Remittance: The Royal Monetary Authority (RMA) in collaboration with the Ministry of Finance (MoF), the Bank of Bhutan (BoB) and the Bhutan National Bank (BNB) launched the foreign currency account facility for non-resident Bhutanese on October 9 in New York, USA, according to a finance ministry press release.
The launch was attended by finance minister Namgay Dorji. The scheme is being introduced in recognition of the significant role that inward foreign currency remittances can play in boosting the country’s foreign exchange reserves and in promoting personal savings.
The facility is being made available exclusively to non-resident Bhutanese who live, work or study overseas, to enable them to remit their earnings and savings to their personal foreign currency accounts or to their family members in Bhutan.
The RMA has developed a safe and secure web-based online system called RemitBhutan (www.remitbhutan.bt) to facilitate non-resident Bhutanese to conveniently and safely apply for and open non-face-to-face foreign currency accounts online, the press release says.
Speaking to about more than 200 non-resident Bhutanese in New York, Lyonpo Namgay Dorji highlighted the importance of foreign currency remittances in boosting the country’s foreign exchange reserves and in inculcating a savings culture. Lyonpo Namgay Dorji also handed over international debit cards to those non-resident Bhutanese who have already applied online and opened a foreign currency account.
The facility comes with different schemes and has various attractive incentives, such as preferential interest on deposits, and full repatriation of the principal amount. These accounts can also act as security deposit to avail Ngultrum loans.
The account holder can also open the account with zero balance and will be provided with international debit cards and access to the internet and mobile banking facilities. The banks will maintain strict confidentiality of account holders and be able to enjoy other exclusive incentives on these accounts from time to time.
RemitBhutan was officially launched by Prime Minister Tshering Tobgay on September 21 in Thimphu.
The event was facilitated by the Permanent Mission of the Kingdom of Bhutan in New York.