East Timor’s central bank issues coin with US$1 face value

16 September 2013

The Timor-Leste (East Timor) Central Bank Friday issued a 100 centavo denominated coin with an equivalent face value of US$1, which is the currency that circulates in the country, the bank said in a statement.

The governor of the BCTL, Abraão de Vasconcelos, cited in the statement, said that the coin had been minted because US$1 notes have been “in circulation in Timor-Leste for a long time,” and they deteriorate very quickly.

“Even taking into consideration that minting coins is expensive, they can circulate for a number of years before having to be removed from the market whereas US$1 notes, usually need to be replaced after one year,” the Central Bank said in its statement.

The 100 centavos coin is minted with a picture of Dom Boaventura de Manufahi and is made up of two metals – golden in colour around its edge and silver on the inside.

The new coin, which was minted by the Bank of Portugal, will circulate alongside US$1 notes. (macauhub)