.5Q25,788.67,241.8172.4626.90.012,575.8780.70.0841.90.00.01,622.614,198.40.014,198.4Q35,788.67,241.8172.4626.90.012,575.8119.70.0809.20.00.0928.913,504.70.013,504.7Q45,788.67,025.1172.4447.80.012,538.3136.20.0804.80.00.0941.013,479.30.013,479.32020Q15,788.67,030.9172.4373.20.012,618.7164.40.0814.70.00.
0979.113,597.70.013,597.7Q25,888.67,030.9172.4373.20.012,718.7310.20.0809.10.00.01,119.313,837.90.013,837.9Q37,171.77,161.5172.4373.20.014,132.4138.90.0805.80.00.0944.815,077.10.015,077.1Q47,171.77,030.9172.4373.292.113,909.70.00.0853.60.00.0853.614,763.30.014,763.32021Q17,171.76,363.8172.40.00.013,707.9371.80.0668.00.00.01,039.814,747.70.014,747.71/
Excluding branches of foreign banksTerm Subordinated Debt etc.Total Tier 2 Capital 1/TOTAL Tier 1 & Tiers 2Less Holdings of Other Banks Capital Capital Base 1/End of Period Audited Retained Earnings (Losses)OtherLess Goodwill etcLess Unaudited LossesTIER 1 TIER 2Paid-Up Capital Total Tier 1 Capital 1/Unaudited Profits Asset Revalua-tion ReservesGeneral Provisions for Doubtful Debts Eligible QUARTERLY ECONOMIC REVIEW MARCH 2021 Table 16(b): Commercial Domestic Banks Consolidated Capital....Continued 56 `(Millions of Vatu)DoubtfulLossProvisionsProvisions3/ (D)(L)(D+L)
2/(Specific)(General)201368,757.947,826.53,122.44,146.3224.055,319.258,727.10.07,492.72,158.4962.30.0201440,643.351,502.32,247.62,675.41,494.257,919.528,650.30.06,417.21,814.0731.70.0201566,367.151,606.43,693.72,364.91,377.159,042.158,650.90.07,435.71,736.6807.70.0201669,449.253,193.42,850.62,441.21,413.159,898.369,449.20.06,704.91,077.3805.00.0201772,598.252,764.43,639.53,535.52,537.562,476.972,598.2772.09,712.52,244.31,059.00.0201871,800.753,239.73,563.93,034.23,543.063,380.814,410.80.010,141.02,621.41,741.80.0201970,195.753,615.93,075.62,331.03,573.862,596.470,195.70.08,980.43,245.91,839.30.0202073,696.950,103.84,532.03,806.73,408.461,851.073,696.9356.7r11,747.23,258.32,386.60.02013Q165,337.944,447.62,055.03,107.91,463.351,073.855,244.954.74,571.12,191.4838.834,687.9Q263,681.144,120.02,294.91,029.33,841.051,285.254,284.176.94,870.32,220.3881.935,409.5Q368,671.146,655.22,808.24,768.7380.454,612.656,927.80.07,957.42,078.7957.50.0Q468,757.947,826.53,122.44,146.3224.055,319.258,727.10.07,492.72,158.4962.30.02014Q170,175.148,737.72,766.84,739.9450.756,695.261,323.20.07,957.52,078.91,023.00.0Q240,016.647,477.23,128.34,706.41,796.357,108.228,045.60.09,631.02,508.5773.00.0Q340,016.649,957.22,792.93,154.41,325.357,229.828,157.70.07,272.61,722.5711.30.0Q440,643.351,502.32,247.62,675.41,494.257,919.528,650.30.06,417.21,814.0731.70.02015Q168,037.151,023.22,494.62,936.51,530.157,984.458,847.70.06,961.21,793.9725.60.0Q268,421.550,089.83,863.83,610.4986.558,550.660,560.00.08,460.81,490.4747.60.0Q369,972.849,745.84,570.22,
908.81,438.858,663.661,381.10.08,917.81,734.4825.20.0Q466,367.151,606.43,693.72,364.91,377.159,042.158,650.90.07,435.71,736.6807.70.02016Q166,477.251,864.33,388.32,480.71,133.658,866.958,571.40.07,000.61,119.0806.70.0Q266,907.953,337.53,670.52,556.1873.760,437.859,118.10.07,100.31,217.2836.30.0Q368,761.552,497.83,550.52,720.3925.359,693.868,761.50.07,196.11,061.6813.40.0Q469,449.253,193.42,850.62,441.21,413.159,898.369,449.20.06,704.91,077.3805.00.02017Q172,249.453,035.73,239.23,620.01,597.361,492.272,249.40.08,456.51,036.8762.10.0Q276,777.151,537.53,857.94,004.91,547.360,947.676,777.10.09,410.11,243.7878.50.0Q379,018.851,078.24,619.73,720.22,532.161,950.279,018.8332.910,872.01,581.0910.70.0Q472,598.252,764.43,639.53,535.52,537.562,476.972,598.2772.09,712.52,244.31,059.00.02018Q172,193.752,570.83,038.15,039.82,394.563,043.372,193.70.010,472.42,306.91,004.70.0Q275,016.453,088.02,630.86,174.92,222.964,116.675,016.40.011,028.62,416.4945.20.0Q374,280.355,039.82,800.73,636.83,232.064,709.274,280.30.09,669.52,534.0921.00.0Q471,800.753,239.73,563.93,034.23,543.063,380.814,410.80.010,141.02,621.41,741.80.02019Q171,652.954,272.53,138.72,616.23,689.763,717.171,652.90.09,444.72,852.81,671.60.0Q273,745.954,645.63,050.92,544.53,896.464,137.473,745.90.09,491.92,868.71,573.00.0Q370,989.053,892.22,977.53,445.13,022.563,337.370,989.00.09,445.13,057.41,677.20.0Q470,195.753,615.93,075.62,331.03,573.862,596.470,195.70.08,980.43,245.91,839.30.02020Q171,001.252,715.13,689.02,380.43,5
71.862,356.471,001.2395.99,641.33,314.91,931.30.0Q270,476.051,791.63,811.52,837.53,500.161,940.770,476.0109.410,149.13,142.92,007.50.0Q370,076.551,029.94,127.83,333.03,183.161,673.770,076.5166.310,643.83,171.82,145.80.0Q473,696.950,103.84,532.03,806.73,408.461,851.073,696.9356.711,747.23,258.32,386.60.02021Q167,602.250,178.84,389.23,363.53,423.861,355.367,602.2233.611,176.52,693.92,333.60.01/
Excluding branches of foreign banks2/ Impared assets3/ including branches of foreign banksSecurityASSETS QUALITY - 3/1 Asset Quality 2 ProvisioningTotal Risk Weighted AssetsRestructured Items Non-accrual Items End of Period Standard Substan-dardTotal Lending LossesTotal Risk Weighted Assets 1/ QUARTERLY ECONOMIC REVIEW MARCH 2021 Table 17(a): International Banks Balance Sheet (a) 57 TOTAL ASSETS(Thousands of USD)Zone A:Zone
A:20132,752.026,609.00.015,959.045,320.00.00.05,663.05,663.00.00.06,238.06,238.0201464,184.03,535.00.05,910.073,629.00.00.02,191.02,191.00.00.09,390.09,390.0201522,998.013,106.00.00.036,104.00.00.015,968.015,968.00.00.08,941.08,941.020167,877.014,501.00.00.022,378.00.00.017,186.017,186.00.00.041,333.041,333.020177,940.013,494.00.00.021,434.00.00.09,206.09,206.00.00.029,342.029,342.0201820,387.010,843.00.00.031,230.00.00.09,181.09,181.00.00.025,689.025,689.020197,553.05,235.00.00.012,788.00.00.05,399.05,399.00.00.015,441.015,441.020207,129.03,564.00.00.010,693.00.00.03,302.03,302.00.00.016,620.016,620.02013Q12,487.010,680.00.015,006.028,173.00.00.05,846.05,846.00.00.022,813.022,813.0Q21,278.010,622.00.015,345.027,245.00.00.05,734.05,734.00.00.05,994.05,994.0Q31,112.05,710.00.015,680.022,502.00.00.03,246.03,246.00.00.06,120.06,120.0Q44,687.010,712.00.015,959.031,358.00.00.03,035.03,035.00.00.06,238.06,238.02014Q18,858.02,387.00.016,027.027,272.00.00.05,276.05,276.00.00.05,171.05,171.0Q214,811.02,599.00.08,256.025,666.00.00.04,584.04,584.00.00.05,384.05,384.0Q320,741.02,885.00.06,146.029,772.00.00.03,680.03,680.00.00.04,766.04,766.0Q464,184.03,535.00.05,910.073,629.00.00.02,191.02,191.00.00.09,390.09,390.02015Q18,202.04,150.00.00.012,352.00.00.05,462.05,462.00.00.08,799.08,799.0Q219,734.03,370.00.00.023,104.00.00.010,264.010,264.00.00.08,982.08,982.0Q35,168.014,922.00.00.020,090.00.00.015,062.015,062.00.00.09,069.09,069.0Q422,998.013,106.00.00.036,104.00.00.015,968.015,968.00.00.08,941.08,941.02016Q111,243.015,78
5.00.00.027,028.00.00.032,377.032,377.00.00.09,196.09,196.0Q216,138.019,717.00.00.035,855.00.00.017,589.017,589.00.00.038,546.038,546.0Q314,904.015,860.00.00.030,764.00.00.017,560.017,560.00.00.043,070.043,070.0Q47,877.014,501.00.00.022,378.00.00.017,186.017,186.00.00.041,333.041,333.02017Q17,322.013,195.00.00.020,517.00.00.015,743.015,743.00.00.041,614.041,614.0Q214,107.013,151.00.00.027,258.00.00.015,061.015,061.00.00.044,118.044,118.0Q315,840.018,924.00.00.034,764.00.00.010,290.010,290.00.00.030,754.030,754.0Q47,940.013,494.00.00.021,434.00.00.09,206.09,206.00.00.029,342.029,342.02018Q130,128.018,465.00.00.048,593.00.00.010,464.010,464.00.00.028,223.028,223.0Q215,908.010,474.00.00.026,382.00.00.010,853.010,853.00.00.026,853.026,853.0Q331,623.010,708.00.00.042,331.00.00.09,880.09,880.00.00.025,061.025,061.0Q420,387.010,843.00.00.031,230.00.00.09,181.09,181.00.00.025,689.025,689.02019Q118,780.011,734.00.00.030,514.00.00.07,240.07,240.00.00.025,645.025,645.0Q212,835.012,530.00.00.025,365.00.00.06,768.06,768.00.00.021,376.021,376.0Q38,192.05,224.00.00.013,416.00.00.08,562.08,562.00.00.021,811.021,811.0Q47,553.05,235.00.00.012,788.00.00.05,399.05,399.00.00.015,441.015,441.02020Q17,516.06,716.00.00.014,232.00.00.03,613.03,613.00.00.019,711.019,711.0Q213,756.03,989.00.00.017,745.00.00.02,938.02,938.00.00.011,013.011,013.0Q39,528.03,698.00.00.013,226.00.00.03,089.03,089.00.00.014,913.014,913.0Q47,129.03,564.00.00.010,693.00.00.03,302.03,302.00.00.016,620.016,620.0202
1Q112,011.03,724.00.00.015,735.00.00.02,808.02,808.00.00.015,988.015,988.0Other
loans & Advances TOTAL1 CASH ITEMS2 MARKET SECURITIES 3 LOANS & ADVANCES(up to 1 yr.
Original Maturity)TOTALOther Public Sector Bank Securities Other Securities TOTALPublic SectorBanksEnd of Period CashBalances & CDs Issued by Banks Gold and Silver Bullion Cash items in Process of Collection QUARTERLY ECONOMIC REVIEW MARCH 2021 Table 17(b): International Banks Balance Sheet (a)....Continued 58 TOTAL ASSETS(Thousands of USD)Zone
A:Otherr/r/201319,675.07.00.00.019,682.0101.094.026.0221.060,534.0201445,742.06.00.01,500.047,248.0191.041.076.0308.0132,766.0201555,372.0480.00.01,500.062,818.0519.00.0914.01,433.0125,264.0201614,629.0972.00.01,500.022,364.02,098.037.01,298.03,433.0106,694.020176,280.01,095.00.01,506.015,964.01,941.019.0931.02,891.078,837.0201828,669.01,098.00.01,506.031,273.02,095.00.01,069.03,164.0100,537.0201932,976.01,092.00.09,000.043,068.02,026.03,381.02,528.07,976.084,672.0202037,203.0600.00.09,000.046,803.02,702.03,374.04,575.010,651.088,069.02013Q14,545.06.00.00.04,551.0252.0195.0168.0615.061,998.0Q25,537.07.00.00.05,544.0236.070.094.0400.044,917.0Q322,287.07.00.00.022,294.0219.0107.0107.0433.054,595.0Q419,675.07.00.00.019,682.0101.094.026.0221.060,534.02014Q118,240.07.00.01,500.019,747.0110.023.060.0193.057,659.0Q29,765.07.00.01,500.011,272.0106.032.0109.0247.047,153.0Q332,427.06.00.01,500.033,933.095.035.0112.0242.072,393.0Q445,742.06.00.01,500.047,248.0191.041.076.0308.0132,766.02015Q184,607.0480.00.01,500.091,953.0241.03.073.0317.0118,883.0Q263,820.0480.00.01,500.071,372.0314.05.0159.0478.0114,200.0Q373,422.0480.00.01,500.080,990.0421.00.0200.0621.0125,832.0Q455,372.0480.00.01,500.062,818.0519.00.0914.01,433.0125,264.02016Q147,843.0480.00.01,500.055,513.0540.00.0771.01,311.0125,425.0Q227,390.0970.00.01,500.035,423.01,020.049.0734.01,803.0129,216.0Q324,283.0972.00.01,500.032,372.01,889.046.0718.02,653.0126,419.0Q414,629.0972.00.01,500.022,364.02,098.037.01,298.03,433.0106,694.02017Q110,212.0978.00.01,506.018,033.02
,009.033.0752.02,794.098,701.0Q29,616.0975.00.01,506.017,771.01,986.028.0489.02,503.0106,711.0Q33,788.01,095.00.01,506.012,297.01,943.023.0965.02,931.091,036.0Q46,280.01,095.00.01,506.015,964.01,941.019.0931.02,891.078,837.02018Q15,252.01,098.00.01,506.07,856.02,308.00.0971.03,279.098,415.0Q215,657.01,098.00.01,506.018,261.02,209.00.01,067.03,276.085,625.0Q315,085.01,098.00.01,506.017,689.02,162.00.0777.02,939.097,900.0Q428,669.01,098.00.01,506.031,273.02,095.00.01,069.03,164.0100,537.02019Q132,394.01,098.
00.01,506.034,998.02,106.00.0788.02,894.0101,291.0Q233,541.01,092.00.01,500.036,133.02,028.02,375.02,083.06,486.096,128.0Q332,250.01,092.00.09,000.042,342.02,107.03,038.02,615.07,760.093,891.0Q432,976.01,092.00.09,000.043,068.02,026.03,381.02,528.07,976.084,672.02020Q132,342.01,092.00.09,000.042,434.01,987.03,414.02,630.08,031.088,021.0Q232,257.0600.00.09,000.041,857.02,389.03,374.03,636.09,399.082,952.0Q335,354.0600.00.09,000.044,954.02,300.03,374.04,031.09,705.085,887.0Q437,203.0600.00.09,000.046,803.02,702.03,374.04,575.010,651.088,069.02021Q135,704.0600.00.09,000.045,304.02,795.03,374.04,406.010,575.090,410.06
TOTAL ASSETSEnd of Period 4 INVESTMENTS5 OTHER ASSETS(Over 1 yr Original Maturity for dept instrument)Public Sector & Bank Securities Affiliated Institutions SecuritiesOther Equities TOTALEquipement & Other Fixed Assets(Net of Accumulated Depreciation)Accured Interest Receivable Other Assets TOTAL QUARTERLY ECONOMIC REVIEW MARCH 2021 Table 18(a): International Banks Balance Sheet (b) 59 TOTAL LIABILITIES(Thousands of USD)
20130.017,206.00.037,082.00.08.054,296.00.00.050.050.020140.0102,607.00.017,679.00.08.0120,294.00.00.00.00.020150.095,535.00.010,070.00.019.0105,624.00.00.00.00.020160.079,526.00.07,130.00.05.086,661.00.00.00.00.020170.054,398.00.03,709.00.0125.058,232.00.00.00.00.020180.076,877.00.03,311.00.0119.080,307.00.00.010.010.020190.049,760.00.01,242.00.0119.051,121.00.00.010.010.020200.058,448.00.02,543.00.0138.061,129.00.00.0351.0351.02013Q10.030,730.00.024,784.00.028.055,542.00.00.050.050.0Q20.025,366.00.013,330.00.033.038,729.00.00.050.050.0Q30.010,079.00.038,180.00.027.048,286.00.00.050.050.0Q40.017,206.00.037,082.00.08.054,296.00.00.050.050.02014Q10.017,550.00.033,700.00.027.051,277.00.00.050.050.0Q20.022,880.00.017,367.00.020.040,267.00.00.050.050.0Q30.051,442.00.014,321.00.025.065,788.00.00.00.00.0Q40.0102,607.00.017,679.00.08.0120,294.00.00.00.00.02015Q10.099,571.00.09,590.00.010.0109,171.00.00.00.00.0Q20.094,590.00.09,617.00.021.0104,228.00.00.00.00.0Q30.098,372.00.09,981.00.019.0108,372.00.00.00.00.0Q40.095,535.00.010,070.00.019.0105,624.00.00.00.00.02016Q10.095,903.00.010,113.00.03.0106,019.00.00.00.00.0Q20.0100,110.00.010,025.00.05.0110,140.00.00.00.00.0Q30.097,696.00.08,663.00.05.0106,364.00.00.00.00.0Q40.079,526.00.07,130.00.05.086,661.00.00.00.00.02017Q10.073,431.00.05,753.00.036.079,220.00.00.00.00.0Q20.081,422.00.05,601.00.070.087,093.00.00.00.00.0Q30.064,798.00.06,148.00.0103.071,049.00.00.00.00.0Q40.054,398.00.03,709.00.0125.058,232.00.00.00.00.02018Q10.074,545.00.03,074.00.0125.077,744.00.00.00.00.
0Q20.062,411.00.02,813.00.0122.065,346.00.00.00.00.0Q30.072,137.00.05,484.00.0122.077,743.00.00.010.010.0Q40.076,877.00.03,311.00.0119.080,307.00.00.010.010.02019Q10.077,001.02,137.0119.079,257.010.010.0Q20.071,031.01,455.0145.072,631.010.010.0Q30.068,014.01,243.0146.069,403.010.010.0Q40.049,760.01,242.0119.051,121.010.010.02020Q10.052,612.01,538.0119.054,269.09,042.09,042.0Q20.054,204.02,804.0120.057,128.0186.0186.0Q30.056,503.02,934.0123.059,560.0123.0123.0Q40.058,448.02,543.0138.061,129.0351.0351.02021Q
10.059,888.03,683.0122.063,693.0507.0507.0End
of Period BanksCorpora-tion TrustsIndividuals1 DEPOSITS2 TERM DEPT AND OTHER BORROWINGSOther Notes & BondsUnsecured Subordinated Dept (Over 5 yrs Original Term Maturity) Other Borrowings (Including Loans, Overdrafts, Commercial Papers)Negotiable Certificates of Deposits OtherTOTALTOTAL QUARTERLY ECONOMIC REVIEW MARCH 2021 Table 18(b): International Banks Balance Sheet (b)....Continued 60 TOTAL LIABILITIES( Thousands of
USD)201357.00.084.0141.00.00.012.012.054,499.04,301.0577.01,344.0-187.00.06,035.060,534.020142.00.0173.0175.00.00.00.00.0120,469.010,218.0508.01,338.0233.00.012,297.0132,766.020150.00.0332.0332.0298.00.00.00.0106,254.021,360.00.0-1,678.0-672.00.019,010.0125,264.020160.00.0142.0142.0964.00.00.00.087,767.022,955.00.0-2,484.0-1,544.00.018,927.0106,694.020170.00.0752.0752.0475.00.00.00.059,459.024,901.00.0-4,173.0-1,350.00.019,378.078,837.020180.00.023.023.0567.00.00.00.080,907.025,227.00.0-5,019.0-578.00.019,630.0100,537.020190.00.010,531.010,531.01,316.00.00.00.062,978.026,735.00.0-5,907.0-866.00.021,694.084,672.020200.00.02,767.02,767.0356.00.00.00.064,603.029,181.0406.0-4,678.0-1,443.00.023,466.088,069.02013Q1171.00.0126.0297.00.00.010.010.055,899.04,227.0538.01,412.0-78.00.06,099.061,998.0Q229.00.0126.0155.00.00.012.012.038,946.04,241.0546.01,394.0-210.00.05,971.044,917.0Q343.00.0130.0173.00.00.012.012.048,521.04,283.0568.01,358.0-135.00.06,074.054,595.0Q457.00.084.0141.00.00.012.012.054,499.04,301.0577.01,344.0-187.00.06,035.060,534.02014Q12.00.0122.0124.00.00.00.00.051,451.04,303.0578.01,205.0122.00.06,208.057,659.0Q22.00.0204.0206.00.00.00.00.040,523.04,296.0575.01,210.0549.00.06,630.047,153.0Q32.00.0204.0206.00.00.00.00.065,994.04,211.0530.01,296.0362.00.06,399.072,393.0Q42.00.0173.0175.00.00.00.00.0120,469.010,218.0508.01,338.0233.00.012,297.0132,766.02015Q10.00.0115.0115.02.00.00.00.0109,288.010,115.00.0-429.0-91.00.09,595.0118,883.0Q20.00.0146.0146.0103.00.00.00.0104,477.010,417.00.0-453.0-241.00.09,723
.0114,200.0Q30.00.0166.0166.046.00.00.00.0108,584.018,513.00.0-955.0-310.00.017,248.0125,832.0Q40.00.0332.0332.0298.00.00.00.0106,254.021,360.00.0-1,678.0-672.00.019,010.0125,264.02016Q10.00.0275.0275.0121.00.00.00.0106,415.021,589.00.0-2,375.0-204.00.019,010.0125,425.0Q20.00.0239.0239.0150.00.00.00.0110,529.022,223.00.0-2,517.0-1,019.00.018,687.0129,216.0Q30.00.0252.0252.0365.00.00.00.0106,981.022,985.00.0-2,523.0-1,024.00.019,438.0126,419.0Q40.00.0142.0142.0964.00.00.00.087,767.022,955.00.0-2,484.0-1,544
