The Central Bank of Timor-Leste, through Circular No. 85/2020 of 27 March, approved the following measures concerning the operation of financial institutions and the maintenance of minimum service provision during the period of the State of Emergency:

  • Obligation for all financial institutions (including banks, other deposit-taking institutions, insurance companies, money transfer operators and fintech companies) to make available to the public a set of minimum services.
  • Setting of the period of operation of financial institutions to serve the public from 09:30 am to 14:00 pm.
  • With specific regard to the activity of banks and other deposit-taking institutions:
    • Maintaining public access to cash facilities through channels such as bank counters or banknote dispensing machines (ATMs).
    • Adjusting the daily minimum withdrawal limit at ATMs to USD 1,000.00 (withdrawals up to this amount should be made at ATMs).
    • Maintaining the availability of banknotes at ATMs in the national territory at all times and a level of operability corresponding to a minimum of 98%.
    • Ensure that all electronic payment channels remain in normal operation during this period.
    • Continued availability to the public of other essential financial services, including credit, bank transfers, among others.

It is expected that measures to support the citizens and companies of Timor-Leste will be enacted by the Government and the Central Bank of Timor-Leste following the Government Resolution no. 12/2020, of 31 March, by which the Government undertook to take all necessary measures, in due time, to:

  • Set credit lines at lower interest rates.
  • To provide direct financial support to citizens and companies in Timor-Leste.

 

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This information is being updated on a regular basis.

All information contained herein  and all opinions expressed are of a general nature and are not intended to substitute recourse to expert legal advice for the resolution of real cases.