Timor’s banking system is a reflection of its history. There are three banks with a presence, all foreign, one each from the country that colonized it (Portugal), occupied it (Indonesia) and helped liberate it (Australia): Caixa Geral de Depósitos, Bank Mandiri and ANZ respectively.
These banks are arguably seen as conduits for capital to leave Timor rather than helping to bring it in. “Apart from the Portuguese bank, the others are not giving any loans to people,” says João Mendes Gonçalves, minister of economy and development.
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