Tag Archives: INR

Jo Stiglitz and UN-DESA say USD reserve management and government deposits in banks exacerbated rupee crisis

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 …

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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, …

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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 …

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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 …

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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 …

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