East Timor - Central bank precursor inaugurated

The East Timor Central Payments Office (CPO), expected to become the territory's central bank, was officially inaugurated Feb 28 by Sergio Vieira de Mello, the chief of the UN Transitional Administration in East Timor (UNTAET). The CPO was established in January 2000 by UNTAET to formulate and implement payment system policies as well as to transact in legal tender and provide payment and storage services for foreign governments and foreign banks.

Fernando de Peralto, CPO general manager, repo