The central bank of Timor-Leste and the Monetary Authority of Macao have reached agreement on exchanging and training their personnel, the authority says.

A written statement issued by the monetary authority, which is, in effect, the central bank of Macao, says its chief, Benjamin Chan Sau San, and Governor Abraão de Vasconcelos of the Timorese central bank signed the agreement in Lisbon.

The monetary authority says the new agreement goes beyond a previous agreement in providing for joint training and for regular exchanges of and dialogue between officials, and in envisaging even closer cooperation in due course.

The agreement is another step toward making Macao a place where China and the Portuguese-speaking world can avail of financial services for the business they do, the authority says.