THE TANGBUNIA BANK OF VANUATU

 

In whichever country you reside, the first thing that comes to mind when we hear the word 'banks,' is dealing with money through currency, right? Be it the country's domestic and/or foreign currency. But can you imagine a bank that does not deal with currencies?

Well, there indeed is an unusual bank that is said to be the world's weirdest one since it doesn't deal with the usual currencies. It is the Tangbunia Bank on Pentecost Island in the South Pacific nation of Vanuatu. It uses the native currency of boar tusks instead of Western-style money.

To provide a standard way of reckoning these varied forms of money, the bank uses its own currency: livatu or "tusk-money", a unit equal to the value of one fully-curved boar's tusk. The livatu can be exchanged with the vatu, Vanuatu's official currency.

Here's another fascinating fact. As per a conversation on social networking platform Reddit, the Tangbunia Bank uses a unique writing system known as Avoiuli, also devised by Chief Viraleo. It was designed over a 14-year period for the local Raga language and is based on designs found in traditional sand drawings.

When the South Pacific Republic of Vanuatu won its independence in 1980, the islanders' initial optimism for their future was short-lived. Their new nation may have gained political freedom, but economically it remained dependent on the outside world. With such a small economic base, any scheme requiring serious money - such as the much-needed rebuilding of dilapidated schools and roads - relied on the generosity of foreign donors.

Chief Viraleo solved these problems by establishing a 'traditional bank' at which spare pigs and pigs' tusks could be deposited - a literal piggy bank. These are then lent out at a profit, enabling the bank to pay back its savers with a hefty 15% rate of interest. The bank issues chequebooks and allows transfers between accounts, eliminating the need for pigs to be physically dragged from place to place whenever a transaction is made. Dyed mats and other traditional items of value can also be deposited.

For more information, see:
Tangbunia Bank (https://en.wikipedia.org/wiki/Tangbunia_Bank)
Piggy banking (http://www.andrewgray.com/pacific/piggybank.htm)

To read the complete article, see:
Inside The World's Weirdest Bank That Does Not Deal In Usual Currency (https://www.indiatimes.com/worth/news/worlds-weirdest-bank-does-not-deal-in-usual-currency-623225.html)

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