RMA transfers annual surplus of Nu 1,550.24M to MoF

The Royal Monetary Authority (RMA) handed over its highest ever-annual surplus of Nu 1,550.24 million (M) to the finance ministry yesterday.

The net surplus amount is an increase from Nu 1,001M incurred by the central bank in the fiscal year 2016-17.

A press release from RMA states that the surplus reflected better management, with the net interest income from investment contributing Nu 249.81M to the increase in the surplus.

“The gross international reserves remain over USD 1 billion. This reflects the soundness of the economy and efficient management of reserves by RMA,” the press release states.

The interim government’s advisor to finance ministry, Dasho Karma Ura said the highest ever surplus made by RMA is significant for two reasons. “It indicates the healthiness of the economy. It suggests the excellent investment and management of the international reserve of the country by RMA,” he said.

The surplus revenue handed to the ministry will be the part of the Nu 35.85 billion domestic revenue growth projected this fiscal year. “The surplus will be surrendered to the government and it will be used as the government’s budget,” said Karma Ura.

He said that the surplus was also because of RMA starting minimum lending rate, which has forgone an accumulative amount of Nu 1.7 billion as of December 2017, spearheading priority sector lending, and Remit Bhutan among others.

Nima

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