The value of the Timor-Leste (East Timor) Oil Fund increased by just US$177 million in the third quarter due to payments to the state budget, the Timor-Leste Central Bank said Monday in Dili.
According to the statement issued in Dili, the value of the Oil Fund was US$16.6 billion at the end of September.
From July to September the Fund recorded US$522.35 million of gross inflows in contributions and royalties, and outputs amounted to US$345.35 million, including US$340 million in the form of transfers to the state budget.
The Timor-Leste Oil Fund, which was created in August 2005, receives all the state’s revenues from oil exploration.
Revenues for the fund are then invested in financial assets abroad and the only cash outflows are for the state budget, which must be approved by the national parliament.
The Central Bank of Timor-Leste is responsible for the operational management of the Fund and the Ministry of Finance sets the overall investment strategy. (macauhub/TL)