Loans to be re­opened from mid of Au­gust

Bhutan Times - - Front Page - Sonam Pen­jor

As the loans for the hous­ing, ve­hi­cle, and con­sumers was closed be­cause of the econ­omy slow­down in the coun­try and the short­ages of the In­dian Ru­pees (INR), by the pre­vi­ous govern­ment will now be re­opened by mid Au­gust. The draft guide­line for dif­fer­ent schemes is now in the fi­nal stages, and now the Royal Mone­tary Au­thor­ity (RMA) would be re­open­ing of loans. This was con­firmed by the Fi­nance Min­is­ter, Ly­onpo Namgay Dorji dur­ing the 10th meet the press last Fri­day.

Ly­onpo said the Min­istry of Fi­nance has been hav­ing se­ri­ous meet­ing with RMA for quite some time and the guide­lines are at the fi­nal stages now. He also said that the day be­fore yes­ter­day they had a whole day meet­ing with RMA with the guide­lines.

He said that by the mid of Au­gust, loans for all the schemes will be opened in the coun­try in­clud­ing hous­ing, ve­hi­cle and per­sonal loans. The sta­tus of the econ­omy has been stud­ied as well as the INR po­si­tion.

Ly­onpo said that the two poli­cies which ac­tu­ally con­trol the econ­omy of our coun­try, one is the fis­cal pol­icy that will con­trol and other one is mone­tary pol­icy which is used by the RMA to con­trol the flow of money in the econ­omy. As mone­tary pol­icy is ba­si­cally a very short term pol­icy and now that the fis­cal pol­icy plays. That’s way we are able to open up this loans across the na­tions for dif­fer­ent schemes.

Prime Min­is­ter Tsh­er­ing Tob­gay said that the econ­omy was un­der lots of stress as re­cently a year ago, the ru­pee (INR) po­si­tion be­came an is­sue of im­mense con­cern. He added that we must work harder and make sac­ri­fices.

Ly­onch­hen fur­ther said that dur­ing the course of the year, our econ­omy has im­proved and have a long way to go. The ru­pee po­si­tion also has im­proved be­cause of mone­tary pol­icy, fis­cal mea­sures and the hard work of our peo­ple and the sac­ri­fices that our peo­ple have made.

“The sit­u­a­tion has im­proved but in no ways should we un­der the im­pres­sion that the sit­u­a­tion is per­fect, we are far from per­fect and we have a lot to do to strengthen our econ­omy. We have a lot to do to en­sure that the INR sit­u­a­tion does not re­peat. We didn’t ex­pe­ri­ence what we had ex­pe­ri­enced in the last two years,” said Ly­onch­hen.

“We have to be able to pro­duce as much as pos­si­ble within a coun­try and where pos­si­ble we need to use lo­cal re­sources not de­pend on im­ported re­sources un­nec­es­sary”, Ly­onch­hen said.

Ly­onch­hen fur­ther added that the bot­tom line is to­day things are im­proved and as such it is very im­por­tant that loans be made avail­able so that our peo­ple can meet their per­sonal am­bi­tion yet at the same time our econ­omy can be­come strengthen but that said we must not for­get , we are a small coun­try with a small econ­omy con­tin­ued to be heav­ily de­pended on im­ports over our own prod­ucts and as such the sit­u­a­tion is still risky and all of us must be mind­ful of that and all of must be will­ing to work harder and make sac­ri­fices and where and when nec­es­sary.

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