Assets of East Timor’s oil fund stand at over US$500 million

8 May 2006

Dili, East Timor, 08 May – the financial application of the East Timor state, from oil revenues, at the end of March stood at over US$508 million, the country’s banking authority, Autoridade Bancária de Pagamentos (ABP) said Thursday.

In a statement the ABP said that the figure related to applications in US treasury bonds.

The assets correspond to the total revenues applied between January 1 and March 31, for which interest accrued totaled US$4.1 million..

The creation of East Timor’s Oil Fund is a means of the East Timor authorities ensuring the greatest possible transparency in managing oil and gas revenues.

ABP, which is the future central bank of East Timor, is, according to the law, the institution responsible for the fund’s operational management. (macauhub)