.00.018,927.0106,694.02017Q10.00.0196.0196.0655.00.00.00.080,071.023,096.00.0-4,050.0-416.00.018,630.098,701.0Q20.00.0305.0305.0789.00.00.00.088,187.023,785.00.0-4,119.0-1,142.00.018,524.0106,711.0Q30.00.0786.0786.0563.00.00.00.072,398.024,433.00.0-4,157.0-1,638.00.018,638.091,036.0Q40.00.0752.0752.0475.00.00.00.059,459.024,901.00.0-4,173.0-1,350.00.019,378.078,837.02018Q10.00.0576.0576.0376.00.00.00.078,696.024,597.0500.0-5,032.0-346.00.019,719.098,415.0Q20.00.0167.0167.0477.00.00.00.065,990.024,781.00.0-5,003.0-143.00.019,635.085,625.0Q30.00.09.09.0483.00.00.00.078,245.025,061.00.0-5,026.0-380.00.019,655.097,900.0Q40.00.023.023.0567.00.00.00.080,907.025,227.00.0-5,019.0-578.00.019,630.0100,537.02019Q10.00.047.047.01,226.00.00.00.080,540.026,543.00.0-5,754.0-38.020,751.0101,291.0Q20.00.01,038.01,038.01,214.00.00.00.074,893.026,018.00.0-5,839.0-1,056.021,235.096,128.0Q30.00.01,406.01,406.01,578.00.00.00.072,397.025,939.00.0-5,827.0-1,382.021,494.093,891.0Q40.00.010,531.010,531.01,316.00.00.00.062,978.026,735.00.0-5,907.0-866.021,694.084,672.02020Q10.00.02,347.02,347.0231.00.00.00.065,889.027,267.021.0-4,510.0-646.022,132.088,021.0Q20.00.02,725.02,725.0467.00.00.00.060,506.027,349.0879.0-4,470.0-1,312.022,446.082,952.0Q30.00.02,772.02,772.0163.00.00.00.062,618.027,943.01,028.0-4,643.0-1,059.023,269.085,887.0Q40.00.02,767.02,767.0356.00.00.00.064,603.029,181.0406.0-4,678.0-1,443.023,466.088,069.02021Q10.00.02,826.02,826.0398.00.00.00.067,424.028,858.0586.0-5,760.0
-698.022,986.090,410.07
SHAREHOLDERS EQUITY8 TOTAL9 TOTAL LIABILI- TIES & SHARES HOLDERS EQUITY Issued & Fully Paid Up Common Stock (At Par or Nominal Value) Additional Paid Up Capital in Excess of Par or Nominal Unappro-priated Retain Earnings Current Year's Net Income/ (Loss)Perpertual on Comulative Issued & Fully Paid Up Preference Share6 TOTAL LIABILITIES End of Period Accrued Interest Payable Dividend Payable Other Accured Expenses TOTAL3 ACCRUED LIABILITIES5 LOSS RESERVES4 OTHER LIABILITIES General Loan Loss ReservesOther Loss ReservesTOTAL QUARTERLY ECONOMIC REVIEW MARCH 2021 Table 18(c): Offshore Banking Industry Core Set of Financial Soundness Indictors 61 (Percent)4 LIQUIDITY(ROA)(ROE)Assets 1/Assets 1/
r/r/201349.3%49.4%-0.3%-3.1%9.7%92.9%86.8%201438.3%39.1%0.3%2.5%11.1%77.2%67.2%201566.5%66.5%-0.5%-3.7%47.1%126.9%41.6%201688.7%88.7%-1.3%-8.0%26.7%179.2%37.1%201798.0%98.0%-1.6%-7.1%15.6%114.7%38.9%201895.9%95.9%-0.6%-2.9%23.9%110.7%40.2%201954.8%54.8%1.0%4.3%17.2%84.7%21.5%202077.6%77.6%-1.7%-6.2%42.6%200.1%15.9%2013Q122.2%22.2%-0.5%-5.1%10.1%65.1%54.9%Q258.1%58.2%-0.9%-8.1%7.8%88.9%73.4%Q345.8%46.1%-0.3%-3.0%12.3%84.9%47.2%Q449.3%49.4%-0.3%-3.1%9.7%92.9%56.8%2014Q141.4%42.2%0.7%8.0%11.8%69.9%56.4%Q249.5%53.9%2.1%17.1%7.9%57.7%64.2%Q334.6%36.6%0.9%7.4%8.6%63.9%46.2%Q438.3%39.1%0.3%2.5%11.1%77.2%57.1%2015Q134.5%34.5%-0.3%-3.3%47.9%141.9%15.0%Q235.5%35.5%-0.4%-5.0%60.7%143.8%29.2%Q363.0%63.0%-0.3%-3.1%61.1%132.1%27.9%Q466.5%66.5%-0.5%-3.7%47.1%126.9%41.6%2016Q165.7%65.7%-0.7%-4.3%47.2%141.5%47.4%Q277.8%77.8%-1.6%-10.9%17.6%279.5%41.4%Q383.5%83.5%-1.1%-7.2%25.2%175.9%38.2%Q488.7%88.7%-1.3%-8.0%26.7%179.2%37.1%2017Q194.1%94.1%-1.6%-8.9%28.1%167.0%36.7%Q288.2%88.2%-2.2%-12.3%20.8%249.9%39.7%Q395.6%95.6%-2.2%-11.7%21.7%210.7%49.5%Q498.0%98.0%-1.6%-7.1%15.6%114.7%38.9%2018Q1111.4%111.4%-1.6%-7.0%17.5%160.8%60.0%Q2110.9%110.9%-0.3%-1.5%18.0%115.6%43.5%Q3119.6%119.6%-0.6%-2.6%19.9%125.5%53.3%Q495.9%95.9%-0.6%-2.9%23.9%110.7%40.2%2019Q1102.0%102.0%-0.2%-0.7%35.4%110.2%37.3%Q294.1%94.1%2.1%10.1%14.3%71.8%33.4%Q369.9%69.9%1.9%8.6%15.1%76.5%23.4%Q454.8%54.8%1.0%4.3%17.2%84.7%21.5%2020Q157.0%57.0%-3.0%-11.8%41.1%217.7%20.3%Q275.0%75.0%-3.1%-11.8%42.0%206.7%24.9%Q379.5%79.5%-1.8%-6.7%44.2%193.7%19.0%Q477.6%77.6%-1.7%-6.2%4
2.6%200.1%15.9%2021Q175.9%75.9%-3.0%-11.8%41.1%217.7%20.5%1/
- Excluding branches of foreign banks2/including foreign branchesr - revisedEnd of Period DEPOSIT - TAKING INSTRUMENTS1 CAPITAL ADEQUACY2 ASSET QUALITY3 EARNINGS & PROFITABILITYRegulatory Capital to Risk- Weighted Nonperform-Loans Net of Provisions to Capital Regulatory Tier 1 Capital to Risk-Weighted Nonperform- Loans to Total Gross Loans Return on Assets Return on Equity Interest Margin to Gross
 Income Noninterest Expenses to Gross Income Liquid Assets to Total Assets QUARTERLY ECONOMIC REVIEW MARCH 2021 Table 19(a): Domestic Banking Industry Foreign Exchange Turnover against Vatu and US$ Currency 62 FOREIGN EXCHANGE TURNOVER AGAINST VATU CURRENCY (Millions of
Vatu)201453.80.01,242.9597.91,894.61.310.21,674.9248.01,934.42015605.60.02,164.22,461.75,231.5191.50.01,478.91,028.12,698.42016242.70.01,396.21,512.73,151.647.70.01,299.7360.21,707.62017486.60.41,183.32,669.64,339.880.00.0888.61,214.02,182.62018175.30.03,421.52,087.95,684.73,972.50.01,053.71,929.36,955.520193.292.92,621.36,386.99,104.32,451.30.0655.4359.13,465.92020196.468.01,487.5378.12,129.9693.00.01,028.713.21,734.92015Q116.90.0872.61,334.01,334.0111.10.0340.499.5550.9Q212.50.01,668.1754.12,434.62.10.0305.718.2326.0Q3246.80.01,207.91,304.82,759.6341.00.01,264.6432.22,037.8Q4605.60.02,164.22,461.75,231.5191.50.01,478.91,028.12,698.42016Q1373.80.0997.15,635.87,006.811.80.01,596.67,019.58,627.9Q2533.90.01,200.81,745.33,479.945.60.02,243.24,967.87,256.5Q3434.90.01,395.76,048.17,878.7163.10.01,045.3927.02,135.4Q4242.70.01,396.21,512.73,151.647.70.01,299.7360.21,707.62017Q1423.90.01,188.51,937.83,550.2200.40.01,094.3470.01,764.6Q2145.81.11,011.42,175.13,333.326.00.01,576.51,667.13,269.6Q3331.21.41,311.42,762.14,406.255.20.02,083.21,507.43,645.9Q4486.60.41,183.32,669.64,339.880.00.0888.61,214.02,182.62018Q1249.8393.6594.61,547.32,785.277.61.7989.3564.31,632.9Q2179.04.51,076.30.01,259.784.50.0962.8331.01,378.3Q30.00.00.00.00.00.00.00.00.00.0Q4175.30.03,421.52,087.95,684.73,972.50.01,053.71,929.36,955.52019Q1237.9134.62,374.81,957.04,704.3502.50.01,275.4996.02,773.9Q2283.0168.91,270.55,930.97,653.21,159.30.01,033.02,406.34,598.6Q3152.9145.01,601.16,019.27,918.11,014.10.71,298.5483.42,796.7Q43.292.92,621.36,386.99,10
4.32,451.30.0655.4359.13,465.92020Q1997.8102.71,921.51,003.74,025.71.20.02,668.7235.92,905.9Q211.447.01,152.4640.41,851.3223.00.0724.13,690.84,637.8Q3230.748.02,358.18,257.010,893.8972.20.0763.21,370.83,106.2Q4196.468.01,487.5378.12,129.9693.00.01,028.713.21,734.92021Q11,489.2104.01,727.6843.04,163.86.80.02,006.3148.72,161.8FOREIGN
EXCHANGE TURNOVER AGAINST VATU CURRENCY (Millions of
 Vatu)20140.00.040.8342.5383.30.00.0302.2460.8763.020150.00.02.023.625.60.00.0690.417.3707.720160.00.0160.00.0160.00.00.00.00.00.020170.00.0156.3206.5362.80.00.00.00.00.020180.00.0194.00.0194.00.00.00.00.00.020190.00.00.0358.5358.50.00.0358.5235.5594.020200.00.00.0236.9236.90.00.0236.9168.1405.02015Q10.00.0524.9174.1698.90.00.0265.9109.8375.8Q20.00.031.836.167.90.00.094.2328.9423.1Q30.00.079.771.4151.10.00.0160.8343.5504.4Q40.00.02.023.625.60.00.0690.417.3707.72016Q10.00.068.6360.0428.60.00.0599.7165.7765.4Q20.00.074.21,129.81,204.00.00.0542.3664.41,206.7Q30.00.015.0172.8187.80.00.016.2103.0119.2Q40.00.0160.00.0160.00.00.00.00.00.02017Q10.00.070.0657.9727.90.00.0780.0578.21,358.2Q20.00.00.01,210.31,210.30.00.0817.1615.11,432.2Q30.00.0158.80.0158.80.00.029.10.029.1Q40.00.0156.3206.5362.80.00.00.00.00.02018Q10.00.0216.00.0216.00.00.00.00.00.0Q20.00.00.00.00.00.00.00.00.00.0Q30.00.00.0236.2236.20.00.0150.2195.4345.6Q40.00.0194.00.0194.00.00.00.00.00.02019Q10.00.0263.526.6290.10.00.00.00.00.0Q20.00.00.0128.7128.70.00.00.00.00.0Q30.00.0154.022.6176.60.00.00.00.00.0Q40.00.00.0358.5358.50.00.0358.5235.5594.02020Q10.00.00.0806.3806.30.00.0806.3522.51,328.9Q20.00.00.0301.6301.60.00.0301.6180.4481.9Q30.00.00.049.249.20.00.049.20.049.2Q40.00.00.0236.9236.90.00.0236.9168.1405.02021Q10.00.00.0640.4640.40.00.0640.4475.71,116.0Other Customers Non-residents Customers TotalOther Customers Non-residents Customers Depository Institutions Foreign Exchange Dealers Depository Institutions
 Foreign Exchange Dealers TotalEnd of Period Purchase of OUTRIGHT FORWARDEnd of Period OUTRIGHT SPOTSales ofPurchase ofOther Customers Non-residents Customers TotalDepository Institutions Foreign Exchange Dealers Other Customers Non-residents Customers Depository Institutions Foreign Exchange Dealers TotalSales of QUARTERLY ECONOMIC REVIEW MARCH 2021 Table 19(a): Domestic Banking Industry Foreign Exchange Turnover against Vatu and US$ Currency … Continued.
63 FOREIGN EXCHANGE TURNOVER AGAINST VATU CURRENCY (Millions of Vatu)20140.00.00.00.00.00.00.00.00.00.04,975.320150.00.00.00.00.00.00.00.00.00.08,663.220160.00.00.00.00.00.00.00.00.00.05,019.220170.00.00.00.00.00.00.00.00.00.06,885.220180.00.00.00.00.00.00.00.00.00.012,834.120190.00.00.0358.50.00.00.0358.5235.5594.014,475.020200.00.00.00.00.00.00.00.00.00.04,506.72015Q10.00.00.00.00.00.00.00.00.00.02,959.6Q20.00.00.00.00.00.00.00.00.00.03,251.7Q30.00.00.00.00.00.00.00.00.00.05,452.8Q40.00.00.00.00.00.00.00.00.00.08,663.22016Q10.00.00.00.00.00.00.00.00.00.016,828.7Q20.00.00.00.00.00.00.00.00.00.013,147.1Q30.00.00.00.00.00.00.00.00.00.010,321.2Q40.00.00.00.00.00.00.00.00.00.05,019.22017Q10.00.00.00.00.00.00.00.00.00.07,401.0Q20.00.00.00.00.00.00.00.00.00.09,245.3Q30.00.00.00.00.00.00.00.00.00.08,240.0Q40.00.00.00.00.00.00.00.00.00.06,885.22018Q10.00.00.00.00.00.00.00.00.00.04,634.1Q20.00.00.00.00.00.00.00.00.00.02,638.0Q30.00.00.00.00.00.00.00.00.00.0581.8Q40.00.00.00.00.00.00.00.00.00.012,834.12019Q10.00.00.00.00.00.00.00.00.00.07,768.4Q20.00.00.00.00.00.00.00.00.00.012,380.5Q30.00.00.00.00.00.00.00.00.00.010,891.4Q40.00.00.0358.50.00.00.0358.5235.5594.014,475.02020Q10.00.00.00.00.00.00.00.00.00.09,066.8Q20.00.00.00.00.00.00.00.00.00.07,272.6Q30.00.00.00.00.00.00.00.00.00.014,098.4Q40.00.00.00.00.00.00.00.00.00.04,506.72021Q10.00.00.00.00.00.00.00.00.00.08,082.0Total FX Turnover Against Vatu Depository Institutions Foreign Exchange Dealers Other Customers Non-residents Customers TotalDepository Institutions
 Foreign Exchange Dealers Other Customers Non-residents Customers TotalEnd of Period Purchase ofSales ofSWAPS QUARTERLY ECONOMIC REVIEW MARCH 2021 Table 19(b): Domestic Banking Industry Foreign Exchange Turnover against Vatu and US$ 64 FOREIGN EXCHANGE TURNOVER AGAINST VATU
 CURRENCY20141.30.0288.1853.31,142.60.30.048.5176.0224.8201524.10.0108.21,131.91,264.20.10.048.2198.4246.820165.70.030.2729.0764.91.70.021.978.5102.220170.00.013.8751.6765.30.00.014.71.015.720180.00.0120.11,942.92,063.10.00.028.436.164.520190.00.0140.61,248.21,388.80.00.015.4168.7184.12020429.60.029.8499.1958.516.50.017.4198.1232.02015Q11.90.09.8485.9497.52.00.014.494.1110.5Q20.00.0249.71,198.21,448.00.00.00.50.00.5Q30.00.021.01,395.71,416.70.00.023.368.892.2Q424.10.0108.21,131.91,264.20.10.048.2198.4246.82016Q11.60.023.8744.5769.89.00.26.059.274.4Q24.90.08.6715.9729.46.20.047.485.6139.3Q30.00.016.6707.3723.90.00.020.9158.4179.2Q45.70.030.2729.0764.91.70.021.978.5102.22017Q11.20.019.5624.9645.79.80.018.19.337.2Q20.00.016.91,077.91,094.70.00.051.020.671.5Q30.00.023.01,130.01,153.00.00.081.47.388.7Q40.00.013.8751.6765.30.00.014.71.015.72018Q10.00.011.7801.3813.00.00.012.80.012.8Q20.00.017.2939.8957.00.00.050.93.654.5Q30.00.074.71,967.82,042.50.00.0113.82.0115.8Q40.00.0120.11,942.92,063.10.00.028.436.164.52019Q10.00.022.41,113.91,136.30.00.025.5297.2322.7Q20.00.071.1987.81,058.90.00.026.869.095.8Q30.00.013.31,203.01,216.20.00.010.725.736.4Q40.00.0140.61,248.21,388.80.00.015.4168.7184.12020Q10.00.0314.31,530.51,844.80.40.0124.275.9200.5Q20.00.036.41,044.61,081.00.00.010.8302.5313.3Q30.00.014.61,661.41,676.10.00.014.5712.1726.5Q4429.60.029.8499.1958.516.50.017.4198.1232.02021Q10.00.059.21,123.71,182.917.40.00.0424.7442.1FOREIGN EXCHANGE TURNOVER AGAINST VATU
 CURRENCY20140.00.00.00.00.00.00.00.00.00.020150.00.00.00.00.00.00.00.00.00.020160.00.00.00.00.00.00.00.00.00.020170.00.00.00.00.00.00.00.00.00.020180.00.00.00.00.00.00.00.00.00.020190.00.00.00.00.00.00.00.00.00.020200.00.00.00.00.00.00.00.00.00.02015Q10.00.00.00.00.00.00.0102.90.0102.9Q20.00.00.00.00.00.00.00.00.00.0Q30.00.00.00.00.00.00.00.00.00.0Q40.00.00.00.00.00.00.00.00.00.02016Q10.00.00.00.00.00.00.00.00.00.0Q20.00.00.00.00.00.00.00.00.00.0Q30.00.00.00.00.00.00.00.00.00.0Q40.00.00.00.00.00.00.00.00.00.02017Q10.00.00.00.00.00.00.00.00.00.0Q20.00.00.00.00.00.00.00.00.00.0Q30.00.00.00.00.00.00.00.00.00.0Q40.00.00.00.00.00.00.00.00.00.02018Q10.00.00.00.00.00.00.00.00.00.0Q20.00.00.00.00.00.00.00.00.00.0Q30.00.00.00.00.00.00.00.00.00.0Q40.00.00.00.00.00.00.00.00.00.02019Q10.00.00.00.00.00.00.00.00.00.0Q20.00.00.00.00.00.00.00.00.00.0Q30.00.00.00.00.00.00.00.00.00.0Q40.00.00.00.00.00.00.00.00.00.02020Q10.00.00.00.00.00.00.00.00.00.0Q20.00.00.00.00.00.00.00.00.00.0Q30.00.00.00.00.00.00.00.00.00.0Q40.00.00.00.00.00.00.00.00.00.02021Q10.00.00.00.00.00.00.00.00.00.0End of Period Foreign Exchange Dealers Other Customers Non-residents Customers TotalEnd of Period OUTRIGHT FORWARDPurchase ofSales ofPurchase ofOther Customers Non-residents Customers TotalOUTRIGHT SPOTSales ofDepository Institutions Depository Institutions Foreign Exchange Dealers Other Customers Non-residents Customers TotalDepository Institutions Foreign Exchange Dealers Other Customers Non-residents Customers
 TotalDepository Institutions Foreign Exchange Dealers QUARTERLY ECONOMIC REVIEW MARCH 2021 Table 19(b): Domestic Banking Industry Foreign Exchange Turnover against Vatu and US$ Currency … Continued.
65 FOREIGN EXCHANGE TURNOVER AGAINST VATU CURRENCY (Millions of
of Vatu)20140.00.00.00.00.00.00.00.00.00.01,367.46,342.720150.00.00.00.00.00.00.00.00.00.01,511.010,174.220160.00.00.00.00.00.00.00.00.00.0867.15,886.220170.00.00.00.00.00.00.00.00.00.0781.07,666.220180.00.00.00.00.00.00.00.00.00.02,127.614,961.720190.00.00.00.00.00.00.00.00.00.01,572.916,047.820200.00.00.00.00.00.00.00.00.00.01,190.55,697.12015Q10.00.00.00.00.00.00.00.00.00.0710.93,670.5Q20.00.00.00.00.00.00.00.00.00.01,448.44,700.1Q30.00.00.00.00.00.00.00.00.00.01,508.86,961.6Q40.00.00.00.00.00.00.00.00.00.01,511.010,174.22016Q10.00.00.00.00.00.00.00.00.00.0844.317,672.9Q20.00.00.00.00.00.00.00.00.00.0868.614,015.7Q30.00.00.00.00.00.00.00.00.00.0903.111,224.3Q40.00.00.00.00.00.00.00.00.00.0867.15,886.22017Q10.00.00.00.00.00.00.00.00.00.0682.98,083.9Q20.00.00.00.00.00.00.00.00.00.01,166.310,411.6Q30.00.00.00.00.00.00.00.00.00.01,241.79,481.7Q40.00.00.00.00.00.00.00.00.00.0781.07,666.22018Q10.00.00.00.00.00.00.00.00.00.0825.85,459.9Q20.00.00.00.00.00.00.00.00.00.01,011.53,649.6Q30.00.00.00.00.00.00.00.00.00.02,158.32,740.2Q40.00.00.00.00.00.00.00.00.00.02,127.614,961.72019Q10.00.00.00.00.00.00.00.00.00.01,459.19,227.4Q20.00.00.00.00.00.00.00.00.00.01,154.713,535.2Q30.00.00.00.00.00.00.00.00.00.01,252.712,144.1Q40.00.00.00.00.00.00.00.00.00.01,572.916,047.82020Q10.00.00.00.00.00.00.00.00.00.02,045.311,112.1Q20.00.00.00.00.00.00.00.00.00.01,394.38,666.9Q30.00.00.00.00.00.00.00.00.00.02,402.616,501.0Q40.00.00.00.00.00.00.00.00.00.01,190.55,697.12021Q10.00.00.00.00.00.00.00.00.00.01,625.19,707.0Non-residents
Customers TotalTOTAL FX TURNOVER AGAINST USD TOTAL FX TURNOVER AGAINST VATU & USDEnd of Period SWAPSDepository Institutions Purchase ofForeign Exchange Dealers Other Customers Non-residents Customers TotalDepository Institutions Foreign Exchange Dealers Other Customers Sales of QUARTERLY ECONOMIC REVIEW MARCH 2021 Table 20: Domestic Banking Industry Core set of Financial Soundness Indicators 66 Percent (%)DEPOSIT - TAKING INSTRUMENTSVUV Liquid Asset (ROA)(ROE)Requirement(LAR)assets 1/assets
