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Central Bank of Timor-Leste

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Central Bank of Timor-Leste

Mission statement:

The Central Bank’s aims are expressed in its mission statement: "to be a central bank staffed by a professional team that strives to continuously improve the quality of our services to our stakeholders by maintaining a sustainable monetary system with low inflation; ensuring that payments systems are efficient and effective; promoting a safe and credible system of financial institutions; communicating and providing information; undertaking sound economic research and analysis; by developing the necessary organizational and technical capacities"

Overview:

The Central Bank is the monetary authority of Timor-Leste, and enjoys legal, operational, administrative, and financial autonomy. It aspires to the highest standards of Stability, Transparency and Prosperity.

The Central Bank’s aims are expressed in its mission statement: "to be a central bank staffed by a professional team that strives to continuously improve the quality of our services to our stakeholders by maintaining a sustainable monetary system with low inflation; ensuring that payments systems are efficient and effective; promoting a safe and credible system of financial institutions; communicating and providing information; undertaking sound economic research and analysis; by developing the necessary organizational and technical capacities"

Vision:

The BCTL’s vision is “to be a credible leader in preserving price stability to foster economic development in Timor-Leste.”

History:

The Central Bank of Timor-Leste was formally established on 13 September 2011 under law no 5/2011 in accordance with Article 143 of the Constitution.

Previously, central banking functions in Timor-Leste were carried out by predecessor organizations, the Banking & Payments Authority of East Timor (2001 to 2011) and the Central Payments Office (2000-2001) both of which were created by the United Nations Transitional Administration of East Timor (UNTAET) which administered the country from October 1999 to May 2002.

The Central Payments Office held the government account (CFET) and made government payments, was responsible for bank licensing and supervision, and operated the Dili clearinghouse.

The Banking & Payments Authority added to those functions the licensing and supervision of insurance companies, the publication of monetary and banking statistics and other economic information, the operational management of the Petroleum Fund, the issuance of centavos coins, and the operation of the Credit Registry Information System (CRIS) and the Large Value Transfer System (LVTS).

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