Timor-Leste launches the 100 centavos denominated coin
The Central Bank of Timor-Leste launched another coin, the “100 centavos” denominated coin, equivalent to 1 USD. The official launch was chaired by the Head of State, Taur Matan Ruak and took place on the Central Bank’s second anniversary, last Friday, September 13th, in Dili.
At the launching ceremony, the President of the Republic, Taur Matan Ruak, referred that “the goal is to promote coin circulation on the market, considering that the ‘100 centavos’ coin lasts longer”.
Taur Matan Ruak asked the existing banks in Timor-Leste to cooperate with the Central Bank in order to open branches in the districts and, therefore, making payments easier. The President of the Republic also encouraged the Central Bank to conduct a feasibility study on the advantages and disadvantages of Timor-Leste having its own currency.
The Governor of the Central Bank of Timor-Leste, Abraão de Vasconcelos, also spoke about the establishment of a Plan for the supply of financial services in rural areas, as a way of make things easier for the population.
Abraão de Vasconcelos also informed that Central Bank already prepared a project, aiming to develop a system of payments, at a national level, to make it possible for people to transfer money and, at the same time, to guaranty trust in the economy.
Besides, it will simultaneously allow the carry out of interbank payments, so clients will be able to, immediately and quickly, transfer money to other Banks without having to wait for the compensation process.
“It will be launched an automated system of payments in which you can perform the interbank payment electronically. If this system is implemented, the interbank interaction will be facilitated in order to be able to support established centres in rural areas”, added Abraão de Vasconcelos.
The Central Bank’s Governor added, that these actions’ main goal is to allow everyone’s access to financial services, particularly the population in remote areas.
After the launch, the “100 centavos” coin will be in circulation, together with the other coins as well as the 1 USD bank note. For the population living in the districts of Díli, Suai, Ermera, Viqueque, Aileu, Baucau and Bobonaro this coin will be available at Banco Nacional Ultramarino (BNU). In the district of Oe-Cusse Ambeno, due to logistical questions, only next week will it be possible to have access to the coin.