 1/201619.216.436.511.20.54.255.354.032.332.3201718.015.649.715.50.54.153.853.535.635.6201820.116.340.316.01.918.557.155.346.846.8201919.217.942.5r14.30.1r0.9r65.1r70.4r43.6r50.7202020.018.957.5r19.0-0.1r-0.6r68.0r78.1r44.0r52.22016Q116.917.261.011.90.53.953.053.926.726.7Q217.417.062.611.80.75.351.448.829.629.6Q316.616.447.212.10.31.953.756.231.631.6Q419.216.436.511.20.54.255.354.032.332.32017Q119.117.648.713.81.712.751.058.131.031.0Q218.016.552.815.41.18.454.053.132.132.1Q317.415.362.317.51.08.054.450.134.134.1Q418.015.649.715.50.54.153.853.535.635.62018Q119.016.753.116.60.54.755.952.844.744.7Q218.916.454.917.21.09.056.354.342.942.9Q319.616.542.814.91.513.657.054.645.045.0Q420.116.340.316.01.918.557.155.346.846.82019Q119.517.947.114.81.08.458.865.644.647.0Q219.317.146.614.81.210.164.065.643.947.4Q319.017.747.314.90.11.065.267.243.848.4Q419.217.942.514.30.10.965.170.443.650.72020Q119.217.846.515.50.54.467.077.044.251.4Q219.618.050.616.40.54.167.678.844.250.6Q321.520.249.617.30.11.267.577.944.050.5Q420.018.957.519.0-0.1-0.668.078.144.052.22021Q121.820.357.518.21.19.069.078.843.454.11/ - Excluding branches of foreign banks2/including foreign branches1 CAPITAL ADEQUACY2 ASSET QUALITY3 EARNINGS & PROFITABILITYEnd of Period Regulatory Capital to Risk- Weighted Regulatory Tier 1 Capital to Risk- Weighted Nonperform- Loans Net of Provisions to Capital Nonperform- Loans to Total Gross Loans Return on Assets Return on Equity Interest Margin to Gross Income Noninterest
 Expenses to Gross Income Liquid Assets to Total Assets 4 LIQUIDITY QUARTERLY ECONOMIC REVIEW MARCH 2021 Table 21: Domestic Banking Industry – Profit (Vatu ‘000) 67 (Millions of
Vatu)20131,284.7521.11,805.8379.3847.41,226.8905.4579.18.268.10.00.00.0502.920141,194.1388.41,582.6335.2873.21,208.4858.9374.2110.90.00.00.00.0263.320151,296.9611.21,908.0349.5981.21,330.7947.4577.3159.10.00.00.00.0418.220161,295.5536.11,831.6282.2988.81,271.01,013.3560.6196.20.00.00.00.0364.420171,360.6575.31,935.9289.61,026.31,315.91,071.0619.9877.60.00.00.00.0-257.720181,418.2671.82,090.0220.31,197.51,417.81,197.9672.2283.70.00.00.00.0388.520195,577.72,481.28,058.9945.35,004.85,950.14,632.42,108.81,972.60.00.00.00.0136.220204,886.11,981.56,867.7677.34,834.25,511.64,208.81,356.11,448.20.00.00.00.0-465.22013Q11,147.1545.91,693.0342.5972.61,315.2804.5377.83.617.00.098.90.0258.3Q21,159.9563.11,723.0346.11,102.11,448.1813.9274.913.031.50.035.20.0195.2Q31,551.6524.02,075.6435.9885.91,321.81,115.7753.8431.216.70.08.80.0297.0Q41,284.7521.11,805.8379.3847.41,226.8905.4579.18.268.10.00.00.0502.92014Q11,248.7450.91,699.7392.1899.21,291.3856.7408.4234.60.10.00.00.0173.7Q21,221.3475.41,696.8398.6916.51,315.1822.7381.6236.40.00.00.00.0145.2Q31,329.0590.61,919.7401.21,027.31,428.5927.8491.1380.00.00.00.00.0111.2Q41,194.1388.41,582.6335.2873.21,208.4858.9374.2110.90.00.00.00.0263.32015Q11,212.6488.21,700.8381.4896.51,277.9831.2422.998.80.00.00.00.0324.1Q21,339.0628.51,967.6418.11,181.91,600.0921.0367.6218.00.00.00.00.0149.6Q31,264.3579.61,843.9338.71,026.81,365.5925.6478.4368.60.00.00.00.0109.8Q41,296.9611.21,908.0349.5981.21,330.7947.4577.3159.10.00.00.00.0418.22016Q11,265.0502.31,767.3328.3953.41,281.8936.7485.5-21.80.00
.00.00.0507.3Q21,280.7644.81,925.5328.9939.21,268.1951.8657.4279.70.00.00.00.0377.7Q3861.9264.01,125.9256.9633.0889.9605.0236.19.60.00.00.00.0226.5Q41,295.5536.11,831.6282.2988.81,271.01,013.3560.6196.20.00.00.00.0364.42017Q11,191.8583.21,775.0285.91,030.61,316.5905.9458.445.50.00.00.00.0412.9Q21,243.0550.11,793.1274.3951.51,225.8968.7567.3429.50.00.00.00.0137.8Q31,314.7567.51,882.3289.9942.11,232.01,024.8650.3419.10.00.00.00.0231.2Q41,360.6575.31,935.9289.61,026.31,315.91,071.0619.9877.60.00.00.00.0-257.72018Q11,337.0576.81,913.8267.61,011.21,278.71,069.4635.084.60.00.00.00.0550.5Q21,349.2571.41,920.6260.41,071.51,332.01,088.8588.7114.90.00.00.00.0473.8Q31,415.1579.31,994.4249.31,097.41,346.71,165.8647.7195.50.00.00.00.0452.2Q41,418.2671.82,090.0220.31,197.51,417.81,197.9672.2283.70.00.00.00.0388.52019Q11,359.4806.22,165.6208.31,284.71,493.01,151.1672.6349.70.00.00.00.0322.9Q22,754.41,325.14,079.5401.82,413.62,815.42,352.51,264.1483.40.00.00.00.0780.7Q34,146.51,905.86,052.3577.43,681.44,258.83,569.11,793.51,673.80.00.00.00.0119.7Q45,577.72,481.28,058.9945.35,004.85,950.14,632.42,108.81,972.60.00.00.00.0136.22020Q11,286.4525.61,812.0218.31,226.61,444.91,068.1367.1202.80.00.00.00.0164.4Q22,479.81,004.13,483.9387.42,438.52,825.92,092.4658.0347.80.00.00.00.0310.2Q33,681.31,513.45,194.7534.13,632.94,166.93,147.21,027.7888.80.00.00.00.0138.9Q44,886.11,981.56,867.7677.34,834.25,511.64,208.81,356.11,448.20.00.00.00.0-465.22021Q11,106.4438.11,544.5130.21,114.81,245.0976
.1299.5-72.40.00.00.00.0371.8
Bad Depts Written-off Bad-Debts Recover Net Operating Profit End of Period 1 INCOME2 EXPENSES3 PROFIT & LOSS STATEMENT Interest Income Non-Interest Income Total Operating Income Interest Expense Operating Expenses (Excluding Bad Debts & Provision Charges) Total Operating Expenses Net Interest Income Operating Profit Before Tax,Write-offs & Provisions Provisions General Reserves Extra-Ordinary Item QUARTERLY ECONOMIC REVIEW MARCH 2021 Table 22(a): Total Government Fiscal Operations 68 (Millions of Vatu)Taxes on Property Taxes on Inter.
Trade & Transact.Grants Other Revenue TOTAL REVENUEValue-Added
TaxExciseOtherTotal20125485,0111,8761,9678,8542,5802,1741,60815,76420133605,4721,8982,66110,0302,6361,6571,49016,17420144285,8001,9852,75010,5352,6543,2981,50718,42120154025,8002,1801,9209,9002,95010,3101,61125,17120163985,8822,4482,34410,6753,1587,2385,40326,87220174866,8872,5782,73712,2013,5327,7645,38429,36620185668,2402,7842,73413,7573,6946,10012,04736,15920196488,7312,8293,0043,00414,5653,6236,61614,89920206026,4962,5932,1962,19611,2863,1339,88616,2902012Q11581,0994607982,3575717435484,378Q21191,1123983561,8675581,0043093,857Q31241,3404644022,2067001865163,733Q41471,4605534112,4257502402343,7962013Q1971,1954111,1752,7825442693824,075Q2791,3574923872,2356758533194,161Q31191,4664964802,4416572484413,906Q4651,4545006192,5727602873484,0322014Q1881,3424761,1052,9235694623924,434Q21131,3884575182,3635958772674,214Q31341,5395075892,6347122454674,192Q4941,5315465382,6147781,7153815,5832015Q11151,3513736602,3845371,9913885,414Q2921,4306233872,4397194,8164428,507Q3881,5225774572,5578188113084,582Q41071,4976074172,5218762,6924736,6692016Q11131,4415281,0403,0106676591,1635,612Q2881,2675594282,2547562,9931,2427,332Q3961,6356854762,7968461,3551,2016,294Q41011,5406763992,6158892,2321,7977,6332017Q11271,7456201,1383,5037829521,5946,957Q21081,5425895982,7298001,5151,4186,569Q31301,9385015663,0058492,9651,4248,372Q41211,6638684352,9651,1012,3339487,4682018Q11432,0516331,1503,8348571,9752,7019,509Q21891,9896355753,1988282,1782,9359,323Q31012,0227225243,2679231,0031,8467,140Q41332,1777954853,4581,0859454,56510,1872019Q11262,
1596121,2401,2404,0117732,6413,138Q21721,7106046106102,9248052,5483,372Q31802,6677885535534,0081,0008074,068Q41712,1958256016013,6211,0456194,3212020Q12412,1536861,2311,2314,0708011,8644,255Q21031,4736033763762,4516884,1843,737Q31341,6286782802802,5868561,1943,850Q41241,2446263093092,1797892,6434,4492021Q1nananananananananaTOTAL
REVENUE AND GRANTSTaxes on Goods & Services End of Period QUARTERLY ECONOMIC REVIEW MARCH 2021 Table 22(b): Total Government Fiscal Operations....Continued 69 (Millions of Vatu)Compen.
of employeesUses of G&SInterest Subsidies Grants Social BenefitsOther Expendi-turesTOTAL EXPENSESNET OPERATING BALANCENET ACQUISI-TION OF NON-FINANCIAL ASSETSFISCAL
SURPLUS/DEFICT20128,4124,1564630.01,89331256915,805-401,138-1,17920138,3874,2444870.01,01934895815,4427326844820148,5375,3395640.02,03524065117,3661,05554650920158,8935,8357000.01,61847663118,1527,0194186,60120169,1075,9959080.03,2181,54286021,6295,2433,0882,15520179,9628,0999490.02,4082,6861,19425,2994,0682,2861,781201812,5406,8071,0340.02,4651,04995224,84711,3124,6316,681201913,9609,4799711942,4997321,74029,57510,7763,5477,228202015,65910,1443061,5013,9969401,35033,8957,1776,7334442012Q11,970.8987.6123.20.0641.371.8232.04,026.7351.8330.721.1Q21,876.21,169.8110.50.0289.767.1128.13,641.5215.7245.2-29.5Q32,458.8978.3185.90.0646.455.6138.84,463.9-731.2288.8-1,020.0Q42,106.01,020.343.40.0315.3117.270.33,672.5123.4273.8-150.42013Q11,922.3963.981.80.0117.426.7531.63,643.7431.4182.7248.7Q21,962.11,153.8160.90.0173.6101.2192.73,744.2416.7156.7260.0Q32,252.01,003.3180.50.0570.4161.0159.04,326.4-420.4178.6-599.0Q42,250.41,122.663.80.0157.858.874.43,727.7304.7165.9138.72014Q11,920.2972.3159.80.0633.166.1168.33,919.9513.965.7448.2Q21,963.21,183.3128.50.0335.944.1177.93,833.0380.586.0294.6Q32,309.31,181.4211.90.0405.1119.3254.74,481.9-290.4116.4-406.8Q42,344.42,001.863.90.0660.810.250.55,131.5451.1278.0173.12015Q12,000.71,010.0123.90.0690.4188.7145.04,158.71,254.967.01,187.9Q22,016.21,331.4208.10.0231.652.2191.44,030.84,476.378.84,397.5Q32,365.11,390.4303.30.0419.3121.492.24,691.7-110.2148.6-258.8Q42,511.02,102.864.40.0276.7113.8202.35,271.01,397.9124.01,273.92016Q11,918.9957.3219.30.0524.218.6142.43,780.71,831.4271.81,55
9.6Q22,061.31,974.3144.50.01,967.4133.5280.66,561.4770.9668.7102.2Q32,500.11,414.6361.90.0393.8140.3238.85,049.41,244.7970.7274.0Q42,626.71,648.9182.20.0332.21,249.2198.66,237.81,395.51,176.6218.92017Q12,090.01,557.1294.20.0642.1544.6235.25,363.11,594.2185.11,409.1Q22,589.01,661.8135.50.0322.5301.4571.15,581.3987.7706.2281.5Q32,309.92,741.2436.40.0830.3273.3305.36,896.51,475.2804.8670.4Q42,973.32,139.283.00.0612.91,567.082.27,457.610.4590.0-579.62018Q12,444.51,515.2280.30.0913.4765.9238.86,158.13,351.31,408.51,942.7Q23,335.81,881.5196.20.0253.983.7235.15,986.23,336.41,602.71,733.7Q33,048.51,812.3470.90.0988.469.6277.36,667.0472.9769.7-296.8Q43,711.11,597.886.60.0309.6130.1200.66,035.84,151.0849.93,301.02019Q12,859.82,403.0213.427.0771.6425.7681.37,381.73,307.11,055.42,251.7Q23,559.91,956.7194.046.3742.4147.8144.86,792.03,029.71,229.11,800.7Q33,456.92,090.6455.258.1668.759.6293.37,082.42,980.8619.82,361.1Q44,083.03,028.5108.762.3316.499.3620.38,318.61,457.9643.0814.92020Q13,551.42,021.923.374.71,373.2350.4307.37,702.23,403.71,519.81,883.8Q23,854.62,414.153.8835.8387.955.9408.58,010.53,151.81,060.72,091.1Q33,500.12,579.9195.4378.21,376.928.0340.08,398.6221.81,690.9-1,469.0Q44,753.23,127.933.7212.4857.5505.5293.89,783.9399.22,461.6-2,062.42021Q1nananananananananananaTOTAL
EXPENSESEnd of Period QUARTERLY ECONOMIC REVIEW MARCH 2021 Table 23(a): Government Operations Excluding Donors 70 (Millions of Vatu)Taxes on property Grants Other Revenue TOTAL
REVENUEExciseOtherTotal2012548.35,011.01,875.71,967.28,853.92,580.20.01,607.713,590.12013360.45,471.61,898.22,660.610,030.32,636.50.01,490.214,517.42014427.65,798.71,971.52,740.810,511.12,647.60.01,497.415,083.82015401.55,768.22,180.21,976.19,924.52,949.2202.03,301.516,576.72016397.85,910.22,447.92,336.110,694.23,158.41,003.04,398.018,648.42017485.76,886.72,577.72,737.012,201.43,531.60.05,383.721,602.32018565.98,235.52,784.12,732.313,751.93,694.00.012,046.530,058.22019648.18,731.42,829.43,004.114,564.93,623.20.014,883.633,719.82020602.16,496.42,593.02,071.511,161.03,133.23,102.616,290.034,288.72012Q1158.41,098.9460.3797.72,356.9571.40.0548.33,635.0Q2118.61,112.4398.3356.11,866.8558.10.0309.52,852.9Q3124.31,339.6463.9402.12,205.6700.50.0516.13,546.4Q4147.11,460.0553.2411.42,424.6750.30.0233.83,555.82013Q197.41,195.5410.71,175.42,781.5544.40.0382.43,805.7Q279.11,356.5491.8387.12,235.5674.60.0319.03,308.2Q3118.81,466.0495.7479.62,441.3657.10.0441.23,658.5Q465.11,453.6499.9618.52,572.0760.40.0347.63,745.12014Q187.61,342.3476.11,104.92,923.3569.00.0392.03,971.9Q2112.51,388.2457.0517.82,363.1594.80.0266.63,337.0Q3134.01,536.3496.0588.72,621.1710.50.0461.93,927.5Q493.51,531.8542.4529.42,603.6773.30.0376.83,847.32015Q1114.71,347.9373.2659.92,381.0536.70.0387.83,420.2Q291.61,422.2622.5394.12,438.8718.7202.0623.83,872.9Q387.81,505.1577.3482.52,564.9817.80.0978.34,448.8Q4107.41,493.0607.2439.62,539.8876.00.01,311.64,834.82016Q1113.21,441.3528.21,043.53,012.9667.20.01,159.24,952.5Q288.01,266.5559.0425.42,250.9756.11,003.0
1,238.24,333.2Q395.81,635.1684.7467.22,786.9846.40.0989.94,719.0Q4100.81,567.3676.0400.12,643.4888.70.01,010.84,643.72017Q1126.61,744.9620.11,138.13,503.1782.20.01,593.96,005.8Q2107.91,541.6588.9598.22,728.8799.80.01,417.95,054.4Q3129.71,937.7501.3565.63,004.5848.80.01,423.85,406.8Q4121.51,662.5867.4435.02,964.91,100.90.0948.15,135.42018Q1142.92,052.6632.81,148.33,833.7857.20.02,701.07,534.8Q2188.91,983.7634.6574.63,192.9827.90.02,935.27,144.9Q3100.72,021.8721.6524.03,267.4923.40.01,845.66,137.2Q4133.32,177.4795.2485.33,457.91,085.40.04,564.79,241.42019Q1125.62,159.2612.11,239.94,011.3773.00.03,123.38,033.0Q2172.01,710.3603.7610.42,924.4805.20.03,371.77,273.2Q3179.72,667.0788.3553.14,008.51,000.00.04,067.69,255.8Q4170.82,194.9825.2600.73,620.81,045.10.04,321.09,157.72020Q1240.82,152.6686.31,106.53,945.3800.90.04,254.69,241.5Q2102.91,472.7602.7376.02,451.4687.51,785.93,736.68,764.4Q3134.11,627.7678.4279.72,585.8855.81.13,850.37,427.1Q4124.31,243.5625.7309.32,178.5789.01,315.64,448.58,855.72021Q1nananananananananaTaxes
on Inter.
Trade & Transact.Taxes on goods & services Value-Added TaxTOTAL REVENUE AND GRANTSEnd of Period QUARTERLY ECONOMIC REVIEW MARCH 2021 Table 23(b): Government Operations Excluding Donors....Continued 71 (Millions of Vatu)S.BenefitsTOTAL
EXPENSES20128,164.72,940.7463.10.01,462.7309.8554.913,896.0-305.9313.0-618.920138,186.02,987.6554.90.0554.9248.4583.813,945.3572.0248.3323.720148,344.13,577.8564.10.01,824.0239.5626.715,176.3-53.3240.0-293.320158,719.33,630.5699.70.01,618.0470.0627.915,765.3-544.1418.4-962.520168,868.73,623.7907.90.02,010.21,538.4860.417,809.22,827.5596.82,230.720179,507.74,922.7949.00.01,547.41,810.41,193.419,930.61,671.8733.7938.0201812,246.64,501.51,033.90.02,323.6643.6951.621,700.88,357.4478.07,879.3201913,735.35,811.9971.4193.72,381.3569.31,748.825,411.78,308.1992.57,315.7202015,431.07,085.6306.21,489.03,903.2661.21,348.830,225.04,063.71,569.42,494.32012Q11,906.4759.1123.20.0547.170.4224.73,630.94.065.3-61.3Q21,820.8936.2110.50.0244.166.7125.93,304.3-451.386.7-538.1Q32,397.4706.0185.90.0440.255.6133.13,918.2-371.782.6-454.3Q42,040.1539.443.40.0231.3117.271.33,042.6513.178.4434.72013Q11,924.8649.7150.50.0550.041.5244.43,560.9244.747.3197.4Q21,873.5809.5160.10.0291.663.7114.83,313.4-5.262.7-67.9Q32,191.3721.2180.40.0386.084.6155.23,718.7-60.237.4-97.6Q42,196.4807.263.80.0156.158.569.33,352.4392.7100.9291.82014Q11,883.6792.9159.80.0601.165.9158.93,662.2309.749.8260.0Q21,911.9916.4128.50.0327.944.1177.43,506.3-169.362.1-231.4Q32,254.4836.3211.90.0268.2119.3253.73,943.83.055.7-52.7Q42,294.21,032.263.90.0626.810.236.74,064.0-196.772.4-269.12015Q11,961.8762.3123.90.0690.4187.3145.03,870.5-87.667.0-154.6Q21,974.1889.1208.10.0231.650.6190.43,543.8349.278.8270.4Q32,315.3926.9303.30.0419.3121.190.24,176.2-405.6148.6-554.2Q42,468.11,
052.264.40.0276.7111.0202.34,174.8-400.1124.0-524.12016Q11,880.1603.8219.30.0493.418.6144.33,359.51,593.776.31,517.4Q22,006.81,266.4144.50.0680.7133.1280.64,512.1830.4190.5639.9Q32,426.2890.2361.90.0600.3137.5237.64,653.5285.8167.7118.1Q42,555.6863.3182.20.0235.81,249.2197.95,284.1117.6162.3-44.72017Q11,990.71,028.6294.10.0532.668.1235.14,149.21,856.580.61,775.9Q22,463.1901.6135.60.0211.543.4571.04,326.2728.3114.1614.2Q32,209.71,573.5436.30.0470.1140.3305.25,135.2271.6208.463.2Q42,844.01,419.183.00.0333.11,558.682.16,319.9-1,184.6330.6-1,515.22018Q12,386.01,008.0280.30.0841.3450.0238.85,204.42,330.497.52,232.9Q23,259.91,099.1196.20.0247.926.8235.15,064.92,080.074.32,005.7Q32,962.91,183.1470.90.0924.862.8277.25,881.8255.497.8157.6Q43,637.81,211.386.60.0309.6104.0200.45,549.83,691.6208.43,483.12019Q12,810.51,205.1213.427.0716.5424.4681.26,078.11,955.0117.11,837.8Q23,499.41,136.8194.046.3740.045.8144.85,807.11,466.1280.71,185.4Q33,406.41,465.5455.258.1621.218.2293.46,318.02,937.8231.42,706.4Q44,019.02,004.6108.762.3303.680.8629.57,208.61,949.2363.21,585.92020Q13,507.01,278.323.373.31,350.3342.8308.86,883.72,357.8154.72,203.1Q23,810.51,913.253.8833.9370.955.9408.57,446.71,317.7293.51,024.2Q33,457.61,857.6195.4374.01,343.95.5337.97,572.0-144.9310.1-455.0Q44,656.02,036.533.7207.8838.2257.0293.68,322.6533.1811.1-278.02021Q1nanananananananananana
NET ACQUISITION OF NON-FINANCIAL ASSETS FISCAL DEFICIT/ SURPLUSEnd of Period Compen.
of Employees Uses of G&S Interest Grants Social Benefits Other Expend.

