Bank of the Marshall Islands

About Bank of Marshall Islands

Bank of the Marshall Islands is located in the Republic of the Marshall Islands — a nation comprised of two archipelagic island chains of 29 atolls, each made up of many small islets, and five single islands in the North Pacific Ocean, about one-half of the way from Hawaii to Australia.

There are 33 municipalities including Ailinginae, Ailinglaplap, Ailuk, Arno, Aur, Bikini, Ebon, Enewetak, Jaluit, Kwajalein, Majuro, Maloelap, Mejit, Mili, Rongelap, Wotho, and Wotje. Bikini and Enewetak are former US nuclear test sites; Kwajalein, the famous World War II battleground, is used as a US missile test range; Ebeye is the second largest settlement in the Marshall Islands after the capital Majuro, and one of the most densely populated locations in the Pacific.

There is a constitutional government in free association with the US; the Compact of Free Association entered into force 21 October 1986. American currency (USD) is used. The time zone is UTC+12 (17 hours ahead of Washington, DC during Standard Time).

The Bank of the Marshall Islands, known as “The Marshallese Bank,” was chartered in the Republic of the Marshall Islands on November 8, 1982. It has been providing commercial banking services since that time and is a full-service bank with an expanding network of branches.

Today the Bank has spread from its Headquarters in the downtown of Uliga, Majuro to Amata Kabua International Airport; Ebeye, Kwajalein; Kwajalein, Kwajalein; Jabor, Jaluit; Arno, Arno; and Laura, Majuro. Mobile banks are stationed onboard two ships covering most of the Republic — the MV Aemman and the MV Landrik.

On October 28, 2006 the bank launched its first village bank at Jabor, Jaluit as part of the effort to reach people living in the outer islands. Following positive feedback, services were extended to Arno, Arno on January 12, 2007.

Full banking services are offered at each branch and village bank including deposits, withdrawals, wire transfers, MoneyGram® remittances, loans, microloans, and new accounts. Village banks focus on microloans funded by ROC-Taiwan and its International Cooperation and Development Fund (ICDF).

The Bank of the Marshall Islands is a bank with a heart and a firm belief in excellence. In addition to serving the financial needs of the Marshall Islands, the bank is especially proud of its staff — its most valuable asset.