How does BCTL manage inflation under a dollarised economy, and what effect have recent fluctuations in the US dollar and uncertainties around Federal Reserve policy had? In a dollarised economy like Timor-Leste, we do not have a conventional independent monetary policy with its own policy rate or exchange rate instrument. In practice, inflation management relies more on macro-financial surveillance, reserve adequacy, banking system liquidity oversight, payment-system efficiency and close policy