Central Bank of East Timor

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Central Bank of East Timor
Banco Central de Timor-Leste
Headquarters Dili
founding 2001
president Abrão de Vasconselos (title: Governor)
country East Timor
currency

U.S. dollar

ISO 4217 USD
Website

www.bancocentral.tl

predecessor

Autoridade Bancária e de Pagamentos ABP

List of central banks

The Central Bank of East Timor ( Portuguese Banco Central de Timor-Leste , BCTL; English Central Bank of Timor-Leste , CBTL) is the central bank of the Southeast Asian island republic of East Timor . It is not a central bank as the US dollar is the country's official banknote currency. However, it is the mint for the Centavo , the East Timorese coin that is equivalent to the US cent . The BCTL is based on Avenida Xavier do Amaral (formerly Avenida Bispo Medeiros ) in the capital Dili .

history

Central Bank Governor Abrão de Vasconcelos (2019)

The country became a Portuguese colony after the arrival of the Portuguese in 1512 . The Portuguese Banco Nacional Ultramarino (BNU) acted as the central bank of the colonies and had its own branch in East Timor since 1912. It issued the Pataca Portuguese-Timors as currency for the colony since 1894 . In 1956, the pataca was replaced by the escudo of Portuguese Timor .

After the Carnation Revolution on April 25, 1974 in Portugal, East Timor declared itself independent on November 28, 1975. However, nine days later, Indonesia's open invasion of the area began . As a result, the Indonesian rupiah was in effect in East Timor from 1976 .

After 24 years of guerrilla warfare and the independence referendum in East Timor in 1999 , the country came under UN administration . On May 20, 2002, East Timor was given independence again. Among the various institutions in East Timor that were created during the United Nations interim administration for East Timor (UNTAET) in 2001 was the Banking and Payment Authority ( Portuguese Autoridade Bancária e de Pagamentos ABP , English Bank Payment Authority BPA).

With Law No. 5/2011 of September 13, 2011, the previous authority became the new central bank Banco Central de Timor-Leste . The former BPA boss Abrão de Vasconselos became governor of the central bank . Nur Aini Djafar Alkatiri is the deputy governor for the supervision of the banking system and Venancio Alves Maria is the deputy governor for the banking and payment system . Other members of the Presidium are Madalena Boavida , Aicha Bassarewan , Elizário Ferreira and Francisco da Costa Guterres .

Structure and activities

Back and front view of the 100 centavos coin, the first special coin in East Timor and the coin with the highest face value until 2017

The BCTL has so far only issued the coins of East Timor , while the US dollar is still the local currency. (As of 2014)

In addition to her classic tasks as a central bank, she is also responsible for the administration of the state oil fund, the Fundo Petrolífero , which reports to the finance minister. Part of the country's oil income is collected in this fund and invested worldwide.

The central bank is structured in four main departments ( Departamentos ):

There are three independent departments:

  • Contabilidade e Orçamento (bookkeeping and financial budget)
  • Economia e Estatísticas (Economy and Statistics)
  • Tecnologias de Informação (Information Technologies)

There are also two special departments:

  • Gabinete Jurídico (Legal Office)
  • Gabinete de Auditoria Interna (internal judge's office)

Web links

Individual evidence

  1. Tatoli: Osan Sentavu 200 Sei Lansa iha 13 Setembru , August 24, 2017 , accessed on August 28, 2017.
  2. a b Presentation and history of the BCTL on their official website (Port., Engl. And Tetum ), accessed on January 20, 2015
  3. ^ Central Bank of East Timor: Organization , accessed May 4, 2020.
  4. ^ Website on the East Timorese Oil Fund on the BCTL central bank website, accessed on January 20, 2015

Coordinates: 8 ° 33 ′ 16.5 ″  S , 125 ° 34 ′ 48.3 ″  E