Timeline

• 12.10.1853
• Ordinance on the rating of foreign silver coins in Portuguese currency, effective immediately:
  - 1 Spanish Dollar (8 Spanish Real in silver) at 850 Portuguese Réis.
• 19.08.1893
• Ordinance on the rating of foreign silver coins in Portuguese currency, effective immediately:
  - 1 Spanish Dollar (8 Spanish Real in silver) at 640 Portuguese Réis; 1 Netherlands Guilder at 360 Portuguese Réis.
• 23.01.1894
• Rating of foreign silver coins in Portuguese currency:
  - 1 Netherlands Guilder at 320 Portuguese Réis.
• 30.12.1897
• Law on the rating of foreign silver coins in Portuguese currency, effective immediately:
  - 1 Spanish Dollar (8 Spanish Real in silver) at 540 Portuguese Réis; 1 Netherlands Guilder at 360 Portuguese Réis.
• 02.06.1909
• Ordinance on the rating of foreign silver coins in Portuguese currency, effective immediately:
  - 1 Spanish Dollar (8 Spanish Real in silver) = 1½ Netherlands Guilders at 540 Portuguese Réis.

Timeline

• 10.12.1910
• Law on the rating of foreign silver coins in Portuguese currency, effective immediately:
  - 1 Spanish Dollar (8 Spanish Real in silver) at 450 Portuguese Réis; 1 Netherlands Guilder at 400 Portuguese Réis.
• 28.10.1911
• Portuguese ordinance, established that the Portuguese currency reform (law of 22.05.1911) will not be executed in India, Macau, and Timor; effective immediately
• 21.11.1911
• Provincial ordinance [No. 235], admitted Mexican and Dutch silver coins, as well as paper money of the Bank of Java, the Hong-Kong and Shangai Bank, and the National Overseas Bank (Macau) as legal tender; effective immediately
• 04.04.1912
• Opening for business of the local branch office of the National Overseas Bank in Dili:
  - ??.03.1915: Start of issuance of paper money for Timor (dated 01.10.1910).
• 04.05.1918
• Ordinance [No. 4294] on the unification of the money circulation, established that 1 Timorese Pataca = 1 Mexican Peso = 0.45 Portuguese Escudo.
  - 26.10.1918: Provincial ordinance on the withdrawal of the Netherlands Indies coinage at 1 Netherlands Guilder = 1 Timorese Pataca; effective 31.12.1918.
• 30.05.1933
• Portuguese ordinance [No. 22793] on the budget for the fiscal year 1933-1934, fixed the rate between the Timorese and Portuguese currencies at 1 Timorese Pataca = 6 Portuguese Escudos:
  - During the Portuguese financial crisis of the 1920s, the Pataca had appreciated from 2.22 Escudos up to 7.87 Escudos.
• 05.12.1939
• Ordinance [No. 9394] on the issuance of paper money of 0.50, 0.20, 0.10 Patacas from Macau by the National Overseas Bank; effective 19.07.1940
• 1942-1945
• Japanese Occupation:
  - After February 1942: Introduction of the Japanese occupation currency (Indonesian type) by the Japanese military command at a rate of 1 Japanese Military Yen = 1 Timorese Pataca, which corresponded to about the real valuation.
  - 22.11.1943: Resolution of the Japanese Military Administration, banned the use of Timorese Pataca notes and Mexican Peso coins
  - 06.08.1946: Public notice on the exchange of the Japanese occupation currency (at the previous rate?) until 08.09.1946.
• 19.07.1946
• Ordinance [No. 35754] on the issuance of Timorese subsidiary coins of 0.50, 0.20, 0.10 Pataca and on the issuance of paper money from Macau by the National Overseas Bank; effective immediately:
  - The ordinance used a rate between the Timorese and Portuguese currencies of 1 Timorese Pataca = 6.25 Portuguese Escudos.
  - 09.10.1948: Ordinance [No. 37091] on the release of the subsidiary coins.

Valuation Regimes

• 1910-1933
• Metallic currency based on circulating silver coins, effectively a fixed rate against the Mexican Peso
• 1939-1959
• Fixed rate against Portuguese Escudo

Timeline

• 27.06.1953
• Portuguese general law [No. 2066] on the Overseas Territories: §72.II prescribed the unification of all colonial currencies; effective in stages per section
  - 07.12.1954: Ordinance [No. 39958] on the exchange ratio of 1 Timorese Pataca = 6.25 Timorese Escudos; effective 01.01.1960
  - 06.12.1957: Ordinance [No. 41428] on the authorization of the new banknotes and coins; effective 01.01.1960
  - 15.12.1959: Ordinance [No. 17464] on the implementation of the currency exchange; effective 01.01.1960.
• 02.01.1960
• Start of currency exchange:
  - 02.01.1960: Start of issuance of the new banknotes and coins
  - 31.12.1960: Demonetization of the former currency (planned for 30.06.1960, then extended).

Valuation Regimes

• 1960-1976
• Fixed rate against Portuguese Escudo

Timeline

• 31.05.1976
• Demonetization of the Timorese currency at a rate of 1 Timorese Escudo = 10 Indonesian Rupees (1965), corresponding to a devaluation by -36.3%.

Timeline

• 2000-2001
• Creation of the currency by the UN Transitional Administration of East Timor (UNTAET):
  - 14.01.2000: Ordinance [No. 2000/02] on the free use of currencies; effective immediately
  - 22.01.2000: Ordinance [No. 2000/07] on the adoption of the United States Dollar instead of a national currency; effective 24.01.2000
  - 20.07.2001: Ordinance [No. 2001/14] on the termination of the free use of currencies and legal tender status of foreign currencies (were not demonetized and had to be exchanged individually); effective 20.08.2001
• 2000-2001
• Establishment of banking by the UN Transitional Administration of East Timor (UNTAET):
  - 20.01.2000: Ordinance [No. 2000/05] on the licencing for bureaux de change; effective immediately
  - 22.01.2000: Ordinance [No. 2000/06] on the establishment of the "Central Payment Office of East Timor" as supervisory authority; effective immediately
  - 25.02.2000: Ordinance [No. 2000/08] on bank licensing and supervision; effective immediately
  - 30.11.2001: Ordinance [No. 2001/30] on the establishment of the "Banking and Payments Authority of East Timor", replacing the Payments Authority as supervisory authority; effective immediately
• 04.11.2003
• Law [No. 20] on the issuance of Timorese subsidiary coins in United States currency; effective immediately
• 13.04.2011
• Law [No. 5] on the establishment of the "Central Bank of Timor-Leste"; effective upon constitution of the bank on 13.09.2011