DILI, 09 november 2021 (TATOLI) – Central Bank of Timor-Leste (BCTL) today released the Quarterly Report of the Petroleum Fund of Timor-Leste for the period ended september 30, 2021. The report shows that the capital of the fund as of September 30, 2021 was US$19.17 billion compared to US$19.49 billion at the end of the previous quarter.
The gross capital inflows during the quarter were US$123.80 million, consisting of US$41,85 million of contributions from taxpayers to the Fund and royalty contributions from the National Petroleum Authority was US$76.13 million and annual pipeline fees US$5,81 million.
The investment income of Fund for the quarter was US$6,86 million comprising dividends and interest received were US$66,67 million, change in the market value of financial assets was -US$49,52 million and FX was -US$4,83 million. This represented the total portfolio return of the Financial Market Investments for the quarter was 0.00% while the benchmark return for the period was 0.05%.
The Petroleum Fund law specifies that the Operational Manager (BCTL) is the agent responsible for the operational management of the Fund. The Ministry of Finance is responsible for setting the overall investment strategy for the Fund.
BCTL has managed the portfolio close to the benchmark over the period. The difference in return between the Total Financial Market Investment and benchmark for this quarter was 13 basis points or 0.13 percent and the total Fund absolute return since inception was 4.87 Percent.
Highlights of the LIX Quarterly Report, which covers the period from july 1, 2021 to september 30, 2021 include:
- The capital of the Fund on june 30, 2021 was US$19.17 billion.
- Gross cash inflows to the fund from royalties and taxes were US$123.80 million.
- Cash outflows were US$452.19 million of which US$447.87 million was transferred to the State Budget and US$4.31 million was for management costs.
- This represented the total portfolio return of the Financial Market Investments for the quarter was 0.00% while the benchmark return for the period was 0.05%.
Journalist: Filomeno Martins
Editor: Nelia Borges Rosario
