The World Bank’s latest report has put a spotlight on a growing concern for Bhutan’s financial sector, the rise in non-performing loans (NPLs). Certain sectors, like tourism, construction, and manufacturing, were hit hard by the global pandemic, and are struggling to recover, leading to a significant rise in loan defaults. …

The country’s economy, deeply intertwined with its expansive hydropower sector, is showing promising signs of resilience and growth according to the latest World Bank report. With an average real GDP growth rate of 7 percent from 1980 to 2020, Bhutan’s economic trajectory has been significantly shaped by the operationalization of …

Following the recent decision to lift the vehicle import ban, both the general public and automobile dealers initially responded with enthusiasm. This eagerness was reflected in the surge of inquiries. However, as the moratorium ended, many began to express dissatisfaction due to a noticeable increase in vehicle prices. Despite these …

According to the Ministry of Finance (MoF), an agreement was concluded on 27 August 2024 to establish a unified Internal Standard Operating Procedure (SoP) and accompanying guidelines. These documents, developed in collaboration with the Financial Institutions Association of Bhutan (FIAB), have now been distributed to the Financial Institutions (FIs). Finance …

In response to recent queries about the vehicle price hike, the government has provided a detailed update on the matter during the 7th Meet-the-Press Session held yesterday. Prime Minister (PM) Dasho Tshering Tobgay explained that the recent rise in vehicle prices is linked to the Tax Act of Bhutan 2022, …

The Department of Revenue & Customs (DRC) of the Royal Government of Bhutan (RGoB) has announced the signing of a significant contract with Data Torque Limited (DLT) for the development of the Bhutan Integrated Taxation System (BITS) yesterday. The project (BITS) is a crucial step towards modernizing Bhutan’s tax administration, …

There has been uproar among the public regarding the significant increase in vehicle prices that has followed the lifting of the vehicle import moratorium. Finance Minister Lekey Dorji attributed the recent surge in vehicle prices primarily to tax increases instituted by the previous government under the Tax Act of Bhutan …

When the storm hit Dechencholing on 10 August, it didn’t just bring the rain—it brought chaos. But amid the flooding and fear, two individuals emerged, whose bravery has touched many hearts. Prakash Sewa, 28, and nephew Lakash Darjee, 21, were caught in the middle of the disaster while trying to …

The much-anticipated Concessional Credit Line and Reinvigoration Fund, part of the Economic Stimulus Programme (ESP), were officially announced on August 7. The government has unveiled a Nu 5.3 billion concessional credit package as part of the ESP. The ESP is set to inject Nu 5.3 billion directly into financial institutions. …

At a recent symposium held during the third day of Bhutan Echoes, Shifali Vasudev and Sheycha Dem captivated the audience with their insights into the deep connections between fashion, cultural identity, and sustainability. Their engaging conversation went beyond just the visual appeal of fashion, delving into how it reflects and …