DILI, 08 august 2022 (TATOLI) – The Banco Central de Timor-Leste (BCTL), today, released the Quarterly Report of the Petroleum Fund of Timor-Leste for the period ended 30 June 2022.
The report shows that the capital of the fund as of 30 june 2022 was US$17.84 billion compared to US$19.12 billion at the end of the previous quarter.
The report shows that the gross capital inflows during the quarter were US$49.06 million, consisting of US$37.63 million of contributions from taxpayers to the Fund, and royalty contributions from the National Petroleum Authority was $11.43 million.
The gross investment income of Fund for the quarter was -US$1.028 million comprising dividends and interest received were US$79.19 million, change in the market value of financial assets was -US$1.089 million and FX movement was -US$11.86 million.
This represented the total portfolio return for the quarter was -5.33% while the benchmark return for the period was -5.61%.
The Petroleum Fund law specifies that the Operational Manager (Banco Central de Timor-Leste) 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.
The Banco Central de Timor-Leste has managed the portfolio close to the benchmark over the period. The difference in return between the Total Portfolio return and the benchmark for this quarter was 28 basis points or 0.28 percent and The total Fund absolute return since inception was 4.14 Percent.
Highlights of the LXIII Quarterly Report, which covers the period from 01 April 2022 to 30 June 2022 include:
- The capital of the Fund at 30 June 2022 was $17,84 billion.
- Gross cash inflows to the fund from taxes were $49,06 million.
- Cash outflows were $303,52 million of which $300 million was transferred to the State Budget and US$3,52 million was for management cost.
- The total Fund return for the quarter was -5.33% compared to the benchmark return was -5.61%.
- The portfolio return of the Financial Market Investments for the quarter was -5.59% while the benchmark return for the period was -5.88%.
The Quarterly report, as well as the Petroleum Fund Law and Management Agreement, are available from the Banco Central’s website https://www.bancocentral.tl
Journalist: Filomeno Martins
Editor: Nelia Borges
