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 »BCCI study shows that government spending is main cause of rupee crisis
A government appointed taskforce compromising of civil servants said that the Private sector and private consumption are the main causes of the rupee crisis. This has led to a severe credit crunch especially for the private sector bringing the Bhutanese economy to a virtual halt. However, a study by …
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 »Three crises that created the Rupee crisis
The rupee crisis is a combination of three other crises affecting the Bhutanese economy. They are namely, the trade crisis, the financial management crisis and also the individual lifestyle crisis. The rupee crisis being an individual lifestyle crisis can be best summed up in the saying, ‘Bhutan is a …
Read More »Fronting Report vanishes along with Rupee
With the Bhutanese economy being hit by a severe rupee crunch, people say one of the causes is fronting of businesses, especially in the manufacturing sector. But the government officials The Bhutanese talked to feel fronting could not be a cause of rupee crisis as much as it is believed …
Read More »Banks stop rupee transfer to india
The Royal Monetary Authority (RMA) has imposed a temporary sanction on the commercial banks in making Rupee denominated transactions. This is in light of the Bhutanese economy grappling with Rupee crisis. The governor of the central bank, Daw Tenzin, said: “Bhutan is selling less and importing more. It is important …
Read More »(Draft renewable energy policy) Pvt Sector can now own hydro projects
This is a key policy change as earlier private sector investment and FDI was not allowed in the hydropower sector. In a departure from its past policy the government will now allow Private firms to construct, own and operate small hydro power projects. This is as per the latest …
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