Timor is a small island of the Indonesian archipelago, formerly a portuguese colony. In 1975 this island gained independence, but in early 1976 part of it was seized by the indonesian forces. In 1999 it regained independence. In 1958-1975 the country's currency unit was the escudo, 1 escudo = 100 centavos. In 2007, the USD dollar was established as a basic currency.