The Bhutanese Leading the way.
His Majesty King Jigme Khesar Namgyel Wangchuck signed a Royal Decree on November 1, conferring a comprehensive central banking mandate and powers to the Gelephu Financial Services Office (GFSO), which will become the Gelephu Central Bank (GCB). The move marks an important milestone in building a strong, trusted, and internationally connected financial ecosystem for Gelephu Mindfulness City (GMC).
Building on the foundations laid by GFSO, GCB will operate as an autonomous central bank with a mandate to promote financial and price stability, strengthen confidence in the financial system and support GMC’s long-term economic development. GFSO’s existing responsibilities for licensing, regulating and supervising financial institutions will continue under GCB’s Financial Supervision division.
Comprehensive powers to support a modern financial centre
Under its comprehensive mandate, GCB will conduct monetary policy, manage GMC’s foreign reserves and oversee financial stability. It will supervise financial institutions and have powers to provide liquidity support when needed to safeguard the financial system. GCB will also be able to establish and oversee payment and settlement systems, issue central bank securities and support the development of GMC’s money and capital markets.
Reflecting GMC’s ambition to bring together traditional finance and responsible financial innovation, GCB will have the ability to invest in digital assets and cryptocurrencies alongside conventional reserve assets. The Charter also provides a pathway for GMC to introduce its own currency, including in digital form, subject to His Majesty’s concurrence. These powers are intended to build the financial infrastructure and institutional trust needed to attract long-term investment.
A stronger foundation for GMC’s financial future
“This marks an important step forward for Gelephu Central Bank and the development of GMC’s financial ecosystem,” said David Peters, Managing Director of Gelephu Central Bank. “Our priority is to build an institution that combines strong regulatory standards, modern financial infrastructure and an openness to responsible innovation. We want to create the confidence and capabilities that will allow businesses, investors and financial institutions to thrive in GMC over the long term.”
Major recruitment drive in Bhutan and internationally
To build the expertise and capabilities needed for its new responsibilities, GCB is launching a major recruitment drive locally and internationally, with more than 50 positions open to talented Bhutanese and international professionals. The drive will help strengthen the institution and build the systems underpinning GMC’s financial future.
Opportunities span:
Virtual asset supervision, including market infrastructure, custody and capital markets
Anti-money laundering and counter-terrorist financing supervision
Banking operations, including reserves management, foreign exchange and payments
Technology and technology risk
Regulatory policy, macroeconomics and financial sector development
Professionals interested in contributing to this landmark initiative can contact gcb@gmc.bt for further information.
