Tag Archives: RMA

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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BTN depreciates by 20%

The INR crunch has brought the value of the BTN down by 20%. This means that Nu 100 is equivalent to Rs 80. People are now willing to pay an extra 20% BTN in order to get  supplies at the border towns. There are two factors determining this: one is …

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Understanding the Rupee Report

The Rupee Shortage Task force report submitted on 5th March 2012 is overall a comprehensive report that gives dire warnings if measures both short term and long term are not taken to curb the crisis. The strength of the report is indisputable facts and figures that show that the Bhutanese …

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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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Now the crisis is in the kitchen

  Bhutanese kitchens are getting harder by the day to run. From imported rice to imported vegetables to imported meat, the buying of groceries till it is laid out on the table ready to consume is one mad cycle. Especially with the country facing an economic crisis which could have …

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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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