National Parliament of Timor-Leste - Law N. 5-2011 Organic Law of the Central Bank of Timor-Leste

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Central banks have the function to conduct monetary policy with the objective of maintaining price stability, necessary for growth and economic development, and are given the power to regulate and control currency and financial markets, and license and supervise the financial institutions established in the country. Secondary to that objective, central banks should ensure the stability of the financial system and be jointly responsible for setting economic policy. Central banks can best serve their country if they are able to establish credible arrangements, to work in an environment of constant change, and have a solid institutional and legal basis and perform all their functions efficiently and transparently. With this law, the Central Bank of Timor-Leste (BCTL) is established, defining its functions and the relationships between the Central Bank, the National Parliament and the Government, safeguarding its institutional independence.

The following topics are covered in this law:

1. Nature, Location and Assignment
2. Capital, Reserve Accounts, Profits, Losses and Coverage of Shortfall In Capital
3. Monetary and Other Operations
4. Foreign Exchange Regime
5. Monetary Unit
6. Payment, Supervision, Statistics and Other Financial System Functions
7. Relations Between the National Parliament, the Government and the Bank
8. Governance and Organization
9. Financial Statements, Reports, Audit, and Budget

Document Details

Document Type: 
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Year of Document: 
2011
Date of Document: 
Tuesday, September 13, 2011
Document Authors: 
National Parliament of Timor-Leste
Language (This Document): 
English

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