Prime Minister launches Strategic Plan for the Financial Sector on the 13th anniversary of the Central Bank
Prime Minister Kay Rala Xanana Gusmão launched the Strategic Plan for the Development of the Financial Sector of the Central Bank of Timor-Leste (BCTL) for the period 2025-2035. The launch occurred during the BCTL's 13th anniversary celebration, held at the GMN Multipurpose Hall in Dili on September 13th, 2024.
In his address, the Prime Minister emphasised the importance of the Central Bank and good management of public finances, stressing that “the people's money must be well managed. In the process of State-building and nation-building, problems arise. Still, it is essential to correct them because, in previous years, the financial system was damaged due to the lack of proper management of State funds”. The Prime Minister added that “the Central Bank has the responsibility of managing the people's money, which is the blood of the State, the private sector and all the people. If that blood is ‘contaminated’, we spend resources to purify it; if there is no blood, we die early; and if there is too much, we get fat without doing anything. This is the importance of finance, and the Central Bank plays a fundamental role in managing it”.
The Governor of the BCTL, Hélder Lopes, emphasised that “the mission of the BCTL is to control and ensure price stability through monetary policy, develop and supervise the financial sector, improve the national payment system and manage the investments of the Petroleum Fund”.
Regarding the Petroleum Fund, Hélder Lopes said that by July 2024, the balance totalled US$18.65 billion, with a total return on investment of US$950 million. Revenues from oil and gas totalled only US$70 million, and US$650 million were withdrawn to finance state spending. The Central Bank hopes that the international financial market will continue to favour Timor-Leste's investment strategy, allowing it to end the year with a balance of more than US$18 billion in the Petroleum Fund.
The Strategic Plan for Financial Sector Development aims to provide Timor-Leste with a stable, accessible, modern financial industry that contributes to diversified, inclusive, and sustainable economic development.
This Strategic Plan is structured around four main pillars: 1) guaranteeing financial resources for development, 2) promoting a modern payment system, 3) improving access to finance, and 4) modernising the financial sector.
“The vision, objectives and goals of this Strategic Plan will be achieved if we implement the strategies defined together. So together we implement, together we grow”, the former Vice Minister of Finance concluded.
During the anniversary celebrations, the BCTL awarded this year’s “Central Band Prize” to all its employees in recognition of their commitment and contribution.
Several members of the Government, National Parliament members, diplomatic corps representatives, financial institutions, and the private sector attended the ceremony.
