Dili, East Timor, 07 Feb – Financial investments by East Timor in US treasury bonds using revenue from the country’s oil exploration so far total US$370 million, East Timor’s banking authority.
The assets correspond to the total amount invested by the end of December 2005 and interest earned on the investment totaled US$3.1 million, the Payment and Banking Authority (ABP) said.
The operation is in line with East Timor’s laws, which include the creation of an Oil Fund, which was unanimously approved by the country’s parliament in June 2005.
The ABP, which is the future central bank of East Timor, is, according to the law, the body responsible for managing the country’s oil fund.
Current estimates point to the oil fund generating US$5 billion over the next 20 years. (macauhub)