Only one bank in whole country, no ATM, all business done in cash, earns huge money by…, the country is…

New Delhi: Banks are essential for every country. In India, you will find bank branches not only in cities but now also in villages. Thousands of scheduled and non-scheduled banks are operating in the country. Despite having so many banks, there is always a crowd in bank branches. However, there is one country in the world that has only one bank. The unique thing is that this bank has no ATMs throughout the country, as it operates solely in cash.

This bank is the National Bank of Tuvalu, the world’s fourth smallest nation. Tuvalu is a small island nation located in the South Pacific Ocean. This country has a population between 11,000 and 12,000. Interestingly, Tuvalu’s internet domain ‘.tv’ is in great demand worldwide. The country earns a significant income by selling it.

Tuvalu consists of nine small coral islands (atolls) and coral reefs. To the north lies Hawaii and to the southwest is Australia. Its total land area is approximately 26 square km. Its exclusive economic zone (EEZ) extends to about 900,000 square km, which is crucial for marine resources. Tuvalu’s economy primarily depends on fishing, foreign aid, and income from its internet domain “.tv”. The capital of Tuvalu is Funafuti. Tuvalu is considered one of the countries most affected by climate change. The average height of its islands is only 2 meters above sea level. Rising sea levels have become an existential threat for them.

The National Bank of Tuvalu is the sole provider of banking services in Tuvalu. The National Bank of Tuvalu was established in 1980 as a subsidiary of Barclays Bank. It has branches on all the islands of the country. The Australian dollar is the main currency in Tuvalu. Tuvalu also issues its own coins. Tuvalu was formerly part of the British colony and was known as the “Ellice Islands”. It gained independence from Britain in 1978 and became a constitutional monarchy.

Tuvalu earns good revenue by selling its internet domain “.tv.” The “.tv” domain is associated with television, making it very popular among media and streaming companies and influencers. According to estimates, Tuvalu earns about 10 million US dollars (approximately 850 million rupees) annually from the sale of this domain. This accounts for about 10% of Tuvalu’s gross domestic product (GDP).

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