The Royal Monetary Authority of Bhutan (RMA) with finance ministry and four commercial banks officially launched RemitBhutan in United Arab Emirates (UAE) and Kuwait on October 19 and 21 respectively.
The Royal Bhutanese Embassy in Kuwait facilitated the event.
Speaking to more than 550 Bhutanese working in the two Middle East countries, Lyonpo Namgay Dorji highlighted the significance of foreign currency remittances in boosting the country’s foreign exchange reserves and in promoting personal savings culture.
RemitBhutan was first launched in Thimphu on September 21. This foreign currency remittance was also launched last year in New York in the United States, and Canberra and Perth in Australia.
Exactly a year after it was first launched, the country received over USD 2 million in remittances from about 850 Bhutanese living abroad, exceeding the initial target of USD 1 million.
Foreign currency accounts with local banks increased from 637 in May to 850 last month.