UNTAET ends triple E. Timor currency trade<\/p>\n
JAKARTA (AFP): East Timor's days of triple currency trade were
\nbrought to an end Monday as fines were introduced for businesses
\ncaught trading in currencies other than the U.S. dollar.<\/p>\n
Although the greenback has been the UN-administered
\nterritory's official currency since January 2000, trade in the
\nIndonesian rupiah and Australian dollar has thrived, especially
\nin the villages and traditional marketplaces.<\/p>\n
\"The problem has been the shortage of U.S. coins,\" a spokesman
\nfor the UN administration, Peter Biro, told AFP by phone from
\nDili.<\/p>\n
\"Lower priced goods in the market are paid for with rupiah.
\nBut we've had a large shipment of coins in the past few months so
\nwe're beginning to see more nickels and dimes.\"<\/p>\n
From Monday anyone caught trading in rupiah or the Australian
\ncurrency is liable to a fine of up to 5,000 dollars.<\/p>\n
\"As of today authorities are free to impose penalties for
\nanyone who trades in anything but U.S. dollars,\" Biro said.<\/p>\n
East Timor's interim cabinet and now-disbanded national
\ncouncil passed a regulation in July rendering trade in other
\ncurrencies liable for penalties from August 20.<\/p>\n
Major companies and cafes have been informed that penalties
\nwould apply as of Monday.<\/p>\n
\"This morning the cafes were making it clear to all the
\ncustomers that they had to pay in U.S. dollars. Yesterday I was
\nstill paying in Australian dollars,\" Biro said.<\/p>\n
\"But there's no active arresting of the small man in the
\nstreet trading in rupiahs ... the rules are targeting the
\nbusiness community.\"<\/p>\n
He said Indonesia's central bank wants all rupiah to be
\nrepatriated by year-end from the former Indonesian province.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/untaet-ends-triple-e-timor-currency-trade-1447893297",
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"sponsor_url": "https:\/\/okusiassociates.com"
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