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19 February 2009

East Timor Banking and Payments Authority issues currency exchange licence

Autoridade Bancaria e de Pagamentos de Timor-Leste

Banking and Payments Authority of Timor-Leste

Avenida Bispo Medeiros, Po.Box. 59, Dili, Timor-Leste

PUBLIC ANNOUNCEMENT

Please be informed that on 17th February 2009, the Governing Board of the Banking and Payments Authority (BPA) of Timor-Leste granted license to “R & R Associate Currency Exchange Bureau, Unipessoal Ltd” to transact currency exchange burreau activities in Timor-Leste.

The decision to grant license was based on the information contained in the application which submitted to the BPA on July last year to meet legal requirements as described in the Regulation No. 2000/5 on Licensing of Currency Exchange Burreaux and the BPA’s relevant instructions.
We hope that the presence of the newly licensed currency exchange burreau could promote the competition and contribute to development of financial services in Timor-Leste.

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