TOTAL EXPENSES NET OPERATING BALANCE or STRUCTURAL DEFICIT TOTAL EXPENSESSubsidies QUARTERLY ECONOMIC REVIEW MARCH 2021 Table 24: Government Operations Funded By Donors through the Central Treasury 72 (Millions of Vatu)Grants Other revenue TOTAL REVENUECompen.
of employeesUses of G&SSubsidies Grants Social BenefitsOther ExpendituresTOTAL EXPENSESNET OPERATING BALANCENET ACQUISITION OF NON-FINANCIAL ASSETSFISCAL
DEFICIT20122,174.10.02,174.1247.11,215.40.0430.01.814.31,908.5265.6825.5-559.920131,656.90.01,656.9254.11,090.00.0219.696.432.11,692.2-35.2435.5-470.820143,298.30.03,298.3193.01,761.10.0210.90.424.72,189.91,108.4306.1802.320159,950.30.09,950.3173.82,204.00.00.06.03.02,386.97,563.40.07,563.420166,235.20.06,235.2238.52,371.40.01,207.23.10.03,820.22,415.02,491.0-76.020177,763.70.07,763.7454.73,176.60.0860.2876.10.45,368.02,395.71,552.4843.320186,100.30.06,100.3293.42,305.20.0141.7405.60.33,146.22,954.14,152.8-1,198.720196,569.20.06,569.2224.33,600.10.0117.8162.7-9.14,095.82,473.42,550.4-77.020206,782.80.06,782.8228.23,058.611.992.4278.50.83,670.33,112.55,163.8-2,051.32012Q1743.50.0743.564.4228.50.094.21.47.2395.7347.7265.482.3Q21,004.20.01,004.255.3233.60.045.60.42.2337.2667.0158.4508.6Q3186.30.0186.361.5272.30.0206.20.05.8545.7-359.4206.2-565.7Q4240.20.0240.265.9480.90.084.00.0-0.9629.9-389.7195.4-585.12013Q1269.40.0269.447.7216.10.037.8-0.118.0319.5-50.1135.4-185.5Q2852.70.0852.788.5355.70.0-4.419.81.6461.1391.694.0297.6Q3247.50.0247.561.3250.50.0184.576.47.5580.3-332.8141.1-473.9Q4287.30.0287.356.6267.70.01.70.35.0331.2-44.065.0-108.92014Q1461.80.0461.836.5179.50.032.00.29.4257.7204.115.9188.2Q2876.50.0876.551.3266.90.08.00.00.5326.7549.823.9526.0Q3244.70.0244.755.0345.20.0136.90.01.0538.0-293.360.7-354.0Q41,715.30.01,715.350.2969.50.034.00.213.81,067.6647.7205.6442.12015Q11,630.90.01,630.938.9247.80.00.01.30.0288.01,342.90.01,342.9Q24,614.20.04,614.242.1442.30.00.01.71.0487.14,127.10.04,127.1Q3811.00.0811.049
.9463.40.00.00.32.0515.6295.40.0295.4Q42,894.20.02,894.242.91,050.50.00.02.70.01,096.21,798.00.01,798.02016Q1658.90.0658.938.9353.50.030.80.0-1.9421.2237.7195.442.3Q21,989.80.01,989.854.5707.90.01,286.60.30.02,049.4-59.6478.3-537.9Q31,354.90.01,354.973.9524.50.0-206.52.81.2395.9959.0803.0156.0Q42,231.60.02,231.671.2785.50.096.30.00.7953.71,277.91,014.3263.62017Q1951.50.0951.599.3528.50.0109.5476.50.11,213.9-262.4104.5-366.9Q21,514.50.01,514.5125.9760.20.0110.9258.00.21,255.1259.4592.2-332.8Q32,965.00.02,965.0100.21,167.70.0360.1133.10.11,761.31,203.7596.4607.3Q42,332.70.02,332.7129.3720.20.0279.78.50.01,137.71,195.0259.3935.72018Q11,974.60.01,974.658.5507.20.072.1315.90.0953.71,020.91,311.1-290.2Q22,177.60.02,177.675.9782.40.06.056.90.0921.21,256.41,528.4-272.0Q31,002.70.01,002.785.6629.20.063.66.70.1785.3217.5671.9-454.4Q4945.40.0945.473.3386.40.00.026.10.2486.0459.4641.5-182.12019Q12,594.50.02,594.549.31,131.20.055.10.80.11,236.51,358.0933.9424.2Q22,548.50.02,548.560.5819.90.02.4102.00.0984.91,563.6948.4615.2Q3807.50.0807.550.5625.10.047.541.40.0764.443.0388.4-345.4Q4618.70.0618.764.01,023.90.012.818.5-9.21,110.0-491.3279.7-771.02020Q11,864.50.01,864.544.4743.61.423.07.6-1.5818.51,046.01,365.2-319.2Q22,397.80.02,397.844.1501.01.817.10.00.0564.01,833.8767.21,066.6Q31,193.30.01,193.342.6722.34.133.022.52.1826.7366.61,380.7-1,014.1Q41,327.30.01,327.397.21,091.64.519.3248.40.21,461.2-133.91,650.6-1,784.52021Q1nananananananananananananaTOTAL
REVENUE AND GRANTSTOTAL EXPENSES QUARTERLY ECONOMIC REVIEW MARCH 2021 Table 25: Vanuatu Government Bonds Outstanding 73 (Millions of Vatu) BOND HOLDERSPeriodEndedReserve Bank Commercial (1).Other FinancialOthers Total of Vanuatu Banks
CorporationOutstanding2008Q1394.0582.42,000.06.92,983.2Q2394.0482.42,099.86.92,983.0Q3394.0482.42,099.86.92,983.0Q4394.0482.41,699.85.02,581.12009Q1394.0436.71,647.45.02,483.0Q2394.0441.51,647.41.92,484.7Q3394.0441.51,647.41.92,484.7Q4394.0441.51,647.41.92,484.72010Q1394.5589.01,499.81.52,484.7Q2394.7688.71,400.01.42,484.7Q31,193.7688.71,300.02.43,184.7Q41,193.7788.31,300.02.73,284.72011Q11,143.7788.31,348.93.83,284.7Q21,292.7988.31,748.94.94,034.8Q31,292.71,088.31,748.95.04,134.9Q41,293.81,186.61,748.95.64,234.92012Q11293.81085.02,198.910.64,588.3Q21293.81085.02,898.911.55,289.2Q31293.81085.02,999.119.45,397.2Q41293.8787.03,499.143.65,623.52013Q11293.8787.03,499.143.65,623.5Q21293.9787.03,399.143.55,523.5Q31394.5987.03,499.149.35,929.8Q41696.6987.03,199.147.15,929.82014Q11896.2787.53,199.147.05,929.8Q21997.5587.53,049.157.45,691.4Q31998.0587.53,549.158.26,192.7Q41998.3587.53,549.157.96,192.72015Q11998.3587.53,549.157.96,192.7Q21998.7587.53,549.181.06,216.2Q31998.6687.53,449.189.76,224.8Q41998.9687.53,449.189.46,224.82016Q11998.6887.53,750.1122.86,759.0Q21998.9887.53,750.1122.56,759.0Q33003.7887.53,650.0140.47,681.5Q43001.1987.53,650.0138.57,777.02017Q13002.4987.53,200.0132.07,321.9Q22755.61487.53,200.0126.77,569.7Q32756.21487.53,500.0138.57,882.2Q42756.31487.53,500.0138.47,882.22018Q12512.31287.52,850.0118.06,767.8Q22513.31287.52,850.0117.06,767.8Q32512.91287.52,350.0116.26,266.5Q42512.91287.52,350.0116.26,266.52019Q12512.91287.52,350.0116.26,266.5Q22511.81287.52,100.0105.26,004.4Q32513.51287.52,100.0103.46,0
04.4Q42213.51187.52,100.092.75,593.72020Q12214.41187.52,100.091.75,593.6Q22214.41187.52,100.091.75,593.6Q32215.1887.54,800.0139.38,041.8Q42218.1887.54,800.0136.38,041.82021Q12215.4600.04,800.0136.07,751.4
QUARTERLY ECONOMIC REVIEW MARCH 2021 Table 26: Exchange Rates: Vatu per Unit of Foreign Currencies 74 Period (Yr/Mth)AustralianUSNZECU /
EuroCNYAustralianUSDollarDollarDollarDollarDollar201681.01112.2878.11117.7516.2181.80110.80201784.00106.3177.35128.4016.4683.08108.83201881.10112.6076.90130.1016.6080.10114.00201979.96114.2976.92128.0516.3679.45115.57202082.79107.7077.59132.4516.5174.63104.132016J79.58112.3472.79122.9017.0970.76106.90F79.69111.7073.92122.0117.0879.56111.46M82.21107.1474.13121.4516.5785.61114.41A81.85107.3474.71121.8916.5882.20107.24M79.74110.9874.29123.6216.8680.22109.81J81.45109.3577.80121.6616.4881.13109.65J81.90109.1077.17120.8716.4081.94108.92A81.66108.7278.48121.1716.2882.30107.91S82.38107.8678.26121.0316.1881.95108.03O82.51108.7277.74119.4416.0482.61108.40N82.24109.8178.32117.0015.9282.38109.22D81.01112.2878.11117.7516.2181.80110.802017J82.91109.1979.58116.8315.8882.20110.27F83.55108.8378.32115.2515.8583.32108.72M83.64109.4376.54116.8715.8983.47109.44A82.61110.5476.17120.5516.0483.06110.09M82.07110.0178.01123.0016.0582.20110.60J82.97107.9878.85123.5415.9282.35109.20J84.30105.8279.05123.5815.7083.44107.36A84.22106.8776.77126.7916.1784.20106.22S84.00106.3177.35126.0616.0884.20106.31O83.64108.8075.02126.7616.3883.93107.70N82.78109.3075.27129.5316.5484.31109.06D83.81107.5176.20128.4016.4683.08108.832018J84.90105.1076.99130.2916.6284.60106.10F83.60107.0077.50131.0017.0083.80106.30M83.20107.4078.35133.3817.1083.50107.10A82.70108.8577.12132.3517.2482.91107.69M83.04109.9576.02127.8317.0882.62109.71J81.97110.0675.32128.9216.8382.53110.06J82.13110.8875.83129.8016.3282.16110.96A81.90111.6975.19131.1216.4282.27111.68S81.21112.6574.5
4131.1316.3582.57112.05O80.80113.8074.80129.1016.4080.80113.60N81.75111.7075.61127.2416.8081.38112.49D81.10112.6076.90130.1016.6080.10114.002019J80.65112.7677.02128.9116.8080.70112.98F80.60112.8472.29128.3316.6080.67112.85M80.38113.6176.98127.5316.9080.28113.31A80.45114.0376.05127.5316.9480.69138.87M79.79115.4675.18128.5216.7379.88127.15J79.96114.1072.92129.7416.7379.77114.88J79.37115.4576.36128.8216.8079.99114.36A78.95117.3174.03129.7416.4278.98116.62S79.30117.2373.74128.2916.4679.45116.20O79.91115.7873.95129.1116.4179.31116.83N79.13116.7775.00128.4616.6279.53116.33D79.96114.2976.92128.0516.3679.45115.572020J78.63116.9775.94129.0616.8679.37115.55F78.25119.0275.10125.5617.0078.55117.67M75.49122.3873.59135.1517.2475.85121.75A78.17119.2173.17129.6616.8574.90121.48M78.40118.3373.33131.1216.5677.88119.76J79.54115.9074.37130.2916.4379.66115.58J80.76113.2075.21130.5216.2279.98114.75A81.80111.0874.84132.2616.1880.98112.63S80.66113.1674.53132.8616.6181.04111.60O80.00113.8075.46132.8516.9576.99107.89N81.38110.5177.46131.6616.8181.06111.61D82.79107.7077.59132.4516.5174.63104.132021J82.93107.9377.51130.8216.7483.11107.57F83.73106.3478.34129.4816.4883.22107.45M83.00109.2376.28128.0016.6283.28108.02
.EXCHANGE RATES: VATU PER UNIT OF FOREIGN CURRENCIESEnd of Period RatesAverages QUARTERLY ECONOMIC REVIEW MARCH 2021 Table 27(a): Summary of Balance of Payments 75 (Millions of
Vatu)20125,071.0-23,454.029,799.0-13,514.03,426.0-7,573.01,823.0-261.0-4,683.020134,236.0-25,309.031,317.0-13,385.03,166.0-4,244.02,122.0-396.0-2,493.020146,159.5-26,180.730,974.8-14,076.34,244.4-3,053.18,377.2-621.15,824.720154,249.0-33,704.130,291.9-19,543.64,636.7-3,202.618,053.0-524.7255.620165,444.0-34,765.033,234.3-16,369.65,999.7-4,123.314,046.5-610.62,856.120176,507.0-34,085.534,687.8-16,631.45,355.1-5,105.65,756.6-693.1-4,209.120186,941.0-33,364.440,638.9-17,358.37,144.5-4,157.014,088.5-1,649.212,284.020195,218.0-36,869.538,854.1-16,637.611,932.2-3,417.119,714.7-1,619.517,175.120205,313.7-29,215.212,785.7-15,415.412,582.1-2,240.522,335.0-2,834.73,310.62012Q11,145.0-4,872.06,183.0-3,028.0793.0-1,585.0416.0-54.0-1,002.0Q21,451.0-5,698.06,923.0-3,361.0910.0-2,001.0632.0-65.0-1,209.0Q31,290.0-6,706.08,587.0-3,497.0846.0-2,371.0377.0-62.0-1,536.0Q41,185.0-6,178.08,106.0-3,628.0877.0-1,616.0398.0-80.0-936.02013Q1766.0-5,664.06,344.0-3,328.0785.0-1,536.0644.0-118.0-2,107.0Q2749.0-6,172.07,349.0-3,285.0858.0-999.0619.0-100.0-981.0Q31,083.0-6,384.09,004.0-3,146.0684.0-980.0335.0-75.0521.0Q41,638.0-7,089.08,620.0-3,626.0839.0-729.0524.0-103.074.02014Q1847.5-5,797.16,875.3-3,346.9916.5-934.72,333.7-105.9788.4Q21,652.0-5,647.57,403.8-3,322.3979.3-678.12,169.5-316.02,240.8Q31,676.0-6,604.58,353.4-3,449.71,052.3-844.61,842.0-103.71,921.3Q41,984.0-8,131.68,342.2-3,957.41,296.2-595.72,032.1-95.6874.22015Q1821.0-6,089.35,538.7-3,777.9953.0-791.94,037.4-92.5598.4Q2944.0-10,704.47,601.7-5,243.61,012.8-679.85,412.1-130.4
-1,787.6Q31,333.0-8,190.08,701.8-5,450.21,208.1-1,008.15,019.2-130.71,483.2Q41,151.0-8,720.48,449.7-5,071.91,462.8-722.93,584.3-171.1-38.42016Q11,592.0-8,316.37,342.5-4,300.41,062.3-984.74,259.2-116.2538.5Q21,164.0-8,819.67,322.3-4,076.11,517.5-1,192.56,378.3-172.82,121.1Q31,293.0-8,943.39,218.1-4,142.92,164.9-964.01,754.7-164.7215.8Q41,395.0-8,685.99,351.4-3,850.11,255.1-982.11,654.3-156.9-19.32017Q11,217.0-7,095.57,924.9-3,659.01,053.7-1,089.61,038.3-223.3-833.5Q21,208.0-7,748.47,610.0-3,780.01,085.0-835.01,478.2-145.3-1,127.6Q31,814.0-9,138.39,528.3-4,216.41,561.0-1,557.51,704.2-187.4-492.1Q42,268.0-10,103.29,624.6-4,976.01,655.4-1,623.61,536.0-137.2-1,755.92018Q11,688.0-7,775.99,546.4-4,570.41,006.3-1,245.03,084.3-308.51,425.2Q21,832.0-8,297.69,792.6-4,469.51,632.0-1,087.03,494.2-211.72,685.0Q31,579.0-8,432.010,303.7-4,077.02,204.1-925.02,823.0-457.63,018.2Q41,842.0-8,858.810,996.1-4,241.32,302.1-900.04,687.0-671.55,155.62019Q11,212.0-6,545.69,136.2-3,596.82,316.4-852.44,179.4-662.65,186.6Q21,221.0-9,996.69,010.4-3,730.63,392.3-870.45,887.8-503.24,410.8Q31,419.0-10,910.410,366.4-4,219.92,833.4-903.94,576.3-262.62,898.2Q41,366.0-9,416.910,341.0-5,090.43,390.1-790.45,071.2-191.14,679.52020Q11,434.3-7,515.77,605.8-4,406.03,605.1-715.24,515.1-198.24,325.2Q21,057.1-6,637.91,755.2-3,781.83,201.8-662.96,054.4-2,150.3-1,164.5Q31,231.3-7,543.52,091.7-3,637.82,517.7-717.84,611.5-203.1-1,650.0Q41,591.0-7,518.21,332.9-3,589.83,257.6-144.67,154.0-283.11,799.82021Q11,293.
1-7,262.3956.0-3,305.84,587.7-608.93,763.3-218.9-795.9cr
- Creditdr - DebitGoods CreditGoods DebitServices CreditServices DebitIncome CreditIncome DebitCurrent Trans.
Cr.Current Trans.
Dr, Current Account End of Period Current Account QUARTERLY ECONOMIC REVIEW MARCH 2021 Table 27(b): Summary of Balance of Payments....Continued 76 (Millions of
Vatu)20131,986.00.01,986.046.03,101.0426.00.0-4,151.54,326.8-961.02,787.020143,082.60.03,082.643.81,294.6-990.260.013,214.36,369.41,205.321,197.020159,074.50.09,074.5165.73,378.21,081.656.01,664.4623.210,675.317,644.020165,246.50.05,246.5100.35,294.6-1,221.122.09,559.8-886.83,370.116,239.020175,292.30.05,292.3115.04,124.0-3,020.046.0-18,161.5-10,558.68,753.1-18,702.020184,373.40.04,373.4150.54,128.0-1,420.994.023,739.8-9,497.95,149.922,343.020196,933.40.06,933.4218.93,075.3-640.154.716,720.0-749.811,117.029,796.020209,373.80.09,373.8209.92,834.41,057.152.4-22,887.9-5,544.37,868.2r-11,095.1r2013Q1341.00.0341.09.01,051.0179.00.0-3,439.0-2,061.7134.0-4,127.7Q2746.00.0746.015.0772.0-521.00.0-2,679.6-334.2-352.0-3,099.8Q3383.00.0383.011.0674.0872.00.03,743.06,093.433.011,426.4Q4516.00.0516.011.0604.0-104.00.0-1,775.9629.3-776.0-1,411.62014Q1514.40.0514.49.454.4-27.020.0-1,807.91,071.1-463.9-3,434.9Q21,285.40.01,285.49.6201.5-735.77.0134.2-1,735.5736.91,672.0Q3479.00.0479.09.8397.4-109.212.05,839.31,779.799.63,650.5Q4803.80.0803.815.0641.2-118.321.09,048.75,254.1832.73,861.72015Q11,144.10.01,144.125.5549.0-231.015.0-832.11,975.41,032.5-2,544.5Q25,152.00.05,152.043.41,090.1500.014.0-1,202.7-1,229.58,284.37,750.4Q31,060.20.01,060.273.71,487.0620.022.02,315.51,631.1700.5569.6Q41,718.20.01,718.223.1252.1192.75.01,383.8-1,753.8657.93,754.12016Q1963.50.0963.525.2849.11,640.014.0771.74,806.0-5.2-3,237.5Q21,701.30.01,701.325.2246.6-1,475.118.04,446.3-813.33,223.06,768.1Q31,505.10.01,505.125.02,468.8-411.025.01,219.8-204.497
4.0-481.6Q41,076.60.01,076.625.01,730.0-975.022.03,122.0-4,675.1-821.74,273.32017Q1932.00.0932.032.01,145.0-665.011.0-1,654.6-4,470.3-536.8489.9Q21,491.40.01,491.435.0995.0-467.08.02,969.2-1,636.62,827.55,998.2Q31,920.00.01,920.020.0596.0-1,089.015.0-19,019.0-2,560.64,835.2-13,303.2Q4948.90.0948.928.01,388.0-799.012.0-457.1-1,891.11,627.2890.32018Q1816.50.0816.544.01,202.0-585.210.020,370.7-4,006.91,170.623,795.0Q21,717.50.01,717.533.01,062.0186.518.03,116.1-3,598.9-447.45,407.1Q3898.40.0898.438.1919.0909.824.0540.2417.91,535.51,662.7Q4941.00.0941.035.4945.0-1,932.042.0-287.2-2,310.02,891.22,030.42019Q11,368.60.01,368.635.0730.4-76.77.012,264.6242.41,045.712,288.8Q22,953.00.02,953.024.6839.2-214.515.83,681.22,616.63,770.73,790.4Q31,407.70.01,407.758.7886.6-31.517.0849.4-2,197.5634.02,804.5Q41,204.10.01,204.1100.7619.1-317.414.9-75.2-1,411.35,666.76,151.92020Q12,411.00.02,411.083.3727.5-553.813.73,268.9-1,9273514,335Q22,331.80.02,331.8-11.6490.1801.218.0-14,041.0-1,9442,311-9,505Q31,882.50.01,882.587.41,373.1782.111.3-11,823.3-1,510628-10,199Q42,748.50.02,748.550.8243.727.69.5-292.5-1634,5794,274r2021Q11,226.30.01,226.340.9799.744.15.9-2,701.2409-1,101-4,932dr
- DebitCapital AccountCapital & Financial AccountFinancial Account Capital Account Cr.
Capital Account Dr. Capital Account Direct Invest.

