E. Timor sets finance rule

JAKARTA (JP): The United Nations Transitional Administration in East Timor (UNTAET) chief, Sergio de Mello, said on Monday he had signed a new regulation establishing a central fiscal authority, the embryo of a future finance ministry for the territory.

De Mello said in a statement that the establishment of such an office was "fundamental" because "no country can function without such a fiscal authority and because no donor will give us a penny unless such a credible capacity is in place."

Earlier, UNTAET and East Timorese leaders grouped under the National Consultative Council agreed to allow the use of foreign currencies in business transactions.

Currencies currently in use are the Indonesian rupiah, the Australian dollar and the U.S. dollar.