Wednesday , May 5 2021

Timorese Oil Fund with $ 17.16 billion at the end of September



"Profit during the period was 228.83 million, which corresponds to a return of 1.73%", in line with the benchmark, Venâncio Alves Maria, vice-governor of the Central Bank of Timor-Leste (BCTL), told a journalists to spread report.

The report confirms that in the quarter, between 1 July and 30 September, the fund recorded gross revenues of $ 79.42 million, corresponding to fees, royalties and taxes.

Cash flow amounted to USD 144.15 million during the same period, of which USD 140 million went to the state's general budget and the rest represented administrative expenses.

Investment income amounted to USD 293.72 million, of which $ 89.86 million corresponded to dividends and interest and USD 226.35 million of "changes in market value of instrument holdings". The currency movement represented losses of 22.5 million.

Compared to the end of September 2017, the Fund increased by approximately $ 470 million and increased by $ 360 million.

The report covers the last quarter of 2018 where the state has lived with twelfth, which has meant that the fund's surveys have been much lower than usual during the year.

During the first nine months of the year, and still in the duodecimal regime, only $ 210 million government budget bills were made – $ 70 million for the VII government and 140 million for the VIII government.

In October, already with the general government budget 2018, endorsed in late September, $ 220 million was transferred to the public accounts, Venâncio Maria confirmed.

Asked about the investment strategy, the deputy governor said that the downward trend in revenues from production of oil fields in the Timor Sea continues.

If an aggressive fund policy is needed or not, the BCTL official said that this issue is regularly reviewed by the Ministry of Finance, Investment Advisory and updated "on time".


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