Abroad Direct Invest.

in Vanuatu Portfolio Invest.

Assets Portfolio Invest.

Liabilities Other Invest.

Assets Other Invest.
Liabilities Reserve Assets Financial Account End of Period QUARTERLY ECONOMIC REVIEW MARCH 2021 Table 27(c): Summary of Balance of Payments....Continued 77 (Millions of
Vatu)2012921.316,713.716,149.0177.091.37.4201311,167.217,436.016,835.0175.895.76.52014-9,646.118,900.118,305.1184.699.16.42015-3,799.629,755.829,148.8262.6111.08.82016-11,293.233,495.432,920.0293.2112.39.12017-6,999.542,472.041,655.0363.1108.59.720188,946.847,857.347,049.0421.1111.711.52019900.657,704.156,933.1492.4115.611.92020-2,595r66,029.465,322.1598.8109.114.02012Q1-1,969.416,449.315,885.0173.491.67.7Q2-967.816,956.216,388.1173.994.27.8Q31,355.716,984.216,422.0179.491.67.7Q42,502.816,713.716,149.0177.091.37.42013Q1-462.516,629.616,077.9175.391.77.5Q23,775.416,723.016,137.0172.093.86.7Q33,661.816,669.116,079.9165.597.27.0Q44,192.517,436.016,835.0175.895.76.52014Q1-5,056.517,004.516,415.5169.596.86.0Q298.617,746.317,162.6177.996.57.2Q3-507.017,927.617,334.0180.995.86.8Q4-4,181.218,900.118,305.1184.699.16.42015Q1-7,924.220,167.619,574.2185.3105.76.6Q25,797.228,478.827,870.9258.2108.08.1Q3-3,831.729,289.428,657.0253.6113.07.6Q42,159.229,755.829,148.8262.6111.08.82016Q1-11,891.029,649.929,063.4261.8111.07.1Q2681.133,112.732,518.0298.6108.99.2Q3-4,304.234,038.633,452.3310.0107.98.8Q44,220.933,495.432,920.0293.2112.39.12017Q11,856.433,379.232,565.0297.6109.49.3Q25,453.135,871.135,052.3324.6108.09.5Q3-14,374.840,770.039,955.0375.8106.310.7Q465.842,472.041,655.0363.1108.59.72018Q116,379.743,657.342,819.4311.6107.19.0Q21,443.443,353.142,517.6387.5109.69.3Q3-4,467.444,942.744,101.0394.7111.710.1Q4-4,408.847,857.347,049.0421.1111.711.52019Q14,997.949,222.248,663.3428.3113.612.2Q2-6,985.752,937.446,848.6409.2114.511.9
Q3-550.253,491.246,751.2398.8117.211.9Q43,438.657,704.156,933.1492.4115.611.92020Q12,066.859,332.058,520.0489.9119.513.0Q2-1,539.661,395.260,691.9523.7115.913.5Q3-3,282.461,885.961,183.6538.6113.613.0Q4160.166,029.465,322.1598.8109.114.02021Q1-2,666.964,759.364,053.9593.0108.014.0**
- Number of monthsMemorandum Items Reserves Assets Other Reserves Assets (Vatu) Other Reserves Assets (USD) Exchange rate (VT/USD) Projected**Monthly Import Cover End of Period Net Errors & Omissions QUARTERLY ECONOMIC REVIEW MARCH 2021 Table 28: International Investment Position 78 (Millions of
Vatu)20132,277.31,510.417,290.517,436.038,514.253,952.50.032,076.176,750.9-38,236.720142,331.6498.918,261.518,900.139,992.152,539.760.041,820.794,420.4-54,428.320152,503.21,593.517,096.429,755.850,949.056,209.2116.055,740.8112,066.1-61,117.120162,603.64,411.423,927.133,495.464,437.560,075.6195.059,472.5119,743.1-55,305.620172,718.61,602.442,687.742,471.889,480.463,319.3241.062,027.8125,588.1-36,107.720182,869.1626.370,906.847,857.3122,259.467,612.3335.071,985.9139,933.2-17,673.820193,088.0172.881,997.758,475.4143,733.973,152.2389.774,417.3147,959.1-4,225.320203,297.91,626.379,947.066,029.4150,900.678,392.0442.171,193.3150,027.3873.32013Q12,240.1552.017,049.816,629.636,471.555,570.50.023,260.468,663.9-32,192.5Q22,255.1533.414,373.216,723.033,884.757,161.00.022,851.869,951.6-36,066.9Q32,266.11,405.119,127.916,669.139,468.253,400.30.029,265.374,221.8-34,753.6Q42,277.31,510.417,290.517,436.038,514.253,952.50.032,076.176,750.9-38,236.72014Q12,288.81,483.412,050.417,004.532,827.153,936.020.032,801.486,757.4-53,930.4Q22,300.6714.312,422.917,746.333,184.053,992.427.032,625.686,645.0-53,461.0Q32,312.6613.314,194.817,927.635,048.151,620.639.035,241.686,901.2-51,853.1Q42,331.6498.918,261.518,900.139,992.152,539.760.041,820.794,420.4-54,428.32015Q12,359.1274.913,685.820,167.636,487.453,139.875.046,006.199,220.9-62,733.5Q22,404.4780.914,259.328,478.845,923.454,179.189.048,191.6102,459.7-56,536.3Q32,480.11,400.915,229.729,289.448,400.055,472.1111.053,084.1108,667.2-60,267.2Q42,503.21,593.517,096.429,755.850,949.056,209.2116
.055,740.8112,066.1-61,117.12016Q12,528.43,233.516,949.429,649.952,361.257,345.3130.061,482.3118,957.6-66,596.4Q22,553.65,797.420,535.933,112.761,999.655,969.9148.060,643.0116,760.8-54,761.2Q32,578.65,386.421,304.734,038.663,308.358,716.3173.062,405.0121,294.4-57,986.0Q42,603.64,411.423,927.133,495.464,437.560,075.6195.059,472.5119,743.1-55,305.62017Q12,635.63,696.422,582.133,833.262,747.360,840.1206.056,865.7117,911.8-55,164.6Q22,670.63,179.423,898.034,795.764,543.661,851.3214.054,684.4116,749.7-52,206.1Q32,690.62,401.429,889.340,770.475,751.762,090.3229.059,866.1122,185.4-46,433.7Q42,718.61,602.442,687.742,471.889,480.463,319.3241.062,027.8125,588.1-36,107.72018Q12,762.61,732.354,842.143,657.3102,994.264,499.3251.067,234.0131,984.3-28,990.1Q22,795.61,807.355,142.143,353.1103,098.065,411.3269.068,986.1134,666.4-31,568.4Q32,833.72,558.360,137.044,942.7110,471.666,385.3293.069,581.3136,259.6-25,788.0Q42,869.1626.370,906.847,857.3122,259.467,612.3335.071,985.9139,933.2-17,673.82019Q12,904.1549.675,437.149,105.2127,996.067,655.7342.072,849.4140,847.0-12,851.1Q22,928.7335.178,604.352,937.7134,805.870,839.4357.876,567.3147,764.5-12,958.8Q32,987.3303.578,701.753,491.2135,483.871,477.9374.875,200.5147,053.1-11,569.3Q43,088.0172.881,997.758,475.4143,733.973,152.2389.774,417.3147,959.1-4,225.32020Q13,171.319.086,290.159,332.0148,812.475,681.9403.476,921.8153,007.2-4,194.8Q23,159.7820.284,197.461,395.2149,572.577,831.4421.477,436.1155,688.9-6,116.3Q33,247.11,602.375,873.1
61,885.9142,608.480,324.4432.671,306.9152,063.9-9,455.4Q43,297.91,626.379,947.066,029.4150,900.678,392.0442.171,193.3150,027.3873.32021Q13,338.91,670.378,435.764,759.3148,204.279,189.0448.068,309.3147,946.4257.8
Liabilities Net Position End of Period International Investment Position AssetsLiabilities Direct Investments Portfolio Investment Other Investment Reserves Assets Assets Direct Investment Portfolio Investment Other Investment QUARTERLY ECONOMIC REVIEW MARCH 2021 Table 29: Exports 79 (Millions of
Vatu)ValueTonnesValueTonnesValueTonnesValueTonnesValueTonnesValueTonnes20121,08716,8462581,4145181,03141n.a6606431,16210,01164170505,072201345312,5082951,649327703164n.a8348194585,69155856503,65420141,48525,1944542,0254421,014425n.a8077861,0819,2083751,03106,100201574912,5843301,282344776378n.a1801488266,57050493804,24920161,73427,9334102,228318555125n.a1,2051,0515806,05622984705,44820171,81122,4441641,011178329360n.a1,2691,1508146,7502141,0985986,50620184236,9401921,05965133165n.a2,5148114023,6691759002,1056,94620192657,4262701,8417916683n.a2,9788763003,4992769772225,45220203377,794176914851546n.a2,6027731661,7393029776575,306r2012Q14346,18810401232368n.a97992081,67413113401,145Q22985,0987038113528420n.a1891843172,69618423801,451Q32533,791975391202405n.a1951872802,42320113901,290Q41021,769814541402718n.a1791733573,21812519401,1862013Q11434,022231368920515n.a16815890838154820764Q2832,438984917314210n.a223223951,689110570749Q3481,3261237246112947n.a2552521031,01216422101,022Q41794,7225129810422792n.a1881861702,15212920601,1182014Q12234,123949801834n.a1241191121,5241171170787Q25939,10215467119647223n.a2182142404,1276916001,652Q35018,8089540983185268n.a1731651941,72211025401,677Q41683,16119689683173130n.a2922885351,8358050001,9842015Q11222,013161067316321n.a64653122,241123900821Q21743,018873478224645n.a19132201,7242001160944Q33616,0317227166140273n.a47271611,6319725401,331Q4911,52215455812422739n.a50431339748347801,1532016Q14156,927656465610928n.a3973001741,8217837701,592Q24096,4373816412122329n.a1811561801,87035
17101,164Q34699,1141274375510217n.a3052861381,3803814501,295Q44415,4551809818612151n.a322309889857315401,3962017Q13684,189392087914472n.a395377908994213201,218Q26748,29337225407196n.a93331721,637296701,208Q35076,40054378244373n.a2702463102,342633851291,914Q42623,562342003571119n.a5114942421,872805144692,2672018Q1242911190143061n.a6701921301,061232684871,688Q21471,65256295152934n.a6112731161,094341826361,834Q32214,5359654729592n.a502145104965361234661,580Q4314622912771568n.a73120152549823275161,8442019Q1213542816615277-724202606724231501,212Q2822,3246738581426-758221716933120801,252Q3892,794100571368942-750217931,0776830901,487Q4731,9547571920368-746236761,0571351452221,5012020Q11212,8754022142701-48513524298821784561,428Q2861,992381957150-70020288448641051,056Q3771,8786030616274-6812132428560266441,231Q4531,0493819220421-7362231101,072112469521,5912021Q1811123158143045-41811217158788137721Source:
National Statistics OfficePrincipal ExportsCopraCocoaBeefTimberKavaCoconut OilOther Domestic ProductsOtherRe-exportsTotalEnd of Period QUARTERLY ECONOMIC REVIEW MARCH 2021 Table 30: Imports 80 (Millions of Vatu)Food and Live AnimalsBev.
And TobaccoMineral FuelsChemicalsMisc.TotalImports for Re-exportsTotal Imports
(c.i.f)20136,0691,1465104,6001242,6853,9516,8813,16531929,45020629,65620145,9051,1754705,2911072,2683,6277,9593,10928530,19623730,43320158,3611,0967434,2381412,3969,7859,4083,5775539,79819039,98820168,4491,2937573,4051412,6057,35510,3415,20342339,9721,43441,40620178,0591,4817323,8731652,6716,34411,3623,70267039,06081539,87520188,0039572,5104,8881482,4125,0749,7423,45564037,82941838,24720197,9891,3187075,3591472,3644,9838,5024,03254435,947035,94720207,5619566382,9471322,2394,8017,0683,49710829,9474,67234,6202013Q11,394236881,204245481,0061,3326571006,587356,622Q21,349.0315.0154.01,503.029.0689.0879.01,457.0731.080.07,186.038.07,224.0Q31,459.0293.0126.01,210.024.0703.01,039.01,745.0751.074.07,422.058.07,480.0Q41,867.0302.0142.0683.047.0745.01,027.02,347.01,026.065.08,251.075.08,327.02014Q11,065264811,667155658951,499617766,745156,760Q21,327.0204.095.01,301.025.0505.0686.01,642.0717.041.06,544.032.06,577.0Q31,733.0313.0152.01,077.029.0574.0945.01,850.0794.0111.07,578.0146.07,723.0Q41,780.0394.0142.01,246.038.0624.01,101.02,968.0981.057.09,331.044.09,375.02015Q11,4062711021,352334541,1931,658661387,167257,192Q22,993.3240.1236.81,276.933.4640.64,261.12,041.9896.65.412,626.194.512,720.6Q31,751.3269.9203.9789.224.7621.82,182.62,990.7866.12.09,702.236.39,738.5Q42,210.6314.4200.4820.349.5679.82,147.92,717.51,152.69.910,302.934.210,337.12016Q12,587327114733335051,4903,04168429,51469310,207Q21,721.0298.9173.8635.031.0757.42,320.22,346.11,586.128.69,898.1537.010,435.1Q31,975.0317.6220.4823.038.0631.81,791.82,436.21,867.52
67.410,368.6152.010,520.6Q42,165.8350.5248.51,214.538.7711.41,753.22,517.91,065.9125.210,191.752.010,243.72017Q11,531.3473154590216661,5062,2448202108,216608,276Q21,770.9321.3145.71,423.943.6655.31,572.62,152.2809.7133.69,028.739.09,067.7Q32,089.7285.2246.7781.650.6644.41,598.73,863.61,008.4151.810,720.642.010,762.6Q42,667.4401.5185.41,077.049.8705.41,667.33,101.91,064.5174.511,094.7674.011,768.72018Q11,494.43041,2891,013245061,0722,1057821778,7672118,978Q21,846.0278.0494.51,016.131.3668.91,201.92,901.8775.0146.09,359.5207.09,566.5Q32,176.1375.0530.41,071.738.5630.51,522.32,377.7917.6139.79,779.50.09,779.5Q42,486.10.0196.01,788.054.0606.01,277.02,358.0981.0177.09,923.10.09,923.12019Q11,5742531281,308225031,1671,6957241267,49907,499Q21,802.0299.0192.01,288.026.0599.01,190.02,246.0677.0110.08,430.00.08,430.0Q32,197.0288.0176.01,526.040.0575.01,188.02,035.0938.0139.09,102.00.09,102.0Q42,416.0478.0211.01,237.059.0687.01,438.02,526.01,693.0169.010,916.00.010,916.02020Q11,602307135885186111,1041,610857.5427,1711,5258,696Q21,704.0202.0169.0931.023.0491.01,214.01,338.0708.011.56,791.51,145.07,936.5Q32,031.0207.0161.0755.052.0612.01,248.02,057.4957.434.08,114.8900.09,014.8Q42,224.0240.0173.0376.039.0525.01,235.02,063.0974.021.07,870.01,102.08,972.02021Q11,277.0308.0117.01,376.035.0484.0994.02,255.0857.489.47,792.81,013.68,806.4Source:
National Statistics OfficeCrude Mtrls, Excl.FuelsAnimal, Veg., and Oil FatsBasic Manufact.Mach.
and Transpt.
Equip.Goods not SpecifiedEnd of PeriodImports for Home Consumption QUARTERLY ECONOMIC REVIEW MARCH 2021 Table 31: Exports by country of Consignment 81 (Millions of Vatu) 201354 225 859 311 9 147 - 652 1,397 3,654 201496 233 1,743 451 24 198 - 536 2,820 6,100 201542 209 1,145 106 5 282 - 396 2,063 4,249 2016217 106 948 491 4 167 - 477 3,038 5,448 201738 100 411 440 4 235 - 683 3,997 5,908 201888 43 399 442 - 116 - 766 2,986 4,840 2019181 41 413 526 21 192 - 1,112 2,741 r5,227 202025 50 235 557 17 227 - 844 r2,696 r4,651 2013Q18 65 163 57 8 25 - 147 291 764 Q28 61 153 51 - 24 - 126 326 749 Q322 52 263 95 1 52 - 173 364 1,022 Q416 47 280 108 - 46 - 206 416 1,118 2014Q113 31 142 45 6 36 - 94 421 787 Q227 134 341 115 11 36 - 131 858 1,652 Q336 25 363 64 4 66 - 207 911 1,677 Q419 42 896 226 3 61 - 105 630 1,984 2015Q14 53 389 28 - 26 - 43 278 1,226 Q217 38 279 45 2 17 - 59 487 944 Q311 25 250 15 2 215 - 260 554 1,331 Q410 94 227 18 2 23 - 34 744 1,153 2016Q1178 14 241 246 2 16 - 94 803 1,594 Q218 17 411 53 - 91 - 174 397 1,162 Q36 27 205 83 - 21 - 95 858 1,295 Q415 48 91 109 2 38 - 114 979 1,398 2017Q115 52 73 100 2 70 - 139 766 1,217 Q22 33 46 12 1 16 - 72 1,025 1,207 Q311 13 85 213 1 111 - 101 1,149 1,684 Q410 2 207 115 - 38 - 371 1,057 1,800 2018Q119 7 71 85 - 10 - 232 777 1,201 Q256 8 117 96 - 15 - 168 738 1,198 Q37 20 86 117 - 29 - 181 673 1,113 Q46 8 125 144 - 62 - 185 798 1,328 2019Q1142 7 88 31 12 22 - 238 670 1,210 Q221 - 128 144 4 38 - 302 615 1,252 Q313 17 112 175 - 59 - 309 801 1,486 Q45 17 85 176 5 73 -
 263 655 1,279 2020Q13 26 68 71 5 52 - 164 584 973 Q211 - 27 131 2 72 - 261 447 952 Q37 16 29 184 6 12 - 171 761 1,187 Q44 8 111 171 4 91 - 247 903 1,539 2021Q120 - 38 71 2 33 80 439 684 Source: National Statistics OfficeEnd of Period EEC Countries JapanAustraliaNew Caledonia South KoreaNew Zealand BangladeshOther MSGOthers Total QUARTERLY ECONOMIC REVIEW MARCH 2021 Table 32: Imports by Country of Consignment 82 (Millions of Vatu)
20138,0343,6851,1261,1982,7823345474,5727,16829,44620148,9283,6047551,1502,7974466595,2646,59430,19720159,0454,8811,6529293,7606219484,35813,60339,79820169,1564,6142,2482,0644,7235231,1023,32612,21539,97220178,6274,7831,2671,0224,1096991,3164,35312,88739,06120189,3244,4371,7891,0412,7337512,0026,2419,86638,18420197,8944,2461,0961,0193,1004851,7266,6029,78035,94520206,4093,9989716903,6083439593,5169,45329,9472013Q11,80473933018065266961,1921,5276,587Q21,991934165275644781771,4601,4637,186Q32,0489133722246431051071,1961,8147,422Q42,1911,099259519843851677242,3648,2512014Q11,72668316328847760541,6501,6436,745Q21,559837308223637801241,4151,3616,544Q32,2371,0241554138402273018641,5167,578Q43,4051,061128226843791801,3352,0749,3312015Q11,7147732971856662191091,3381,8657,167Q22,3881,1842131711,2061452071,3115,80212,626Q32,4261,4522541688871402098143,3529,702Q42,5171,4728884051,0011174248962,58310,3032016Q12,1589382651,3367221322607102,9929,514Q22,3201,0861,0922199471383245823,1909,898Q32,5741,2154782571,9491281858782,70410,369Q42,1041,3764122521,1051253331,1563,32910,1922017Q11,7971,1262992869631253585582,7068,216Q21,7669803062231,0252452091,5052,7709,029Q32,5171,3383221911,0281203538973,95510,721Q42,5471,3393403221,0932093961,3933,45611,0952018Q12,887854501156648952111,1552,2608,767Q21,8031,1555122818113492071,3162,9259,359Q32,4361,3623512431,0141543341,1512,7349,780Q42,1981,0664253612601531,2502,6181,94610,2782019Q11,515751238411181739192,0331,3787,499Q21,8811,1452881999871452301,3792,1778,429Q31,9971,03535818681514
