DILI, 18 august 2023 (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 2023.
The report shows that the capital of the fund as of 30 June 2023 was $18.075 billion compared to $17.691 billion at the end of the previous quarter after adjusting for the 2022 Fair Value of Private Debt Instrument issued by Timor Gap E.P.
The report shows that the gross capital inflows during the quarter were $332.21 million.
The gross investment income of the Fund for the quarter was $248.025 million comprising dividends and interest received were $123.73 million, the change in the market value of financial assets was $117.59 million and FX movement was $6.70 million. This represented the total portfolio return for the quarter was 1.39% while the benchmark return for the period was 1.48%.
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.
Highlights of the LXVII Quarterly Report, which covers the period from 01 April 2023 to 30 June 2023 include:
- The capital of the Fund on 30 June 2023 was $18.075 billion.
- Gross cash inflows to the fund from taxes were $332.21 million.
- Cash outflows were $192.856 million of which $190 million was transferred to the State Budget and $2,856 million was for management cost.
- The total Fund return for the quarter was 1.39% compared to the benchmark return was 1.48%.
- The portfolio return of the Financial Market Investments for the quarter was 1.43% while the benchmark return for the period was 1.53%.
The Quarterly report, as well as the Petroleum Fund Law and Management Agreement, are available from Banco Central’s website https://www.bancocentral.tl
Journalist: Filomeno Martins
Editor: Nelia Borges
