BCTL Regulation No. 3/2017 on the Emission and Use of Metallic Coin in Timor-Leste

Monday, September 4, 2017 | Series I, No. 34 B JORNAL da REPÚBLICA OFFICIAL PUBLICATION OF THE DEMOCRATIC REPUBLIC OF TIMOR-LESTE $ 0.25

Extraordinary Issue

SUMMARY

CENTRAL BANK OF TIMOR-LESTE (BCTL):
BCTL Regulation No. 3/2017
On the Emission and Use of Metallic Coin in Timor-Leste
(Revokes BCTL Regulation No. 1/2013) ............................1

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BCTL REGULATION NO. 3/2017
ON THE EMISSION AND USE OF METALLIC COIN IN TIMOR-LESTE

(Revokes BCTL Regulation No. 1/2013)

It is the exclusive competence of the Central Bank of Timor-Leste, under the terms of Law No. 5/2011 of June 15 (Organic Law of the Central Bank of Timor-Leste), to determine, by means of Regulation, the face value, dimensions, weights, design, and security features of Cent coins, as well as to arrange for their minting.

It is also the power of the Central Bank of Timor-Leste, under paragraph 3 of Article 2 of Decree-Law No. 20/2003 of November 13, to restrict the maximum value that may be paid in a single act in coins or notes of low denomination.

Considering the need to strengthen Timor-Leste's autonomy in the issuance of metallic currency, continuing measures already adopted in this matter, notably with the circulation in 2013 of the 100 Cent coin, taking into account public health and financial reasons, such as seigniorage revenue and the reduction of high acquisition and transport costs for the country of 5 United States Dollar notes, the Central Bank of Timor-Leste resolved to issue and put into circulation the new 200 Cent coin.

In these terms, it became necessary to proceed with a review of the current regime, updating the provisions of BCTL Regulation No. 1/2013 regarding the emission and use of metallic coin in Timor-Leste and regulating the characteristics of the new 200 Cent coin.

Thus, under the terms of Article 21, paragraph 3, and Article 79, paragraph 1, letters c) and d) of Law No. 5/2011 of June 15, the Board of Directors of the Central Bank of Timor-Leste approves the following Regulation:

Article 1.
Definitions

For the purposes of this Regulation, the following terms shall have the meaning indicated below:

a). "Cent" has the meaning attributed to it in Decree-Law No. 20/2003 of November 13;

b). "Official Coin" corresponds to the definition of "official currency of Timor-Leste" contained in Decree-Law No. 20/2003 of November 13;

c). "USD" means United States Dollar.

Article 2.
Face Values

1. Metallic Cent coins are issued by the Central Bank of Timor-Leste in the following denominations (face values):

a). One Cent, having the same value as 1/100 (one hundredth) of 1 United States Dollar;

b). Five Cents, having the same value as 1/20 (one twentieth) of 1 United States Dollar;

c). Ten Cents, having the same value as 1/10 (one tenth) of 1 United States Dollar;

d). Twenty-five Cents, having the same value as 1/4 (one quarter) of 1 United States Dollar;

e). Fifty Cents, having the same value as 1/2 (half) of 1 United States Dollar;

f). One Hundred Cents, having the same value as 1 United States Dollar;

g). Two Hundred Cents, having the same value as 2 United States Dollars.

2. All Cents issued or to be issued by the Central Bank of Timor-Leste shall be considered legal tender in Timor-Leste with an exchange value equal to the face value expressed in these coins.

Article 3.
Designs and Specifications

1. Cent coins must be minted with a common face (obverse), containing the following visual elements:

a). A border with a design based on a traditional pattern representing crocodiles;

b). The face value of the coin in numbers;

c). The word "Centavo" or "Centavos";

d). The representation of a Kaibauk, below the designation of the face value.

2. Cent coins must be minted with a distinct face (reverse), containing the following visual elements:

a). The words "Democratic Republic of Timor-Leste" forming the upper border;

b). The year of issuance of the coins, forming the lower border;

c). A pictorial representation, unique for coins of each face value, as follows:

1 Cent: Nautilus Shell

5 Cents: Rice Plant

10 Cents: Fighting Cock

25 Cents: Traditional Fishing Boat (beiro)

50 Cents: Grain on a branch of the coffee plant

100 Cents: Dom Boaventura de Manufahi

200 Cents: Buffalo, rice field, and Matebian Mountain

3. Cent coins are minted according to the specifications contained in Annex I to this Regulation, which forms an integral part thereof.

Article 4.
Limits on the value of coins to be used in a transaction

1. A payment made in metallic coins, insofar as it is made in Cent coins issued or to be issued by the Central Bank of Timor-Leste, is of mandatory acceptance:

a). In the case of Cent coins with a face value of 200 and 100 Cents, for a payment of value not exceeding USD 100;

b). In the case of Cent coins with a face value of 25 and 50 Cents for a payment of value not exceeding USD 10;

c). In the case of Cent coins with a face value of 1, 5, and 10 Cents for a payment of value not exceeding USD 2.

2. Coins that have been withdrawn from circulation by the Central Bank of Timor-Leste do not have legal tender status and cannot be used in the payment of any transactions.

Article 5.
Final Provisions

1. Under the terms of Article 21, paragraph 3 of the Organic Law of the Central Bank of Timor-Leste, this Regulation is published in the Journal of the Republic.

2. BCTL Regulation No. 1/2013 regarding the emission and use of metallic coin in Timor-Leste is revoked.

3. This Regulation enters into force on September 13, 2017.

Approved on August 29, 2017

The Governor,

Abraão de Vasconselos

Series I, No. 34 B | Monday, September 4, 2017 | Page 2

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Annex I Minting Specifications for Cent Coins

Denomination	Diameter	Thickness	Metal Alloy	Edge	Weight
1 Cent	17.00mm	2.15mm	Nickel-coated steel	Smooth	3.10g
5 Cents	18.62mm	2.32mm	Nickel-coated steel	Smooth	4.10g
10 Cents	20.61mm	2.37mm	Nickel-coated steel	Smooth	5.20g
25 Cents	21.25mm	2.30mm	Bronze and aluminum alloy	Milled	5.85g
50 Cents	25.00mm	1.90mm	Bronze and aluminum alloy	Milled	6.50g
100 Cents	23.50mm	2.35mm	Exterior: bronze and aluminum alloy Interior: white copper nickel	Bicolor milled	7.00g
200 Cents	25.25mm	2.40mm	Exterior: copper nickel Interior: copper nickel and zinc	Interrupted milled	8.64g

Series I, No. 34 B | Monday, September 4, 2017 | Page 3