42881,7492,5299,102Q42,5011,3152122231,1171232891,4413,69610,9152020Q11,675979172223786772989422,0207,171Q21,432911197181898961381,1641,7756,791Q31,71993524382938822049692,9448,115Q41,5831,173359204986883194422,7157,8702021Q11,888681542288111772671,4932,4457,793Source:
National Statistics OfficeHong KongSingaporeOthers TotalEnd of PeriodAustraliaNew Zealand JapanFrance FijiNew Caledonia QUARTERLY ECONOMIC REVIEW MARCH 2021 Table 33(a): Company Registration in
 Vanuatu 83
20132,046.053.034.04,210.06,343.00.00.00.00.00.00.06,343.020141,799.050.028.05,820.07,697.00.00.00.00.00.00.07,697.020151,834.00.029.05,590.07,453.02,602.0633.00.00.00.03,235.010,688.020161,840.00.029.04,625.06,494.02,608.0633.00.00.00.03,241.09,735.020171,674.00.025.04,530.06,229.02,559.0221.00.00.00.02,780.09,009.020181,748.00.026.04,589.06,363.02,838.0273.012.05.03.03,133.09,496.020191,877.00.028.04,545.06,450.02,840.0313.013.05.02.03,175.09,625.020201,831.00.033.01,438.03,302.03,155.0333.013.05.02.02.03,510.06,812.02013Q11,996.00.037.03,186.05,219.00.00.00.00.00.00.05,219.0Q22,042.00.033.03,706.05,781.00.00.00.00.00.00.05,781.0Q32,086.00.036.04,824.06,946.00.00.00.00.00.00.06,946.0Q42,046.053.034.04,210.06,343.00.00.00.00.00.00.06,343.02014Q11,679.053.029.04,657.06,418.00.00.00.00.00.00.06,418.0Q21,726.051.030.05,026.06,833.00.00.00.00.00.00.06,833.0Q31,759.051.028.05,557.07,395.00.00.00.00.00.00.07,395.0Q41,799.050.028.05,820.07,697.00.00.00.00.00.00.07,697.02015Q11,824.046.029.06,166.08,065.01,974.0584.03.00.03.02,564.010,629.0Q21,823.021.029.06,228.08,101.02,281.0597.00.00.00.02,878.010,979.0Q31,835.00.029.06,316.08,180.02,474.0615.00.00.00.03,089.011,269.0Q41,834.00.029.05,590.07,453.02,602.0633.00.00.00.03,235.010,688.02016Q11,834.00.029.04,791.06,654.02,606.0633.00.00.00.03,239.09,893.0Q21,834.00.029.04,823.06,686.02,606.0633.00.00.00.03,239.09,925.0Q31,839.00.029.04,373.06,241.02,610.0633.00.00.00.03,243.09,484.0Q41,840.00.029.04,625.06,494.02,608.0633.00.00.00.03,241.09,735.02017Q11,633.00.029.04,90
4.06,566.02,443.0212.00.00.00.02,655.09,221.0Q21,629.00.029.05,084.06,742.02,398.0206.00.00.00.02,604.09,346.0Q31,616.00.022.04,635.06,273.02,349.0199.00.00.00.02,548.08,821.0Q41,674.00.025.04,530.06,229.02,559.0221.00.00.00.02,780.09,009.02018Q11,734.00.027.03,543.05,304.02,818.0217.011.05.01.03,052.08,356.0Q21,748.00.024.03,559.05,331.02,891.0244.011.05.02.03,153.08,484.0Q31,744.00.024.03,654.05,422.02,861.0254.011.05.02.03,133.08,555.0Q41,748.00.026.04,589.06,363.02,838.0273.012.05.03.02.0r3,133.09,496.
02019Q11,784.00.026.04,706.06,516.02,993.0264.013.05.02.02.0r3,279.09,795.0Q21,844.00.029.04,751.06,624.02,899.0288.013.05.02.02.03,209.09,833.0Q31,883.00.029.04,488.06,400.02,971.0288.013.05.02.02.03,281.09,681.0Q41,877.00.028.04,545.06,450.02,840.0313.013.05.02.02.03,175.09,625.02020Q11,897.00.026.04,149.06,072.03,128.0301.013.05.02.02.03,451.09,523.0Q21,876.00.027.03,268.05,171.02,964.0319.013.05.02.02.03,305.08,476.0Q31,849.00.031.02,849.04,729.03,096.0323.013.05.02.02.03,441.08,170.0Q41,831.00.033.01,438.03,302.03,155.0333.013.05.02.02.03,510.06,812.02021Q11,897.00.026.04,149.06,072.03,128.0301.013.05.02.02.03,451.09,523.0Source:
Vanuatu Financial Services CommissionEnd of Period Type of companyType of BuisnessesGrandPart A: Number of Companies on the Registry at end of each Year/QuarterCharitable Associations FoundationCredit Unions Trade Unions TotalTotalLocalExemptOverseasInternational Companies TotalBuisiness Names Partnership Act QUARTERLY ECONOMIC REVIEW MARCH 2021 Table 33(b): Company Registration in Vanuatu 84
 201327.01.00.0746.0774.00.00.00.00.00.00.0774.0201429.00.00.0388.0417.00.00.00.00.00.00.0417.020151.00.00.0117.0118.04.00.00.00.00.04.0122.020160.00.00.0219.0219.00.00.00.00.00.00.0219.0201780.03.00.032.0115.00.00.00.00.00.00.0115.0201860.02.00.014.076.0238.024.01.00.01.0264.0340.02019-6.0-1.00.057.050.0-131.025.00.00.00.0-106.0-56.02020-18.02.00.0-1,411.0-1,427.059.010.00.00.00.069.0-1,358.02013Q126.00.00.0310.0336.00.00.00.00.00.00.0336.0Q266.00.00.0503.0569.00.00.00.00.00.00.0569.0Q347.00.00.01,098.01,145.00.00.00.00.00.00.01,145.0Q427.01.00.0746.0774.00.00.00.00.00.00.0774.02014Q145.01.00.0739.0785.00.00.00.00.00.00.0785.0Q251.00.00.0686.0737.00.00.00.00.00.00.0737.0Q357.00.00.0643.0700.00.00.00.00.00.00.0700.0Q429.00.00.0388.0417.00.00.00.00.00.00.0417.02015Q129.02.00.0504.0535.0301.019.02.00.00.0322.0535.0Q233.00.00.088.0121.0200.018.00.00.00.0218.0121.0Q326.00.00.0137.0163.0129.018.00.00.00.0147.0163.0Q41.00.00.0117.0118.04.00.00.00.00.04.0118.02016Q10.00.00.0101.0101.00.00.00.00.00.00.0101.0Q20.00.00.0184.0184.00.00.00.00.00.00.0184.0Q30.00.00.0195.0195.00.00.00.00.00.00.0195.0Q40.00.00.0219.0219.00.00.00.00.00.00.0219.02017Q148.00.00.0260.0308.00.00.00.00.00.00.0308.0Q266.00.00.0147.0213.00.00.00.00.00.00.0213.0Q365.00.00.062.0127.00.00.00.00.00.00.0127.0Q480.03.00.032.0115.00.00.00.00.00.00.0115.02018Q160.02.00.032.094.0343.07.00.00.00.0350.0444.0Q288.00.015.015.0118.0265.033.00.00.01.0299.0417.0
Q3000Q460.02.00.014.076.0238.024.01.00.01.0264.0340.02019Q178.00.00.082.0160.0375.020.01.00.00.0396.0556.0Q2603045108-9424000-7038Q33900-263-22472000072-152Q4-6-105750-13125000-106-562020Q120-20-396-378288-12000276-102Q2-2110-881-901-16418000-146-1,047Q3-4850-1,300-1,343-3222000-10-1,353Q4-1820-1,411-1,427591000069-1,3582021Q166072,7112,770-27-32000-592,711Source: Vanuatu Financial Services Commission** Starting from Q12018 this tables is modified as per the Source Data.
End of Period Local Companies Overseas Companies Exempt Companies of Which: Banks International Companies Grand Total PART B: Company Registration During Individual Year/QuarterType of companyType of BuisnessesBuisiness Names Charitable Associations FoundationCredit Unions Trade Unions TotalTotal QUARTERLY ECONOMIC REVIEW MARCH 2021 Table 33(c): Company Registration in Vanuatu 85 ('VT million)2014Q11.00.013.00.00.00.00.00.0Q21.00.013.00.00.00.00.00.0Q31.00.015.00.00.00.00.00.0Q41.00.015.00.00.00.00.00.02015Q11.00.015.00.00.00.00.030.2Q21.039.015.00.00.00.00.041.5Q31.038.015.00.00.00.00.045.7Q41.038.015.00.00.00.00.0100.22016Q11.038.015.00.00.00.00.086.6Q21.038.015.00.00.00.00.041.4Q31.038.015.00.00.00.00.048.4Q41.038.015.00.00.00.00.038.02017Q11.038.015.00.00.00.00.071.6Q21.048.015.00.00.00.00.097.5Q30.00.013.00.00.00.00.042.4Q40.00.013.00.00.00.00.058.22018Q10.00.013.038.016.09.00.052.6Q20.00.010.032.09.06.03.087.9Q3nanananananana45.3Q40.00.014.041.016.010.03.056.52019Q10.00.012.036.011.08.03.049.0Q20.00.010.036.011.08.03.067.3Q30.00.09.033.011.011.02.077.4Q40.00.09.033.012.011.02.060.92020Q10.00.09.032.012.011.02.069.5Q20.00.09.032.012.011.02.078.9Q30.00.09.034.012.012.02.048.7Q40.00.09.034.012.013.02.046.12021Q10.00.09.034.012.013.02.026.9Source: Vanuatu Financial Services Commission** Starting from Q12018 this tables is modified as per the Source Data.
Stamp DutiesOf Which Hold Licenses as:End of Period Exempt Financial InstitutionsInsurance Companies Company Trust Service Providers Directors License General Company Service Provider Limited Company Service Provider Special Trust License QUARTERLY ECONOMIC REVIEW MARCH 2021 Table 34: Visitor Arrivals 86
(Number)2013110,109.0247,296.0357,405.0613.089,253.07,755.09,079.03,409.00.02014108,808.0220,205.0329,013.01,022.086,239.07,672.08,007.05,868.00.0201589,952.0197,471.0287,423.0336.063,625.08,495.08,687.08,809.00.0201695,117.0256,482.0351,599.0551.071,088.08,300.08,521.06,657.00.02017109,108.0223,551.0332,659.0897.083,407.08,937.08,337.07,530.00.02018115,634.0234,567.0350,201.0645.091,726.08,616.07,552.07,095.00.02019120,628.0135,357.0255,985.0524.095,849.08,764.08,059.07,432.00.0202021,965.060,401.082,366.0448.017,166.01,445.01,085.01,821.00.02013Q119,520.065,678.085,198.0136.015,303.01,627.02,139.0315.00.0Q227,538.066,655.094,193.0123.022,055.01,846.02,512.01,002.00.0Q334,248.045,771.080,019.0218.028,311.02,187.02,430.01,102.00.0Q428,803.069,192.097,995.0136.023,584.02,095.01,998.0990.00.02014Q119,832.067,627.087,459.0145.015,996.01,357.01,425.0909.00.0Q225,533.055,660.081,193.085.020,671.01,684.02,296.0797.00.0Q334,599.040,144.074,743.0482.027,648.02,272.02,267.01,930.00.0Q428,844.056,774.085,618.0310.021,924.02,359.02,019.02,232.00.02015Q118,750.052,256.071,006.034.012,447.01,674.01,921.02,674.00.0Q218,654.029,171.047,825.074.011,542.02,128.02,406.02,504.00.0Q327,592.048,954.076,546.0141.020,881.02,381.02,296.01,893.00.0Q424,956.067,090.092,046.087.018,755.02,312.02,064.01,738.00.02016Q116,908.086,867.0103,775.057.013,156.01,332.01,146.01,217.00.0Q220,983.050,656.071,639.0163.015,195.01,863.02,339.01,423.00.0Q330,355.042,470.072,825.0176.022,699.02,656.02,649.02,175.00.0Q426,871.076,489.0103,360.0155.020,03
8.02,449.02,387.01,842.00.02017Q120,923.069,418.090,341.0218.015,404.01,859.01,875.01,567.00.0Q225,614.042,198.067,812.0250.019,458.02,292.02,187.01,427.00.0Q331,233.045,603.076,836.0277.024,982.02,109.02,018.01,847.00.0Q431,338.066,332.097,670.0152.023,563.02,677.02,257.02,689.00.02018Q123,512.087,174.0110,686.0146.018,307.01,919.01,520.01,620.00.0Q228,619.053,847.082,466.0146.022,445.02,109.02,023.01,896.00.0Q333,582.042,045.075,627.0191.027,157.02,246.02,177.01,811.00.0Q429,921.051,501.081,422.0162.023,817.02,342.01,832.01,768.00.02019Q122,409.036,526.058,935.028.017,483.01,752.01,691.01,455.00.0Q228,411.024,755.053,166.012.022,181.02,277.02,000.01,941.00.0Q336,587.026,820.063,407.041.029,425.02,569.02,392.02,160.00.0Q433,221.047,256.080,477.0443.026,760.02,166.01,976.01,876.00.02020Q121,965.060,401.082,366.0448.017,166.01,445.01,085.01,821.00.0Q20.00.00.00.00.00.00.00.00.0Q30.00.00.00.00.00.00.00.00.0Q40.00.00.00.00.00.00.00.00.02021Q10.00.00.00.00.00.00.00.00.0Source:
National Statistics OfficeEnd of PeriodNon-Resident Visitors by Mode of TravelAir Arrivals by Purpose of VisitAir CruiseshipTotal Stop-over HolidayVisiting Friends Business /Meetings Other Purpose Not Stated QUARTERLY ECONOMIC REVIEW MARCH 2021 Table 35: Visitor Arrivals by Country of Origin 87
(Number)201365,776.015,068.012,515.04,874.05,544.02,614.0659.01,062.01,997.00.0110,109.0201460,808.016,293.012,756.06,630.05,591.02,373.0763.01,563.02,031.00.0108,808.0201546,098.013,422.010,567.05,953.05,839.02,962.0633.02,182.02,296.00.089,952.0201649,752.010,931.09,681.05,705.010,067.02,893.0903.02,736.02,449.00.095,117.0201757,384.011,554.015,826.07,147.06,801.03,016.01,076.03,612.02,692.00.0109,108.0201860,616.013,432.015,105.06,545.08,023.03,347.0963.04,007.03,596.00.0115,634.0201963,122.015,085.014,738.06,560.08,992.03,120.01,107.04,671.03,233.00.0120,628.0202011,248.01,819.03,778.01,241.01,728.0692.0171.0680.0608.00.021,965.02013Q111,444.01,768.03,024.01,015.01,092.0424.094.0242.0417.00.019,520.0Q216,511.03,854.03,068.01,276.01,326.0666.0159.0220.0458.00.027,538.0Q320,532.06,104.02,762.01,286.01,725.0731.0202.0272.0634.00.034,248.0Q417,289.03,342.03,661.01,297.01,401.0793.0204.0328.0488.00.028,803.02014Q111,413.01,696.03,182.01,103.01,078.0541.0123.0319.0377.00.019,832.0Q214,410.04,270.02,834.01,045.01,225.0629.0175.0461.0484.00.025,533.0Q319,094.07,044.02,876.02,005.01,631.0652.0258.0382.0657.00.034,599.0Q415,891.03,283.03,864.02,477.01,657.0551.0207.0401.0513.00.028,844.02015Q19,478.01,574.03,018.01,605.01,207.0599.0186.0528.0555.00.018,750.0Q29,199.02,662.02,069.01,446.01,453.0675.0122.0429.0599.00.018,654.0Q314,012.05,868.02,468.01,320.01,658.0834.0189.0630.0613.00.027,592.0Q413,409.03,318.03,012.01,582.01,521.0854.0136.0595.0529.00.024,956.02016Q18,269.01,359.01,573.01,149.02,670.0624.0186.0575.05
03.00.016,908.0Q210,563.02,385.02,253.01,254.02,478.0674.0174.0660.0542.00.020,983.0Q316,554.04,393.02,717.01,619.02,472.0835.0320.0709.0736.00.030,355.0Q414,366.02,794.03,138.01,683.02,447.0760.0223.0792.0668.00.026,871.02017Q110,370.01,346.03,743.01,456.01,567.0601.0206.0956.0678.00.020,923.0Q213,605.02,831.03,668.01,441.01,563.0799.0234.0850.0623.00.025,614.0Q317,206.04,262.03,713.01,580.01,788.0804.0371.0948.0561.00.031,233.0Q416,203.03,115.04,702.02,670.01,883.0812.0265.0858.0830.00.031,338.02018Q111,631.01,708.04,367.01,558.01,525.0699.0186.01,023.0815.00.023,512.0Q214,897.03,225.03,879.01,682.01,774.0962.0254.01,011.0935.00.028,619.0Q317,457.05,276.03,212.01,643.02,595.0935.0317.01,079.01,068.00.033,582.0Q416,631.03,223.03,647.01,662.02,129.0751.0206.0894.0778.00.029,921.02019Q111,855.01,881.03,658.01,418.01,392.0590.0189.0941.0485.00.022,409.0Q214,639.03,459.03,404.01,666.02,345.0730.0214.01,109.0845.00.028,411.0Q319,169.05,918.03,415.01,728.02,562.0868.0412.01,436.01,079.00.036,587.0Q417,459.03,827.04,261.01,748.02,693.0932.0292.01,185.0824.00.033,221.02020Q111,248.01,819.03,778.01,241.01,728.0692.0171.0680.0608.00.021,965.0Q20.00.00.00.00.00.00.00.00.00.00.0Q30.00.00.00.00.00.00.00.00.00.00.0Q40.00.00.00.00.00.00.00.00.00.00.02021Q10.00.00.00.00.00.00.00.00.00.00.0Source:
National Statistics OfficeEnd of PeriodAir Arrivals by Country of Origin Australia New Zealand New Caledonia Other Pacific Europe North America JapanChina Other Countries Not Stated Total QUARTERLY ECONOMIC REVIEW MARCH 2021 Table 36: Consumer Price Indices (Relative to the previous quarter) 88 Percent
(%)20130.50.6-0.10.00.00.0-0.2-2.30.00.0-0.30.120140.2-0.10.41.03.1-0.1-0.5-1.9-0.10.0-0.10.42015-0.40.30.51.02.20.00.00.00.10.0-0.80.120161.10.0-0.20.20.1-3.71.1-1.10.00.0-1.30.320170.4-0.10.8-1.10.80.00.0-0.90.00.00.30.120180.2-0.10.80.20.50.0-0.20.10.00.01.10.220191.4-0.10.60.40.00.0-0.5-0.40.10.0-1.00.620202.21.6-3.3-0.71.70.9-0.41.2-1.70.00.41.12013Q11.00.10.62.30.10.40.80.90.82.3-0.71.1Q20.30.32.60.6-0.30.0-1.5-2.00.10.42.10.2Q30.20.11.20.0-0.2-0.40.1-0.90.20.00.40.1Q40.50.6-0.10.00.00.0-0.2-2.30.00.0-0.30.12014Q10.70.00.30.00.00.00.1-1.00.10.50.20.3Q20.40.31.7-0.7-0.10.30.11.40.30.10.50.1Q30.10.20.50.40.60.10.1-0.30.90.10.00.2Q40.2-0.10.41.03.1-0.1-0.5-1.9-0.10.0-0.10.42015Q1-0.50.00.20.91.60.0-0.20.10.13.50.00.2Q212.6-0.1-0.1-0.4-0.30.0-0.40.30.00.0-0.14.8Q3-9.70.44.40.62.50.01.31.7-0.70.0-1.3-3.5Q4-0.40.30.51.02.20.00.00.00.10.0-0.80.12016Q12.3-0.2-1.4-2.80.70.40.00.0-0.24.7-0.10.7Q21.4-0.1-2.2-1.1-0.4-0.90.00.00.00.0-0.10.2Q32.3-0.1-0.60.20.6-0.10.00.00.00.00.10.9Q41.10.0-0.20.20.1-3.71.1-1.10.00.0-1.30.32017Q11.40.2-0.5-1.02.30.5-0.70.40.13.2-1.00.7Q22.40.00.30.82.50.00.3-1.10.10.00.31.3Q32.10.1-0.21.50.50.00.0-0.50.00.00.11.2Q40.4-0.10.8-1.10.80.00.0-0.90.00.00.30.12018Q10.82.80.51.20.50.34.14.61.2-11.11.40.7Q20.90.10.10.40.1-0.50.30.20.70.0-0.20.5Q31.1-0.10.5-0.10.40.20.30.10.00.0-0.30.6Q40.2-0.10.80.20.50.0-0.20.10.00.01.10.22019Q11.50.6-0.71.11.20.30.30.2-0.70.41.60.9Q21.70.0-0.1-0.9-0.20.00.10.90.00.0-0.70.7Q32.50.0-0.40.10.10.50.80.00.00.00.11.2Q41.4-0.10.60.40.00.0-0.5-0.40.10.0-1.00.62020Q11
.00.60.40.00.00.20.3-0.60.30.4-1.00.5Q26.8-0.22.9-0.3-0.60.01.1-0.54.20.00.83.2Q33.22.1-0.80.5-0.30.0-1.00.41.10.00.01.7Q42.21.6-3.3-0.71.70.9-0.41.2-1.70.00.41.12021Q1-0.80.2-0.7-0.80.9-0.80.10.10.00.3-0.4-0.5Source:
Vanuatu Statistics OfficeN/A - Not availableNote - All figures have been revised from 2007 to 2011.
Groups have been seperated as according to VNSO standard reporting.

