11 November 2013

Timor-Leste Petroleum Fund has assets of US$14.6 billion at end of September

ETLJB 11 November 2013 - (macauhub) The Timor-Leste Petroleum Fund had a capital of US$14.6 billion at the end of last September, up from US$13.6 billion at the end of June, the Central Bank of East Timor announced on Thursday in Dili.

The three months from June to September witnessed a gross capital inflow amounting to US$703 million, from both tax payments into the Fund and royalties from the National Petroleum Authority. The return on investment rose to US$413 million.

The same period saw an outflow of US$184 million, almost entirely in the form of transfers to the state budget.

The Petroleum Fund Law specifies that the Central Bank of East Timor is the body responsible for the Fund’s operational management, while the Finance Ministry is responsible for setting its overall investment policy.

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