PORTUGUESE BANK RECEIVES FULL OPERATING LICENCE

The Central Payments Office (CPO) of the East Timor Transitional Administration has issued an indefinite license to the Portuguese bank Banco Nacional Ultramarino (BNU), to enable it to fully function as a commercial bank in East Timor after getting a special permission from SRSG Sergio Vieira de Mello, BNU started operating in East Timor in late November 1999, but received its full banking licence only last month.

The initial purpose of the bank, which operated in East Timor from 1906 to 1975, was to resume payments for East Timorese pensioners. It also provides other banking services such as money exchange, international transfers, deposits and loans. CPO has also issued a preliminary approval to the Australian and New Zealand Bank (ANZ) – which is expected to open an office in Dili later this month – and a currency exchange bureau.

BUSINESS DIRECTORY TO BE PRODUCED

An agreement was reached on Wednesday, 3 January, between UNTAET’s Investment Institute and the local newspaper Timor Post to produce a business directory. Interested companies will be listed for free provided that they are already registered at UNTAET’s Business Registration Unit. About 400 businesses will be included in the directory. The directory, to be printed in English and Tetum, will be on sale in early March 2001. The proceeds will go to the Timor Post to cover the printing cost.

PRESIDENT OF UN GENERAL ASSEMBLY TO VISIT EAST TIMOR

Harri Holkeri, the President of the 55th Session of the United Nations General Assembly, is visiting East Timor from 12 to 14 January. He is expected to meet with SRSG Sergio Vieira de Mello, PKF Force Commander General Boonsrang Niumpradit, CNRT President Xanana Gusmão, CNRT Vice Presidents José Ramos-Horta and Mario Carrascalao, among others. Holkeri will also be traveling to Suai, where he is expected to meet with the District Administrator and visit PKF Sector West Headquarters and the site of the 1999 church massacre.