Data not available in this quarter will be updated in September quarter tables.

For more information please contact VNSO.
ALL GROUPS End of Period Drinks & Tabacco Clothing etcFoodRent, Water, Electricity TransportCommuni-cationHousehold Supplies RecreationHealthEducationMiscella-neous QUARTERLY ECONOMIC REVIEW MARCH 2021 Table 37: Consumer Price Indices (Relative to the same quarter in the previous year) 89 Percent
(%)20132.01.14.42.9-0.40.0-0.7-4.31.12.71.51.520141.40.42.90.63.60.3-0.2-1.81.20.60.61.120150.70.65.12.06.10.00.72.1-0.53.5-2.21.520167.3-0.3-4.3-3.61.0-4.31.1-1.1-0.24.7-1.42.120176.40.20.50.26.30.5-0.5-2.00.23.2-0.43.320183.12.82.01.71.40.04.45.11.9-11.12.01.920197.20.6-0.50.71.00.80.60.7-0.60.40.03.5202013.84.2-0.9-0.40.81.1-0.10.43.80.40.26.62013Q11.50.54.90.50.00.81.94.3-0.62.14.51.4Q21.30.45.42.5-0.30.90.31.80.52.74.01.5Q31.20.54.73.0-0.50.3-0.50.41.12.74.41.4Q42.01.14.42.9-0.40.0-0.7-4.31.12.71.51.52014Q11.81.04.10.6-0.6-0.4-1.5-6.00.40.82.40.7Q21.81.03.1-0.7-0.3-0.10.1-2.80.60.50.90.6Q31.71.12.4-0.40.50.40.1-2.21.30.60.40.8Q41.40.42.90.63.60.3-0.2-1.81.20.60.61.12015Q10.10.42.81.55.20.3-0.5-0.81.23.70.41.0Q212.30.11.01.85.10.0-0.9-1.90.93.6-0.25.7Q31.30.24.92.07.0-0.10.30.1-0.73.5-1.51.8Q40.70.65.12.06.10.00.72.1-0.53.5-2.21.52016Q13.60.33.4-1.85.20.40.92.0-0.84.7-2.32.0Q2-6.60.41.3-2.45.0-0.51.31.7-0.84.7-2.3-2.5Q35.7-0.1-3.6-2.83.1-0.60.00.0-0.14.7-0.91.9Q47.3-0.3-4.3-3.61.0-4.31.1-1.1-0.24.7-1.42.12017Q16.30.1-3.4-1.72.7-4.10.4-0.70.13.2-2.32.1Q27.30.1-1.00.25.7-3.30.7-1.80.23.2-2.03.3Q37.10.2-0.51.55.6-3.20.7-2.20.23.2-2.03.6Q46.40.20.50.26.30.5-0.5-2.00.23.2-0.43.32018Q15.82.81.42.44.40.34.42.11.3-11.12.03.3Q24.32.91.32.01.9-0.24.33.41.9-11.11.52.4Q33.32.82.00.31.70.04.64.11.9-11.11.21.8Q43.12.82.01.71.40.04.45.11.9-11.12.01.92019Q13.80.60.71.62.10.00.60.70.00.42.22.1Q24.60.50.50.31.80.50.41.3-0.70.41.72.4Q36.00.6-0.40.51.50.81.01.2-0.70.42.13.0Q47.20.6-0.50.71.00.80.60.7-0.60.40.03.52020Q16.70.50
.5-0.4-0.20.70.6-0.10.40.4-2.53.1Q212.10.43.50.1-0.50.71.6-1.54.60.4-1.15.6Q312.92.53.10.6-0.90.2-0.3-1.25.70.4-1.16.1Q413.84.2-0.9-0.40.81.1-0.10.43.80.40.26.62021Q111.73.8-1.9-1.31.70.1-0.31.13.50.30.85.5Source:
Vanuatu Statistics OfficeN/A - Not AvailableNote - All figures have been revised from 2007 to 2011.
Groups have been seperated as according to VNSO standard reporting.

Data not available in this quarter will be updated in September quarter tables.

For more information please contact VNSO.
ALL GROUPS End of Period FoodDrinks & Tabacco Clothing etcRent, Water, Electricity TransportCommuni-cationHousehold Supplies RecreationHealthEducationMiscella-neous QUARTERLY ECONOMIC REVIEW MARCH 2021 Table 38(a): Consumer Price Indices by Region (Relative to the previous quarter) 90 Percent (%)GroupRegionPort VilaLuganvillePort VilaLuganvillePort VilaLuganvillePort VilaLuganvillePort VilaLuganvillePort
VilaLuganville20130.6-0.10.70.00.0-0.40.00.0-0.1-0.10.00.020140.5-0.70.00.00.30.51.1-0.1-0.3-1.53.6-0.22015-0.60.50.20.60.31.10.81.30.30.42.41.620161.8-1.60.00.0-0.2-0.10.20.00.1-0.30.41.420171.1-2.60.0-0.30.61.2-1.40.50.1-0.30.90.020180.30.10.0-0.20.42.50.5-1.5-0.30.20.50.620192.2-2.60.0-0.10.9-0.30.5-0.2-0.60.00.00.0202024.0-11.4-1.8-0.99.80.20.1-7.9-0.521.2-2.92.22013Q10.81.5-0.10.30.31.92.60.61.00.00.6-2.5Q20.21.00.21.01.95.50.60.3-2.54.10.2-3.5Q30.20.40.10.41.7-0.40.00.00.10.1-0.30.2Q40.6-0.10.70.00.0-0.40.00.0-0.1-0.10.00.02014Q10.80.30.00.00.01.20.00.00.00.40.00.0Q20.40.40.30.32.00.0-0.80.0-0.11.6-0.63.1Q30.10.20.5-0.90.70.30.21.10.1-0.40.60.5Q40.5-0.70.00.00.30.51.1-0.1-0.3-1.53.6-0.22015Q1-0.5-0.70.1-0.40.30.01.00.1-0.41.31.14.1Q215.31.60.0-0.50.0-0.7-0.50.2-0.5-0.4-0.40.9Q3-11.4-1.70.40.45.40.70.9-1.22.42.33.0-0.7Q4-0.60.50.20.60.31.10.81.30.30.42.41.62016Q12.22.50.0-0.9-2.11.8-3.2-0.40.52.70.9-0.7Q22.3-2.3-0.30.6-2.80.7-1.51.2-0.60.0-0.71.2Q33.1-0.90.0-0.3-0.7-0.10.20.6-0.6-0.80.20.4Q41.8-1.60.00.0-0.2-0.10.20.00.1-0.30.41.42017Q11.40.8-0.10.9-0.70.4-0.9-1.0-1.00.92.32.5Q22.51.90.00.00.20.71.00.10.30.32.61.7Q32.50.50.10.10.0-0.51.80.0-0.10.4-0.25.3Q41.1-2.60.0-0.30.61.2-1.40.50.1-0.30.90.02018Q10.81.03.11.70.50.41.12.04.51.40.41.6Q20.9-0.50.2-0.10.20.10.30.10.4-0.30.10.1Q31.41.2-0.1-0.30.50.2-0.20.30.21.00.30.2Q40.30.10.0-0.20.42.50.5-1.5-0.30.20.50.62019Q11.60.40.9-0.3-1.10.60.40.10.30.21.01.6Q22.00.30.0-0.10.4-0.6-0.20.10.10.5-0.30.3Q32.52.40.0-0.1-0.80.30.00.30.9-0.10.00.0Q42.2-2.60.0-0.10.9-0.30
.5-0.2-0.60.00.00.02020Q11.2-0.30.9-0.60.5-0.10.1-0.10.4-0.40.10.1Q28.8-4.00.0-0.73.60.00.1-2.70.16.8-0.90.8Q316.4-7.7-0.9-0.86.70.10.1-5.3-0.214.0-1.91.5Q424.0-11.4-1.8-0.99.80.20.1-7.9-0.521.2-2.92.22021Q131.6-15.1-2.7-1.012.90.30.1-10.5-0.828.4-3.92.9Source:
Vanuatu Statistics OfficeN/A - Not AvailableNote - All figures have been revised from 2007 to 2011.
Groups have been seperated as according to VNSO standard reporting.

Data not available in this quarter will be updated in September quarter tables.

For more information please contact VNSO.
End of PeriodTransport FoodDrinks & TabaccoClothing etcRent, Water, ElectricityHousehold Supplies QUARTERLY ECONOMIC REVIEW MARCH 2021 Table 38(b): Consumer Price Indices by Region (Relative to the previous quarter)....Continued 91 Percent (%)GroupRegionPort VilaLuganvillePort VilaLuganvillePort VilaLuganvillePort VilaLuganvillePort VilaLuganvillePort
VilaLuganville20130.00.0-2.70.00.00.00.00.00.0-1.70.1-0.120140.0-0.3-2.2-0.30.0-0.90.00.10.0-0.30.6-0.420150.00.00.10.10.10.50.00.0-0.4-2.80.10.62016-4.0-1.90.0-1.30.00.00.00.0-1.1-2.20.6-0.820170.0-1.0-1.10.20.0-0.30.00.00.40.00.3-1.220180.00.40.00.80.00.00.00.00.93.50.30.120190.00.0-0.60.00.00.0-0.20.0-0.8-0.41.0-1.020202.02.01.42.06.72.22.01.72.92.06.025.92013Q10.30.50.90.30.90.12.51.4-1.22.51.10.9Q20.10.0-2.0-1.80.10.00.50.42.31.10.10.8Q3-0.5-0.2-1.00.00.20.00.00.00.31.00.10.2Q40.00.0-2.70.00.00.00.00.00.0-1.70.1-0.12014Q10.00.0-0.9-1.90.01.10.50.00.20.00.40.2Q20.40.01.60.00.30.00.10.00.60.00.10.4Q30.00.0-0.2-0.60.91.10.00.4-0.31.70.20.3Q40.0-0.3-2.2-0.30.0-0.90.00.10.0-0.30.6-0.42015Q10.0-0.2-0.21.60.10.74.21.00.30.20.50.1Q20.00.20.20.80.0-0.60.00.0-0.71.05.40.7Q30.00.01.95.2-0.80.10.00.0-0.4-6.7-4.1-1.1Q40.00.00.10.10.10.50.00.0-0.4-2.80.10.62016Q10.02.4-1.5-1.80.0-1.64.84.20.0-0.80.51.7Q2-1.00.00.00.0-0.10.00.00.0-0.10.00.3-0.7Q30.0-0.7-0.20.20.00.00.00.00.3-1.51.2-0.5Q4-4.0-1.90.0-1.30.00.00.00.0-1.1-2.20.6-0.82017Q10.60.00.4-0.30.10.14.00.4-1.1-1.00.70.5Q20.00.0-1.0-0.60.10.4-0.10.00.6-1.51.41.0Q30.01.00.0-3.40.00.50.00.00.1-0.41.40.4Q40.0-1.0-1.10.20.0-0.30.00.00.40.00.3-1.22018Q10.20.95.6-1.30.92.9-8.0-22.31.8-1.60.9-0.3Q2-0.50.00.3-0.20.80.00.00.0-0.30.10.40.4Q30.20.00.10.00.00.40.00.0-0.3-0.50.70.1Q40.00.40.00.80.00.00.00.00.93.50.30.12019Q10.4-0.40.10.7-0.90.80.31.11.8-0.81.10.3Q20.00.01.00.00.00.00.00.0-0.6-1.40.70.2Q30.60.00.00.00.00.00.00.00.00.81.21.1Q40.00.0-0.60.00.00.0-0.20.0-0.8-0.41.0-1.
02020Q10.01.3-0.5-0.70.40.10.40.0-1.3-0.20.7-21.1Q20.00.0-0.60.04.70.20.0-0.30.90.04.023.9Q31.01.00.41.05.71.21.00.71.91.05.024.9Q42.02.01.42.06.72.22.01.72.92.06.025.92021Q13.03.02.43.07.73.23.02.73.93.07.026.9Source:
Vanuatu Statistics OfficeN/A - Not AvailableNote - All figures have been revised from 2007 to 2011.
Groups have been seperated as according to VNSO standard reporting.

Data not available in this quarter will be updated in September quarter tables.

