DILI, 31 august 2022 (TATOLI)- Council Administration Executive of the National Commerce Bank of Timor-Leste (BNCTL) met with the President of the Republic of Timor-Leste, José Ramos Horta to update the progress and challenges of the five banks to the President of the Republic of Timor-Leste, José Ramos Horta.
The Executive Director of Banks Administration Council (CEO) in Timor-Leste, Brigido de Sousa said today meeting with the President of the Republic, José Ramos Horta to update the progress and challenges faced by five banks existing in Timor-Leste.
“We are informing President of Republic, José Ramos Horta regarding the progress of bank development, especially the challenge facing on the credit program that offers high-interest rate,’’ The CEO Executive Director of Banks in Timor-Leste, Brigido de Sousa told reporters at President palace, Bairro Pite, this Wednesday.
According to Sousa, finding the solution to these challenges requires implementing strict law, including the law of Contract, land certification laws, insolvency Laws Code of Insolvency of businesses Recovery Decree Law, nº 53/2004, and also the Timor-Leste judicial system, to guarantee the banks to offer credit to the consumers.
“Timor-Leste is considered as the country at risk of high-interest rates for offering credit. The president of the Republic will inform the government and especially the relevant ministries to solve this issue to help five banks offer special credit to Timorese consumers with small interest rates,” he said.
In turn, the President of the Republic promises to bring those issues to share with the government through the Prime Minister, Minister of Finance, and Central Bank of Timor-Leste and also with other relevant Institutions.
According to President Horta, the land certificate will be distributed to the Timorese people in November to be able to use this certificate to benefit them on their credit.
“It is great news to the Timorese people to benefit from the land certification to access credit in our country,’’ said Sousa.
Currently, the five banks in Timor-Leste offered about 3 to 12 percent interest rates to the consumers while in the previous term the bank offered 18 to 20 percent, therefore, the interest rate is going down slowly to 3 to 10 percent.
So far, There are five banks in Timor Leste composed of Mandiri, BRI, BNCTL, BNU, and ANZ.
Journalist: José Belarmino De Sá
Editor: Nelia B.
