East Timor’s Banking and Payments Authority (ABP) to be replaced by East Timor Central Bank

9 September 2011

Dili, East Timor, 9 Sept – The new monetary authority of East Timor will be called the East Timor Central Bank and will be inaugurated on 13 September, according to information published on the Central Banks of Portuguese-speaking Countries website.

The mission of the new monetary authority, which will replace the East Timor Banking and Payments Authority (ABP), is to carry out policies to maintain domestic price stability, which will include providing the economy with liquidity, along with regulating and supervising the banking market and, in the future, the insurance market.

The Central Bank Law was approved by the National Parliament and signed off by President José Ramos-Horta on 15 June of this year. (macauhub)