The Nobel laureate said that Bhutan’s USD reserves is too high with low yields creating more debt through rupee borrowings and that government deposits in financial institutions fuels credit growth Noble laureate Professor Joseph Stiglitz pointed out weaknesses in Bhutan’s monetary (banking and financial regulation) and fiscal (government expenditure and …
Read More »Change in import method will not affect vegetable vendors
The announcement, of the Food Corporation of Bhutan (FCB) as the wholesale agent for all the vegetable vendors was a cause for concern among the vendors who are already worried over the Royal Monetary Authority (RMA)’s decision to stop issuing Indian Rupee from June first week. Lyonchen Jigmi Y. Thinley, …
Read More »Looking toward mega projects as the last messiah to solve the country’s INR crisis
The government in the midst of Rupee crunch is banking upon the long term impacts of mega projects like the Education City, the Amo Chhu Township, among other projects to ease the INR crunches. With the DHI INFRA spearheading these projects, The Bhutanese spoke to its CEO, Kinga Tshering on …
Read More »Overbilling creeps into border towns
Time and again the Royal Monetary Authority (RMA) has been requesting the public to refrain from dishonoring the INR informal exchange but each time a new problem crops up. This time, the practice of overbilling for goods is creeping into border towns. Overbilling means invoicing in excess of prices or …
Read More »Non-resident foreigners’ bank accounts in country is money laundering: RMA Governor
He added that closing the accounts was always a priority Earlier this week, the RoyalMonetary Authority(RMA) Governor, duringa meeting with about 150 representatives from the private sector, made it clear that Indian businessmen across the border holding bank accounts in Bhutan was not legal and closing these accounts had remained a priority ever since the central …
Read More »RMA partially loosens its grip on rupee payments
The Royal Monetary Authority (RMA), at a meeting with the private sector yesterday, announced a host of changes to its earlier circular on the issuance of Indian rupee (INR). One of the major changes was instructions to the private sector to open a rupee account for every manufacturing industry …
Read More »RMA Governor slams media reports, said individuals fueled the rupee shortage not the private sector alone
Do not confuse private individual consumption and private sector consumption, said the central bank Governor Daw Tenzin stressed at a conference with the private sector yesterday, here in the capital. He was referring to the cause of Indian Rupee (INR) crunch exacerbating by the day for which the private sector …
Read More »BNBL profit increases by 104% in 2011 at Nu 510mn
Bhutan National Bank Limited (BNBL) made a net profit of Nu 510.3mn last year, an increase by Nu 259mn from the year 2010. Chairperson of the board of directors, Kunzang Dechen said that apart from being “delighted”, the management has cut down on a lot of costs. “Income from foreign …
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