Paulina Quintao – Member of the Commission D (Economic and Development issues) of the National Parliament, MP Mariano Assanami Sabino said the banking system in Timor-Leste is too weak, and he is concerned because international tourists cannot withdraw their money at the local banks.
He said to guarantee the sound implementation of the policy on economic development and to generate revenue to the state, there needs to be a policy to guide the international banking system, including fixing the mechanism of access to credit that will support investment in the private sector.
"I think the bank is crucial in facilitating businesses, particularly for small and middle enterprises to run their businesses and to allow Timorese businesses to get funds to develop," he said.
He urged the government to consider this issue, to develop the financial system up to an international standard, to allow tourists who come and visit to spend their money in the country.
Meanwhile, the President of the Chamber of the Commerce and Industry of Timor-Leste (CCI-TL), Oscar Lima said that the financial system in the country is not well managed making it difficult for entrepreneurs to invest.
"So far, the banks are not brave enough to give credit to entrepreneurs. They should not just look at big investors. Small investments of $1 million and $2 million are good, but these investments do not bring many returns. This is the concern of our entrepreneurs if they want to make an investment," he said.
He added that, many national entrepreneurs invested in the tourism and agricultural sectors, but still in small scale. He hopes the banks will give substantial credits to the private sector to make bigger investments, particularly in the industrial sector.