East Timor: Uses the U.S. Dollar
East Timor is a Southeast Asian country which uses the US dollar as its official currency. The country got the rights to use the US dollar after the UN Transitional Administration declared. This declaration from the UN Transitional Administration was in 2000. Therefore it has been using US dollar as the currency ever since. Prior to this¸ East Timor used to use the currency of Indonesia which was Indonesian rupiah.
About East Timor Currency
East Timor was under the rule of Indonesia till 2002. The declaration of UN Transitional Administration of the currency of East Timor came in 2000 which was 2 years prior to their independence. The decision of US dollar becoming the official currency of East Timor came in a meeting in the country itself when UNTAET and the NRCT (National Resistance Council of East Timor) were discussing about the future currency of East Timor. The decision was unanimous between both the parties.
The funds of the East Timor are largely dependent upon the various funds which are provided to the government of the country by various investors and countries. So as to simplify the foreign transactions¸ US dollar was adopted as the official currency of the country.
This decision has also backfired in way as the adoption of US dollar has increased the cost of living of the country. As the country has recently got independence there is still lot of poverty prevailing in the country. Therefore optimal measures are being devised to stabilize the cost of living of the country.
East Timor Currency ISO 4217 Code
The ISO 4217 Code of the currency of East Timor is USD. The symbol of US dollar is $. The ISO code is an alphabetical code generated to help the currency being recognized in the international arena.
East Timor Currency Banknotes Types
As the East Timor currency is US dollar¸ the banknotes which are used by the country are also that of dollars. The Federal Reserve Bank issues the dollar banknotes in all the countries using the US dollar. There are around 10 different types of notes which are issued by the Federal Reserve Bank. Some of the popular banknote types are the United States Notes and the Federal Reserve Notes. The later type of notes is often found in circulation.
The denominations in which the US dollar banknotes are found are $1¸ $2¸ $5¸ $10¸ $20¸ $50¸ and $100. Initially higher denomination of banknotes is also produced but they were stopped from being printed in 1946. This order was carried out with an intention of reducing the crime which was increasing in the fake notes scam.
Another reason for the higher denomination banknotes being ceased was because of the electronic money. This removed the necessity of printing higher denomination banknotes.
Traditionally the US dollar banknotes are found green in color. But post 2004 series¸ an effort to involve different colors was started. Except for the $1 banknotes¸ bigger numerals and vivid colors are planned to be implemented in the banknotes. Already this is being implemented in the $100 banknotes.
Although there are banknotes in circulation in United States¸ East Timor does not have banknotes issued as yet. They cannot print their own banknotes and hence they depend on United States for the banknotes.
East Timor Currency Coins Types
East Timor has officially started minting their own currency coins. The denominations in which the currency coins are circulated are in 1¸ 5¸ 10¸ 25 and 50 centavos. Each dollar is subpided into 100 cents. Centavo is a Latin way of pronouncing cents. The official US coins have a mint mark which is found along the perimeter of the coin on the front side. Each denomination has its own specialty with a different national symbol imprinted on it.
The coins of East Timor are minted in Lisbon by the Imprensa Nacional- Casa da Moeda¸ the Portuguese National Mint.
The 1cent coin has a Nautilus shell along with the state title and the date of minting the coins. The 5cent coin has a rice plant symbol along with the state title and date. The 10cent coin has a fighting rooster as a national symbol with the state title and the date of minting. All the above mentioned coins are made of nickel coated steel.
The 25cents and 50cents coins have a traditional shipping boat and coffee beans as the national symbol. The state title and date of minting are the common signs of the coins. These coins are made of Nickel-brass alloy. The size of the coin also gradually increases with respect to the value of the coin. The 50 cent coin is the biggest in diameter while the 1cent coin is the smallest.
Currency Exchange Rate to other World Famous Currencies like US
The exchange rate of US dollar when compared to other major currencies in the world as of February 24th 2011 is –
1.00 USD = 0.726744 EUR
1.00USD = 0.619057 GBP