Governing Board Decision No. 07/2005 Approving Instruction No. 01/2005 on Holidays Applicable to Financial Institutions

Autoridade Ban(~tiria e de Pagamentos de Timor-Leste Banking and jPayments Authority of Timor-Leste GO\i'ERNING BOARD DECISION .N"~. 07/2005 Concerning the Approval of the Instruction .N!. 01/2005 on Holiday's Applicable to Financial Institutions THE GO VERNIN G BOARD Pursuant to:

1. Section 17.b of Regulation ~. 2001/30 giving BPA the authority to issue rules,
   instructions, and guidelines;
2. Section 46 of Regulation ~. 2000/8 on the regulatory and supervisory powers of
   the BP A;
3. Law ~. 10/2005 dated 10 August 2005 on National Holidays and Official
   Commemorative Dates;
4. Section 165 of the Col1lstitution of the Democratic Republic of Timor-Leste
   concerning the continued applicability of Laws in force at the date adoption of the Constitution. Taking into Account:
5. The need regulate the minimum working hours and working days on which financial
   institutions shall offer Sef\1CeS to the public;
6. The need for the public to know with certainty the dates on which financial
   settlements and other tra:nsactions undertaken by financial institutions in Timor￾Leste shall take place. HEREBY RE:SOL YES TO ADOPT THE FOLLOWING GBD o7/2oosi Page 1 of 3

Instruction .N2. 01/2005 on Holiday's Applicable to Financial Institutions
Article 1
Applicability
This instruction applies to all jrtnailcial institutions licensed to operate in Timor-Leste.
Article 2
Business Hours
Financial institutions shall be open for business from Monday to Friday on official working days in Timor- Leste; The minimum hours during which financial institutions shall be open on business days shall be from 9:00 a.In. to 15:30 p.m. 2.
Article 3
National Holidays
Financial institutions ma:v be closed for public business on national holidays as defined in the Law on Natilonal Holidays and Official Commemorative Dates; 1. National holidays for the purpose of this Instruction shall be as follows:
a). National Holidays with Fixed dates:
-New Year's Day January!
Labour's Day May 1
Restoration of Independence Day May 20
-Public Consultation Day August 30
All Saint's Day November 1
November 2
November 12
November 28
-All Soul's Day
-National Youth Day
-Proclamation of Independence Day
-National Heroes D:ay December 7
-Immaculate Conception Day "Patron of Timor-Leste" December 8 -Christmas Day December 25 GBD 07/2005 t

b). National Holidays with Variable Dates:
-Good Friday;
Idulfitri "Final Day ofRamadhan";
Corpus Christi;
-Idul Adha "Sacrifice Day".
3 BP A may from time to time declare further holidays applicable to financial institutions by written memo signed by the General Manager.
Article 4
Ej~fect of previous Instructions
Instruction~. 01/2004 dated 22 January 2004 shall be superseded by this Instruction.
Article 5
Entry in effect
This Instruction shall enter into effect upon its signature.
Signed at Dili this 9th day of September 2005 GBD Page 3 of 3 omO05 Abraao de Vasconselos Chaimlan