Editing Economy of Nauru (section)

==Finance==
Nauru has been a cash economy since at least 2004, after the Bank of Nauru and the Republic of Nauru Finance Corporation went bankrupt and ceased operations in the early 2000s and the licenses of all offshore banks were revoked by the Nauru government in 2004.<ref>{{cite web |url=http://www.commonwealthofnations.org/sectors-nauru/business/banking_and_financial_services/|title=Find Banking and Financial Services expertise in Nauru|website = Nexus Commonwealth Network}}</ref> Nauru uses the Australian dollar for its currency. Most government payments are executed through electronic funds transfer.  Electronic funds transfer at point of sale was introduced in 2020. The government is required to periodically fly in Australian currency to maintain liquidity.

On 2 June 2015, an agency of [[Bendigo and Adelaide Bank]], Australia's fifth largest bank, was established in Nauru by the [[Ministry of Finance of Nauru|Department of Finance]].<ref>{{cite web|url=https://www.smh.com.au/national/uncertainties-lead-to-australian-bank-dumping-plans-for-naurus-only-branch-20140326-35iw8.html|title='Uncertainties' lead to Australian bank dumping plans for Nauru's only branch|first=Daniel|last=Flitton|date=26 March 2014|website=The Sydney Morning Herald}}</ref><ref name="ibtimes" /> Effective from the end of April 2016, [[Westpac]], one of Australia's largest banks, ceased to have any dealings with the Nauru government.<ref>{{cite web|url=http://www.abc.net.au/news/2016-04-14/westpac-set-to-exit-nauru/7326892|title=Westpac bank severs ties to Nauru Government over money laundering concerns|date=14 April 2016 |work = ABC News|first = Liam|last = Fox}}</ref> On 21 April 2016, it was announced that the Bendigo Bank was facing pressure also to close its operation in Nauru.<ref>{{cite web|url=http://www.abc.net.au/pm/content/2016/s4447720.htm|title=Bendigo Bank facing pressure to close its operation in Nauru|date=21 April 2016|first = Liam|last = Fox|publisher = ABC News|work = PM}}</ref>

On 14 November 2023, Bendigo and Adelaide Bank announced its intention to cease operation in Nauru by December 2024.<ref>{{Cite web |date=14 November 2023|title=Joint statement from Bendigo Bank and the Government of Nauru|url=https://www.bendigobank.com.au/media-centre/joint-statement-from-bendigo-bank-and-the-government-of-nauru/|access-date=18 April 2024|website=[[Bendigo and Adelaide Bank]]|language=en}}</ref> On 24 January 2024, Nauru formally re-established diplomatic ties with the People's Republic of China after withdrawing recognition of Taiwan.<ref>{{Cite web |date=2024-01-24 |title=China formally restores diplomatic relations with Nauru after Pacific island nation cut Taiwan ties |url=https://apnews.com/article/china-nauru-taiwan-diplomatic-recognition-23fd9cdd0210a2340b5ae2092d2a85d1 |access-date=2024-01-24 |website=AP News |language=en}}</ref> In early March 2024, the [[Bank of China]] sent a delegation to Nauru to discuss its banking problems. On 18 March, Bendigo and Adelaide Bank announced its intention to delay its exit from Nauru, from December 2024 to July 2025.<ref>{{Cite web |first=Stephen |last=Dziedzic|date=18 March 2024|title=Bendigo Bank delays exit from Nauru as Chinese state-owned bank emerges as replacement|url=https://www.abc.net.au/news/2024-03-19/bendigo-bank-delays-nauru-exit-as-chinese-alternative-emerges/103603912|access-date=18 April 2024|website=[[Australian Broadcasting Corporation]]|language=en}}</ref>