BCTL Regulation No. 1/2013 on the Emission and Use of Metallic Coin in Timor-Leste

Friday, September 6, 2013 | Series II, No. 33 A --- | --- JORNAL DA REPÚBLICA | OFFICIAL PUBLICATION OF THE DEMOCRATIC REPUBLIC OF TIMOR-LESTE | $ 0.10

Extraordinary Issue

SUMMARY

CENTRAL BANK OF TIMOR-LESTE:
BCTL REGULATION NO. 1/2013
ON THE EMISSION AND USE OF METALLIC COIN
IN TIMOR-LESTE..................................................................................1

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BCTL REGULATION
NO. 1/2013
ON THE EMISSION AND USE OF METALLIC COIN
IN TIMOR-LESTE

(Revokes Public Instruction No. 1/2004)

It is the exclusive competence of the Central Bank of Timor-Leste, under its Organic Law, to determine, by means of Regulation, the face value, dimensions, weight, design, and security features of Centavo coins, as well as to arrange for their minting.

It is also the power of the Central Bank of Timor-Leste, under Article 2, paragraph 3 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 low-denomination notes.

Considering the need to strengthen Timor-Leste's autonomy in the emission of metallic currency, continuing measures already adopted in this matter, taking into account also reasons of a financial and public health nature, the Central Bank of Timor-Leste decided to issue and put into circulation the new 100 (one hundred) Centavo coin, intended to replace, in Timor-Leste, the USD 1 (one US dollar) note currently in circulation.

In these terms, it became necessary to update the current regime, revoking Public Instruction No. 1/2004 regarding the emission and use of metallic coin in Timor-Leste and regulating the characteristics of the new 100 (one hundred) Centavo coin.

Thus, under Article 21, paragraph 3 and Article 79, paragraph 1, letters c) and d) of Law No. 5/2011 of June 15 (Organic Law of the Central Bank), 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). "Centavo" has the same definition as contained in Decree-Law No. 20/2003 of November 13;

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

Article 2.
Face Values

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

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

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

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

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

e). Fifty centavos, having the same value as 1/2 (half) of a United States dollar;

f). One hundred centavos, having the same value as one United States dollar.

2. All Centavos 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.

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Jornal da República

Article 3.
Designs and Specifications

1. Centavo 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. Centavo 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 emission of the coins, forming the lower border;

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

1 Centavo: Nautilus Shell
5 Centavos: Rice Plant
10 Centavos: Fighting Rooster
25 Centavos: Traditional fishing boat (beiro)
50 Centavos: Grain on a branch of the coffee plant 100 Centavos: Dom Boaventura de Manufahi

3. Centavo 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 centavo coins issued or to be issued by the Central Bank of Timor-Leste, is of mandatory acceptance:

a). In the case of Centavo coins with a face value of One Hundred Centavos (100), for a payment of value not exceeding $100 (one hundred United States dollars);

b). In the case of Centavo coins with a face value of Twenty-Five (25) or Fifty (50) Centavos for a payment of value not exceeding $10 (ten United States dollars);

c). In the case of Centavo coins with a face value of One (1), Five (5) or Ten (10) Centavos for a payment of value not exceeding $2 (two United States dollars).

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 Article 21, paragraph 3 of the Organic Law of the Central Bank of Timor-Leste, this Regulation is published in the Jornal da República.

2. This Regulation revokes Public Instruction No. 1/2004 regarding the emission and use of metallic coin in Timor-Leste.

3. This Regulation enters into force on September 13, 2013.

Approved on September 6, 2013

The Governor,

Abraão de Vasconcelos

Annex I Specifications for the minting of Centavo coins

Denomination	Diameter	Thickness	Metal Alloy	Weight
1 centavo	17mm	2.15mm	Nickel-plated steel	3.1g
5 centavos	18.75mm	2.15mm	Nickel-plated steel	4.1g
10 centavos	20.75mm	2.15mm	Nickel-plated steel	5.2g
25 centavos	21.25mm	2.3mm	Nickel-bronze alloy (2003-2012) Bronze and Aluminum alloy (from 2013)	5.85g
50 centavos	25mm	1.9mm	Nickel-bronze alloy (2003-2012) Bronze and Aluminum alloy (from 2013)	6.5g
100 centavos	23.5mm	2.35mm	Exterior: Bronze and Aluminum alloy Interior: White cupronickel	7.00g

Series II, No. 33 A | Friday, September 6, 2013 | Page 2 ---