East Timor’s Oil Fund grew by US$1.2 billion in the first quarter of the year to US$13 billion at the end of March, said the East Timor Central Bank in Dili Monday.
According to the bank’s statement, gross monies paid into the Fund from royalties and taxes totalled US$946 million, and no funds were transferred to the State’s general account in the period.
In the first quarter of the year the return on the portfolio totalled US$264.8 million, which was a rise of 2.18 percent whilst the return on the reference package was 2.07 percent.
The Oil Fund Law was approved in 2005 in order to contribute to the effective management of Eat Timor’s oil resources.
The fund is managed by the East Timor Central Bank and the Finance Ministry. (macauhub)