For more information please contact VNSO.
End of PeriodALL GROUPSCommunicationRecreationHealthEducationMiscellaneous QUARTERLY ECONOMIC REVIEW MARCH 2021 Table 39(a): Consumer Price Indices by Region (Relative to the same quarter in the previous year) 92 Percent (%)GroupRegionPort VilaLuganvillePort VilaLuganvillePort VilaLuganvillePort VilaLuganvillePort VilaLuganvillePort
VilaLuganville20131.82.80.91.63.96.63.30.9-1.54.10.5-5.720141.70.30.8-0.63.01.90.51.0-0.30.13.63.420151.0-0.40.60.16.01.12.20.41.83.66.16.020169.7-2.4-0.3-0.6-5.72.4-4.41.4-0.61.70.82.220177.70.50.10.60.11.70.4-0.4-0.71.55.79.720183.41.93.21.21.73.21.80.94.82.31.32.520198.60.50.9-0.6-0.7-0.10.70.20.60.70.71.9202017.3-2.62.90.56.31.82.6-0.72.78.21.22.92013Q11.60.80.21.84.75.30.51.12.3-0.30.3-2.2Q21.02.40.11.44.49.62.71.5-0.33.80.5-5.8Q30.92.70.11.64.17.33.31.3-1.34.00.4-5.7Q41.82.80.91.63.96.63.30.9-1.54.10.5-5.72014Q11.81.60.91.33.65.90.60.3-2.54.5-0.1-3.4Q22.01.01.00.73.80.4-0.80.0-0.12.0-0.93.2Q31.90.81.5-0.62.81.1-0.51.1-0.11.50.03.6Q41.70.30.8-0.63.01.90.51.0-0.30.13.63.42015Q10.4-0.70.8-1.03.30.81.51.1-0.71.04.87.7Q215.30.40.5-1.81.30.11.81.3-1.0-1.05.05.4Q32.1-1.50.4-0.65.90.52.5-1.11.21.77.54.1Q41.0-0.40.60.16.01.12.20.41.83.66.16.02016Q13.82.80.6-0.43.52.9-2.1-0.12.65.15.91.1Q2-7.9-1.10.30.80.54.4-3.00.92.65.55.61.4Q37.2-0.3-0.10.1-5.33.6-3.72.8-0.42.32.82.4Q49.7-2.4-0.3-0.6-5.72.4-4.41.4-0.61.70.82.22017Q18.8-4.0-0.31.2-4.40.9-2.10.8-2.0-0.12.35.5Q29.10.1-0.10.6-1.40.90.3-0.3-1.20.35.76.0Q38.41.60.11.0-0.70.52.0-0.9-0.71.55.211.2Q47.70.50.10.60.11.70.4-0.4-0.71.55.79.72018Q17.00.73.21.51.41.72.52.74.81.93.78.7Q25.3-1.63.41.41.41.11.82.64.91.31.27.0Q34.2-0.93.21.11.91.8-0.22.95.21.91.71.9Q43.41.93.21.21.73.21.80.94.82.31.32.52019Q14.21.31.0-0.80.03.41.1-1.00.51.22.02.5Q25.42.10.8-0.90.22.70.6-1.00.31.91.62.8Q36.63.30.9-0.8-1.12.80.8-1.01.00.81.22.6Q48.60.50.9-0.6-0.7-0.10.70.20.60.70.71.92020Q18.2-0.30
.9-0.91.0-0.80.40.00.70.0-0.20.4Q215.3-4.60.9-1.54.3-0.20.6-2.70.76.2-0.80.9Q316.3-3.61.9-0.55.30.81.6-1.71.77.20.21.9Q417.3-2.62.90.56.31.82.6-0.72.78.21.22.92021Q118.3-1.63.91.57.32.83.60.33.79.22.23.9Source:
Vanuatu Statistics OfficeN/A - Not AvailableNote - All figures have been revised from 2007 to 2011.
Groups have been seperated as according to VNSO standard reporting.

Data not available in this quarter will be updated in September quarter tables.

For more information please contact VNSO.
End of PeriodTransport FoodDrinks & TobaccoClothing etcRent, Water, ElectricityHousehold Supplies QUARTERLY ECONOMIC REVIEW MARCH 2021 Table 39(b): Consumer Price Indices by Region (Relative to the same quarter in the previous year)....Continued 93 Percent (%)GroupRegionPort VilaLuganvillePort VilaLuganvillePort VilaLuganvillePort VilaLuganvillePort VilaLuganvillePort
VilaLuganville2013-0.10.3-4.7-1.51.20.13.01.71.32.81.41.720140.4-0.3-1.7-2.71.21.30.60.40.51.31.20.520150.00.02.07.9-0.60.74.21.0-1.2-8.21.70.22016-5.0-0.3-1.7-2.8-0.1-1.64.84.2-1.0-4.52.8-0.220170.60.0-1.6-4.10.20.73.90.40.0-2.93.80.72018-0.11.36.0-0.71.73.3-8.0-22.32.11.42.30.220191.1-0.40.60.7-0.90.80.21.10.4-1.84.10.620202.63.30.31.37.12.32.31.70.82.29.0-0.22013Q10.52.551-0.4-1.8214.07.21.41Q20.62.72.2-0.90.60.13.01.74.23.21.41.9Q30.02.30.7-1.51.20.13.01.74.34.31.41.9Q4-0.10.3-4.7-1.51.20.13.01.71.32.81.41.72014Q1-0.4-0.2-6-40.31.1102.80.30.71.1Q2-0.1-0.2-2.9-1.90.51.10.60.01.0-0.80.60.7Q30.40.0-2.2-2.41.22.20.60.40.5-0.10.80.8Q40.4-0.3-1.7-2.71.21.30.60.40.51.31.20.52015Q10.4-0.5-111.30.9410.71.51.30.4Q20.0-0.3-2.31.61.00.34.21.4-0.62.56.80.6Q30.0-0.3-0.37.5-0.7-0.74.21.1-0.8-6.02.2-0.8Q40.00.02.07.9-0.60.74.21.0-1.2-8.21.70.22016Q10.02.614-0.7-1.654-1.6-9.21.71.9Q2-1.02.40.53.4-0.8-1.04.84.2-1.0-10.0-3.20.5Q3-1.01.7-1.6-1.50.0-1.14.84.2-0.3-5.12.21.1Q4-5.0-0.3-1.7-2.8-0.1-1.64.84.2-1.0-4.52.8-0.22017Q1-4.4-2.60.2-1.30.00.14.00.4-2.0-4.72.9-1.4Q2-3.4-2.6-0.8-2.00.20.53.90.4-1.3-6.14.00.2Q3-3.4-1.0-0.6-5.50.21.03.90.4-1.5-5.04.11.1Q40.60.0-1.6-4.10.20.73.90.40.0-2.93.80.72018Q10.20.93.4-5.11.03.5-8.1-22.32.9-3.54.0-0.1Q2-0.30.94.8-4.71.73.1-8.0-22.32.0-1.93.0-0.7Q3-0.1-0.14.9-1.31.73.0-8.0-22.31.6-2.02.3-1.0Q4-0.11.36.0-0.71.73.3-8.0-22.32.11.42.30.22019Q10.10.00.61.3-0.11.10.31.12.22.32.50.8Q20.60.01.31.5-0.91.10.31.11.80.72.80.6Q31.10.01.21.5-0.90.80.31.12.12.13.31.7Q41.1-0.40.60.7-0.90.80.21.10.4-1.84.1
0.62020Q10.61.3-0.1-0.70.40.10.30.0-2.6-1.23.6-20.9Q20.61.3-1.7-0.75.10.30.3-0.3-1.20.27.0-2.2Q31.62.3-0.70.36.11.31.30.7-0.21.28.0-1.2Q42.63.30.31.37.12.32.31.70.82.29.0-0.22021Q13.64.31.32.38.13.33.32.71.83.210.00.8Source:
Vanuatu Statistics OfficeN/A - Not AvailableNote - All figures have been revised from 2007 to 2011.
Groups have been seperated as according to VNSO standard reporting.

Data not available in this quarter will be updated in September quarter tables.

For more information please contact VNSO.
End of PeriodALL GROUPSCommunicationRecreationHealthEducationMiscellaneous QUARTERLY ECONOMIC REVIEW MARCH 2021 Table 40: Cattle Slaughter by Abattoirs 94
201313,9442,401-21723,540888-525117,4843,289-3188201411,8162,180-91842,990767-1425714,8062,947-1019920159,7791,773-191813,447808523413,2262,581-12195201611,3871,85451632,768678-1624514,1552,532-217920179,8541,716-71742,319598-1225812,1732,314-919020188,1691,405-181721,707484-192849,8761,889-1819120198,8621,46841661,719481-128010,5811,949318420207,1561,280-131791,753463-42648,9091,743-111962013Q13,285570-7205705190-252173,990760-12190Q23,267571020381119632344,0787671188Q33,64361682051,040257311894,68387314186Q43,7496455237984245-52284,73389021882014Q12,928543-16185589147-402503,517690-22196Q22,8425471192766198352583,6087458206Q32,922529-318178820012543,710729-2196Q43,1245616180847222112623,97178371972015Q11,391263-53189643159-282472,034422-46207Q22,40744469184766198252593,17364252202Q32,860518171811,084248252293,94476619194Q43,1215486176954203-182134,075751-21842016Q13,171529-316740491-552253,575620-17173Q22,855457-141607981931122423,6536505178Q32,549426-7167738175-92373,287601-8183Q42,8124424157828219252643,640661101822017Q12,528428-316936488-602422,892516-22178Q22,3494270182578153742652,92758012198Q32,407415-317267016682483,0775810189Q42,5704467174707191152703,277637101942018Q12,096331-2615829180-582752,387411-35172Q21,8223526193447118482642,26947014207Q32,1603787175581157332702,74153514195Q42,091344-9165388129-183322,479473-121912019Q12,101321-715325588-323452,356409-14174Q21,954311-3159421110252612,3754213177Q32,38541232173534138252582,91955031188Q42,422424317550914552852,93156931942020Q12,090363-1417446512
5-142692,555488-14191Q21,506247-3216423858-542441,744305-38175Q31,681310261845331451502722,21445549206Q41,87936016192517135-72612,39649592072021Q11,900352-218535191-332592,251443-11197Source:
National Statistics OfficePORT VILA ABATTOIRSANTO ABATTOIRCattle SlaughterCattle SlaughterTOTAL BEEF PRODUCTIONPercentage ChangeAverage Weight (Tonnes)End of PeriodWeight (Tonnes)Percentage ChangeAverage Weight (Tonnes)No.
of Heads Weight (Tonnes)No.

of HeadsWeight (Tonnes)Percentage ChangeAverage Weight (Tonnes)No.
of Heads QUARTERLY ECONOMIC REVIEW MARCH 2021 Table 41: Energy Consumption 95 Thousand KwhThousand Litres Petrol
FuelKerosene201353,0827,95363163562,3008,01732,07923201452,1867,79064168261,30112,68845,4510201548,6368,32061859456,1529,28239,8310201654,8568,9836401,26065,73910,62544,8220201757,4419,05468287668,0547,66943,6680201856,9246,94068599365,54210,27254,7858201966,03510,4771,0531,41378,9787,92538,5771,857202060,8219,828908r7,473r79,030r12,36363,61472013Q114,0252,00015913116,3152,5768,3160Q213,2802,01915716015,6162,35411,89123Q312,3711,93315417114,6292,4108,7350Q413,4062,00116117315,7406773,13702014Q114,4201,98515916816,7332,98411,3460Q212,5221,94216118114,8062,36810,4310Q312,3541,87515017514,5555,45515,3130Q412,8901,98817115815,2071,8818,36102015Q113,8382,05716317116,2293,41312,4500Q211,4902,0061559813,7481,96213,1310Q311,1162,01714816711,4322,3596,2710Q412,1922,24015215814,7431,5487,97902016Q114,5622,28115866017,6602,5629,1610Q213,2942,24717119615,9092,38410,6580Q312,8512,15113720015,3391,89311,0470Q414,1492,30417420416,8313,78613,95602017Q116,0662,29417320318,7369826,1330Q214,0262,34519722016,7882,07118,6690Q312,7722,08213122615,2121,6877,5820Q414,5772,33318122717,3182,92911,28402018Q115,8082,33417124018,5531,64910,5400Q214,0732,32319825516,8493,32220,3960Q312,7902,28313325215,4582,4459,5793Q414,253018324614,6822,85614,27052019Q117,8622,67425135021,1373,01913,4211,827Q216,0842,61725334619,300007Q315,1142,54426834718,2733,08916,1948Q416,9752,64228137020,2681,8178,962152020Q118,3082,90728636821,8692,66915,4153Q214,1051,92128234316,6513,29918,0963Q313,4552,4081196,423r22,405r3,82415,0041Q414,9532,592221r339r18,105r2,
57115,09902021Q115,7522,74827639619,1724,79324,39048Source:
Unelco Vanuatu Limited and Department of Customs/ Unelco Vanuatu Limited et Sercies des Douanes(1) Includes White Spirit / Y compris le White SpiritEnd of Period Imports Cleared for Home Consumption Port-VilaLuganvilleMalekulaTanna TOTAL QUARTERLY ECONOMIC REVIEW MARCH 2021 Table 42: Postal Services 96
OutboundInbound2013659,068.0672.035,294.0141,442.06,000.0123,954.010,629.0977,059.0480,725.0344,218.0152,116.0977,059.02014644,784.0503.034,855.0102,613.05,251.094,778.06,800.0889,584.0480,309.0263,648.0145,627.0889,584.02015532,052.0231.028,592.082,633.05,202.065,894.05,403.0720,007.0409,230.0184,657.0126,120.0720,007.02016556,356.0142.023,315.071,741.05,424.064,524.04,989.0726,491.0446,375.0165,253.0114,863.0726,491.02017415,405.032.019,965.070,465.04,763.060,922.05,678.0577,230.0314,739.0158,081.0104,410.0577,230.02018331,724.05.015,796.062,829.05,616.061,254.05,379.0482,603.0251,327.0143,309.087,967.0482,603.02019285,961.020.012,982.052,457.05,272.062,079.06,580.0425,351.0215,604.0124,376.085,371.0425,351.02020170,975.00.06,096.028,912.02,703.062,293.05,287.0276,266.0134,857.094,779.046,630.0276,266.02013Q1155,333.0128.08,442.042,414.01,364.031,895.02,516.0242,092.0113,578.092,141.036,373.0242,092.0Q2161,027.0176.08,583.036,415.01,515.030,450.02,932.0241,098.0119,105.085,997.035,996.0241,098.0Q3175,855.0192.08,906.032,352.01,582.030,395.03,148.0252,430.0129,278.084,973.038,179.0252,430.0Q4166,853.0176.09,363.030,261.01,539.031,214.02,033.0241,439.0118,764.081,107.041,568.0241,439.02014Q1151,030.0140.08,453.030,796.01,263.031,932.01,919.0225,533.0108,139.075,619.041,775.0225,533.0Q2147,274.0138.011,053.023,442.01,390.023,407.01,675.0208,379.0113,520.061,310.033,549.0208,379.0Q3149,749.0141.07,285.020,902.01,300.020,670.01,533.0201,580.0110,627.057,026.033,927.0201,580.0Q4196,731.084.08,064.027,473.01,298.01
8,769.01,673.0254,092.0148,023.069,693.036,376.0254,092.02015Q1117,586.061.08,008.021,071.01,049.016,687.01,273.0165,735.086,002.046,207.033,526.0165,735.0Q2133,891.056.06,806.020,516.01,505.016,767.01,475.0181,016.0104,351.044,522.032,143.0181,016.0Q3136,901.058.06,506.020,936.01,228.016,953.01,441.0184,023.0107,083.047,487.029,453.0184,023.0Q4143,674.056.07,272.020,110.01,420.015,487.01,214.0189,233.0111,794.046,441.030,998.0189,233.02016Q1165,632.049.06,607.019,641.01,203.015,455.01,073.0209,660.0138,727.042,775.028,158.0209,660.0Q2131,570.045.07,120.017,626.01,270.016,577.01,262.0175,470.0103,988.041,287.030,195.0175,470.0Q3140,477.023.04,669.016,449.01,381.016,194.01,269.0180,462.0113,562.040,378.026,522.0180,462.0Q4118,677.025.04,919.018,025.01,570.016,298.01,385.0160,899.090,098.040,813.029,988.0160,899.02017Q1103,535.018.05,713.020,646.01,209.016,404.01,313.0148,838.079,620.043,639.025,579.0148,838.0Q2113,428.04.04,901.016,710.01,308.015,127.01,452.0152,930.085,535.037,752.029,643.0152,930.0Q395,283.010.04,100.017,145.01,135.014,909.01,321.0133,903.070,585.040,007.023,311.0133,903.0Q4103,159.00.05,251.015,964.01,111.014,482.01,592.0141,559.078,999.036,683.025,877.0141,559.02018Q192,420.00.04,545.015,281.01,323.015,658.01,243.0130,470.070,846.036,878.022,746.0130,470.0Q276,906.05.04,218.017,170.01,395.015,727.01,455.0116,876.056,554.037,763.022,559.0116,876.0Q383,204.00.03,571.015,916.01,386.015,286.01,211.0120,574.064,095.036,045.020,434.0120,574.0Q479,1
94.00.03,462.014,462.01,512.014,583.01,470.0114,683.059,832.032,623.022,228.0114,683.02019Q172,059.08.03,106.013,776.01,238.015,122.01,435.0106,744.055,079.031,733.019,932.0106,744.0Q264,602.011.03,013.013,132.01,306.015,152.01,755.098,971.046,459.030,975.021,537.098,971.0Q382,141.01.03,712.013,688.01,325.015,325.01,547.0117,739.064,684.031,433.021,622.0117,739.0Q467,159.00.03,151.011,861.01,403.016,480.01,843.0101,897.049,382.030,235.022,280.0101,897.02020Q156,023.00.02,841.012,193.01,022.015,215.01,425.088,719.039,928.029,737.019,054.088,719.0Q237,057.00.0374.07,326.027.014,399.0218.059,401.034,651.021,947.02,803.059,401.0Q337,086.00.01,594.04,784.0485.016,412.01,231.061,592.027,997.021,711.011,884.061,592.0Q440,809.00.01,287.04,609.01,169.016,267.02,413.066,554.032,281.021,384.012,889.066,554.02021Q127,754.00.01,317.05,050.0890.017,001.01,950.053,962.019,502.021,687.09,773.050,962.0Source:
National Statistics OfficeLettersEnd of PeriodInternational MailTotalPriority LettersPrinted MattersPacketsParcelsRegisteredEMSTotalDomestic Mail QUARTERLY ECONOMIC REVIEW MARCH 2021 Table 43: Motor Vehicle Registration – Port Vila and Luganville 97 (Number)MotorcarsPickupsTrucksBusesMotor-cycleTotal2013350461602431171,231201459820744198941,141201547518687231701,0492016542253104347541,3002017609395161445391,6492018748427184248461,653201975826710474421,24520206162086659139622013Q18210222689283Q295158185540366Q3100102127137322Q47399849312602014Q11323785813248Q212957194834287Q31325364616253Q4205601146313532015Q112254164510247Q211738107310248Q312452256230293Q4112423651202612016Q112347205016256Q215779275618337Q3155672811410374Q41076029127103332017Q1134883112813394Q214811842987413Q3188934112013455Q413996479963872018Q1208117289219464Q218013144837445Q32059375529434Q4155863721113102019Q1342967278Q2433061282Q321151292216329Q44701576344227562020Q11726120206279Q21023923124180Q3197531082270Q414555131912332021Q11826731225307Source: Vanuatu Statistics OfficeEnd of Period QUARTERLY ECONOMIC REVIEW MARCH 2021 Table 44: Number of Provident Fund Contributing Members/Full Employment 98 Number/%Males%Females%Total201312,430 58 8,929 42 21,359 201412,627 58 9,169 42 21,796 201515,157 59 10,686 41 25,843 201613,222 58 9,715 42 22,937 201713,662 57 10,363 43 24,025 2018n.a.n.a.n.a.n.a.n.a.2019n.a.n.a.n.a.n.a.n.a.2020n.a.n.a.n.a.n.a.n.a.2013Q19,837 59 6,888 41 16,725 Q210,599 59 7,481 41 18,080 Q312,305 58 8,824 42 21,129 Q412,430 58
 8,929 42 21,359 2014Q112,266 58 8,792 42 21,058 Q212,324 58 8,967 42 21,291 Q312,499 58 9,024 42 21,523 Q412,627 58 9,169 42 21,796 2015Q111,912 58 8,753 42 20,665 Q211,811 58 8,625 42 20,436 Q314,639 59 10,364 41 25,003 Q415,157 59 10,686 41 25,843 2016Q112,668 58 9,180 42 21,848 Q212,962 58 9,453 42 22,415 Q313,185 58 9,682 42 22,867 Q413,222 58 9,715 42 22,937 2017Q113,517 57 10,030 43 23,547 Q213,819 59 10,118 42 23,937 Q313,966 59 10,282 42 24,248 Q413,662 57 10,363 43 24,025 2018Q113,925 56 10,838 44 24,863 Q214,423 57 10,904 43 25,427 Q3n.a.n.a.n.a.n.a.n.a.Q4n.a.n.a.n.a.n.a.n.a.2019Q1n.a.n.a.n.a.n.a.n.a.Q2n.a.n.a.n.a.n.a.n.a.Q3n.a.n.a.n.a.n.a.n.a.Q4n.a.n.a.n.a.n.a.n.a.2020Q1n.a.n.a.n.a.n.a.n.a.Q2n.a.n.a.n.a.n.a.n.a.Q3n.a.n.a.n.a.n.a.n.a.Q4n.a.n.a.n.a.n.a.n.a.2021Q1n.a.n.a.n.a.n.a.n.a.Source: Vanuatu National Provident Fund End of Period