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ARTICLE · 20 DECEMBER 2011

Timor-Leste: Establishment of a Central Bank

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The establishment of a Central Bank demonstrates that East Timor is putting in place a financial and economic structure.

AustraliaFinance and Banking
Sahe Da Silva
Sahe Da Silva

On 13 September 2011, the Banking and Payments Authority of Timor-Leste ("BPA") was transformed into the Central Bank of Timor-Leste under Parliamentary Law No 5/2011 ("Organic Law of the Central Bank").  The establishment of the Central Bank, which has broader powers than its predecessor the BPA, further demonstrates that the State of Timor-Leste (East Timor) is progressively putting in place its financial and economic architecture.

The new Central Bank, which is an independent and autonomous public entity, is managed by the Governor, who is supported by two Deputy Governors, and a Board of Directors comprised of the Governor, the two Deputy Governors and four non-executive members.  The Governor of the Central Bank is currently Abraão de Vasconselos.

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