Mission | History | Vision | Organization |
Currency | Institutional Value|
Code of Conduct
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
The Central Bank of Timor-Leste was formally
established on 13 September 2011 under law
no 5/2011 in accordance with Article 143 of
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.
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).
The BCTL’s vision is “to be a credible leader in preserving price stability to foster economic development in Timor-Leste.”
Organization (organization chart)
The BCTL structure is comprised of three
Departments: the Department of Financial
System Supervision, the Department of
Payments, the Department of Administration
and the Department of Petroleum Fund; three
independent Divisions: Accounting and
Budget, Economics and Statistics, and
Information Technology; and three
specialized supporting Offices: the Legal
Office and the Internal Audit Office.
The US dollar
is the legal tender in Timor-Leste. All denominations of US
banknotes and coins circulate in the country. The BCTL issues
national coins as sub-units of the US dollar in
denominations of 1, 5, 10, 25 and 50 cents.
Code of Conduct
All persons who have contractual obligations
with the BCTL shall at all times adhere to
the policies set out
in the code of conduct.
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