| Industry | Banking |
|---|---|
Key people | Chief Viraleo Boborenvanua, manager |
| Products | Financial services |
The Tangbunia Bank (widely misreported as Tari Bunia) is a bank run by the Turaga indigenous movement on Pentecost Island in Vanuatu. It is notable for dealing in items of customary wealth such as hand-woven mats, shells or pig tusks rather than currency such as the vatu. Accounts at the bank are reckoned in livatu, a unit equivalent to the value of one fully curved boar's tusk. [1]
Following the independence of the New Hebrides, due to the size of its economy, the new Vanuatu was still economically dependent on foreign investments. [2] Tangbunia Bank was set up by Chief Viraleo Boborenvanua who advocated for a return to the traditional barter system in contrast with Western capitalism. [1] The bank accepts deposits in tusks, live pigs, dyed mats and other traditional Vanuatan items of value in exchange for livtau. [2] The national government supports for the indigenous customary economy, in a country where a majority of the population does not participate extensively in a monetary economy, but does not formally recognise the livtau as an acceptable currency, though an unofficial exchange rate was established. [1] [3] Record-keeping at the Tangbunia Bank is done using Avoiuli, a local writing system devised by Chief Viraleo. [2]
According to the British Broadcasting Corporation, the bank is similar to other banks in that it has "accounts, reserves, cheque books and tight security" as well as offering 15% interest on savings. [3] The Tangbunia Bank has fourteen branches throughout the island, with its headquarters at Lavatmanggemu. Chief Viraleo Boborenvanua remains as the bank's manager. [3] The bank is named after the giant baskets in which valuables were traditionally stored. [4]