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East Timor is a country located in Southeast Asia. The currency of East Timor is US Dollar as per the declaration of UN Transitional Administration in East Timor in the year 2000. Ever since the East Timor currency has been US Dollar.
It was declared in the year 2000 that the East Timor currency will be US Dollar. This decision was taken by UN Transitional Administration in East Timor. This was before the independence of East Timor in the year 2002 from the rule of Indonesia. The rule of UNTAET was enforced in East Timor at that time. National Resistance Council of East Timor NRCT had its representatives in the meeting when the unanimous decision of East Timor currency was taken.
East Timor largely depends on funds of International Mutual Fund, investments and aids by foreign countries. The decision of keeping US Dollar as East Timor currency was a pragmatic decision so as to simplify the foreign transactions. But in other aspects it has raised the cost of living of poor people living in East Timor for the value of US Dollar is high.
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