17 August 2013

East Timor’s oil fund totals US$13.6 billion in June 2013

ETLJB 17 August 2013 - East Timor’s Oil Fund totalled US$13.6 billion at the end of June, which was a rise of US$796 million against the first quarter of the year, according to figures published by the East Timor Central Bank for the second quarter of 2013.

According to the document published by the Central Bank, “gross capital inflows into the fund from royalties and taxes totalled US$796 million,” and capital increased to US$13.6 billion.

The Oil Fund Law was outlined in 2005 in order to contribute to the effective management of East Timor’s oil resources.

The fund is managed by the East Timor Central Bank, which is responsible for its operational management, and the Finance Ministry, which is responsible for overall management. Source: macauhub 13/08/2013 Edited by Warren L. Wright

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