Commemorative Banknote to celebrate birth of HRH Gyalsey

The Royal Monetary Authority of Bhutan has released 3.42 mn worth of Nu 1000 denomination Commemorative Banknotes to celebrate the birth of His Royal Highness the Gyalsey, Jigme Namgyel Wangchuck.

The colour scheme and all the other features of the commemorative banknote are as same as the series 2008 Nu 1000 notes.

The Banknote bears the Commemorative message “Celebrating the Birth of the Gyalsey, Feburary 5, 2016”. On the obverse side it conveys the message: “Birth of the Prince of Bhutan”. On the reverse side, the note bears the prefix “W” which signifies the unprecedented reign of the Wangchuck Dynasty.

“2016 is most special year as we celebrate 400 years since the arrival of Zhabdrung Ngawang Namgyal, Birth Anniversary of Guru Rinpoche and especially the Birth of the Gyalsey, Jigme Namgyal Wangchuck,” said Dasho Penjore at the release on Wednesday. “It is the collective good fortune of all Bhutanese to be blessed by three auspicious events and it is also dedicated to benevolent leadership of the Wangchuck Dynasty for bestowing continue peace and prosperity in the country in all time to come.”

People who are looking forward to acquire the Commemorative Banknote can exchange for an equivalent value at the Royal Monetary Authority Counters starting from 22nd September 2016.

Along with the other currency notes, the Commemorative Banknote will be held as a legal tender and put into circulation.

Lyonchen Tshering Tobgay, who graced the launching, said “The new Nu 1000 denomination Commemorative Banknote represents present and future. It represents present as it ensures stability of our economy and it represents future because we commit in strengthening our economy as we handover our economy to future generations represented by none other than our Gyalsey, Jigme Namgyal Wangchuk”.

Surplus

The RMA governor also handed over a cheque of Nu 874 million to finance minister Namgay Dorji, the net surplus from RMA’s operations in 2015-16.

The RMA’s total operating in 2015-16 was Nu 1,558.92 million. Adjusting Nu 349.76 million for cost of monetary policy and after deducting operating expenses, it had a net surplus of Nu 874 Million, the highest so far. It is an increase of 11 percent from the previous year.

“As a Central Bank the RMA has a lead role but it is also the collective responsibility of everyone to work towards strengthening our economy for the national interest,” said Governor Dasho Penjore.

In the years 2011-2012 and 2012-2013 the RMA in fact had a loss due to high rupee loans.

Foreign Currency Account

The Royal Monetary Authority has launched the scheme Remit Bhutan, which will provide Foreign Currency Account facility for Non-Resident Bhutanese who live, work or study overseas.

This scheme was being introduced in recognition of the significant role that inward flow of the foreign currency remittances can play in boosting the country’s foreign exchange reserves and in promoting savings, RMA officials said.

The Royal Monetary Authority has developed a safe and secure web based system RemitBhutan-www.remitbhutan.bt, which will facilitate Non-Resident Bhutanese to conveniently and safely apply for an open non-face-to-face foreign account online.

The system also provides comprehensive information about sending remittances to the country, can also safeguard the information security and the privacy of applicants.

“The special scheme facility is being made available exclusively to Non-Resident Bhutanese to enable them to remit their earnings and savings to their personal foreign currency accounts or to their family members in Bhutan,” Governor Dasho Penjore said.

Under this scheme, NRBs can open Non-Resident Bhutanese Foreign Currency Account (NRBFC) and Non-Resident Bhutanese Ngultrum Account (NRBNC).

The products and features of the scheme types include saving, current and fixed deposit, withdrawal from any part of the world, tax on interest earned as per the Royal Government Regulations, security assets deposits can be used as collateral to avail BTN loans, interest rates are preferential rates as provided by the banks, and no inward remittances and no annual maintenance charges.

It will have benefits like access to one’s own account through internet and mobile banking facility from anywhere and at anytime, preferential interest on deposit, no minimum balance required to open account, can avail international debit card to facilitate transactions, enjoy strict confidentiality of accounts and other exclusive incentives.

Pema in Kuwait and Kezang in Australia became the first two people to get access to Remit Bhutan scheme, whereby they opened their account via skype and Royal Monetary Authority also handed over international debit card to three people who will soon leave abroad to work.

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