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Monetary Policy of Bhutan. ROYAL MONETARY AUTHORITY OF BHUTAN Research & Statistics Division (Financial Literacy Program). GOPAL GIRI Research Officer. March 15, 2010. Outline. Introduction Conduct of Monetary policy Conclusion. Introduction. 3. RMA’s functions – Monetary policy

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monetary policy of bhutan

Monetary Policy of Bhutan

ROYAL MONETARY AUTHORITY OF BHUTAN

Research & Statistics Division

(Financial Literacy Program)

GOPAL GIRI

Research Officer

March 15, 2010

outline
Outline
  • Introduction
  • Conduct of Monetary policy
  • Conclusion
introduction
Introduction

3

  • RMA’s functions – Monetary policy
  • Monetary policy targets
conduct of monetary policy
Conduct of monetary policy

4

  • Maintaining of Peg
  • Volume of money & credit – CRR and SLR, RMA Bills, prudential measures
conduct of monetary policy 3
Conduct of Monetary policy (3)

9 December 2009

a. Alignment of domestic interest rate with India

  • RMA liberalized interest rate in 1997
  • Targets- promote investment and market

b. Government Treasury Bills

  • Monetary policy instrument- Establish Repo/Reverse Repo, bench-mark rates
  • Short term fiscal management tool
conduct of monetary policy 4
Conduct of Monetary policy (4)

9 December 2009

  • Need for effective Rupee management in Bhutan

-Correct BOP position with India

-Monitor inflows and outlows of Rupees

-Maintaining proper account for Rupee in circulation

  • Importance for Bhutan and for all Bhutanese to use Rupee more prudently
conclusion
Conclusion

9 December 2009

  • Limited Independent Monetary policy- close economies ties with India.
  • Promoting RMA’s defend mechanism to safeguard Peg Arrangement- Indian Rupee management
  • Rupee continue to be a legal tender in Bhutan
  • Current best option for Bhutan to continue with Peg Arrangement