Country ISO code: TL

Official language: Tetum and Portuguese

Language ISO code: tet (Tetum), pt (Portuguese)

Current official currency: United States Dollar

Currency ISO code: USD

Complete Financial History of the Democratic Republic of Timor-Leste

Current official currency: United States Dollar (USD)

• ISO code: USD

• Symbols: US$, USD

• Singular name: Dollar

• Plural name: Dollars

• Monetary subdivision: 1 Dollar = 100 Cents

• Fraction singular name: Cent

• Fraction plural name: Cents

• Initial production date: 1792 (U.S. currency first minted; adopted officially in Timor-Leste since 2000-2002)

• Final production date: Still in circulation

• Initial circulation date in Timor-Leste: 2000 (official use after UN administration)

• Final circulation date: Still in circulation

• Mint: United States Mint

• Issuing bank: Federal Reserve (U.S. Central Bank)

Timor-Leste’s own minted coins (Cents)

• ISO code: USD (equivalent to U.S. cents)

• Designs/symbols: Coins feature a circular border decorated with traditional ‘tais’ (Timorese woven cloth), with the face value centered over the kaibauk symbol, a traditional Timorese emblem of power.

• Singular name: Cent

• Plural name: Cents

• Monetary subdivision: 100 Cents = 1 U.S. Dollar

• Initial production date: November 10, 2003

• Final production date: Minted at least until 2017

• Initial circulation date: November 10, 2003

• Final circulation date: Still circulating

• Mint: Imprensa Nacional-Casa da Moeda de Portugal (National Press-Mint of Portugal)

• Issuing bank: Central Bank of Timor-Leste

• Coin denominations minted: 1, 5, 10, 25, 50 cents

• Banknotes issued: Timor-Leste does not issue its own banknotes; it uses U.S. banknotes exclusively.

Economic and historical context

• Before independence, Portuguese Timor used the Portuguese escudo and, during Indonesian occupation (1975-1999), the Indonesian rupiah.

• During the UN transitional administration (1999-2002), Australian and U.S. dollars were used temporarily.

• Since independence in 2002, the U.S. dollar has been the sole official and legal tender in Timor-Leste, providing monetary stability and facilitating international trade.

• Timor-Leste issues its own coins denominated in cents to facilitate small transactions and assert national sovereignty, pegged 1:1 to U.S. cents.

• The country does not issue its own banknotes.

Minting and production locations

• Timor-Leste’s coins are minted by the National Press-Mint of Portugal.

• U.S. banknotes are produced by the United States Mint.

Designs and symbols on coins and banknotes

• Timorese coins depict cultural symbols such as the kaibauk (power emblem), belak (sun disk), and local flora and fauna including fighting cocks, rice, coffee, and marine mollusks.

• U.S. banknotes feature portraits of U.S. presidents and national symbols.

Production volumes, honorees, and seals

• Timorese coins have limited mintages with issues in 2003, 2004, 2005, 2006, 2011, 2012, 2013, and 2017.

• Coins celebrate Timorese cultural and natural heritage without depicting human figures.

Curiosities / commemorative coins

• The 10-cent coin features a fighting cock, a symbol of traditional Timorese culture.

• The 5-cent coin shows a rice stalk, highlighting agriculture.

• The 25-cent coin depicts a fishing tool (beiro).

• The 50-cent coin features coffee, a major crop.

• The 1-cent coin shows the Nautilus pompilus marine mollusk, emphasizing natural conservation.

Current circulation status

• The U.S. dollar is the only official currency and is actively circulated throughout Timor-Leste.

• Timorese minted coins circulate alongside U.S. coins primarily to facilitate small-value transactions.

Issuing authority

• Central Bank of Timor-Leste (for Timorese coins)

• U.S. Federal Reserve (for U.S. banknotes)

Relevant monetary legislation

• Timor-Leste’s legislation recognizes the U.S. dollar as official currency and authorizes issuance of local coins for internal circulation.

Names and titles on banknotes

• U.S. banknotes bear signatures of the U.S. Secretary of the Treasury and the Federal Reserve Chair.

Persons honored on coins and banknotes

• Timorese coins honor cultural and natural symbols without human portraits.

• U.S. banknotes honor U.S. presidents and historical figures such as George Washington and Abraham Lincoln.

Official languages recognized by the state for administrative, legislative, judicial, monetary, and educational use:
Tetum and Portuguese are the official languages of Timor-Leste, used across all governmental, legal, monetary, and educational domains.