Nu 1000 de­nom­i­na­tion Com­mem­o­ra­tive Ban­knote to cel­e­brate the Birth of The Gyalsey

Bhutan Times - - Home - Dorji Norbu

The Royal Mon­e­tary Au­thor­ity of Bhutan re­leased the com­mem­o­ra­tive Ban­knotes of Nu.1000 de­nom­i­na­tion to cel­e­brate the birth of His Royal High­ness The Gyalsey , Jigme Nam­gyel Wangchuck on 21st of Septem­ber , 2016.

The bank note bears the com­mem­o­ra­tive mes­sage “Cel­e­brat­ing the Birth of The Gyalsey, Fe­bru­ary 5, 2016” on the ob­verse and the mes­sage “Birth of the Prince of Bhutan” on the re­verse side. The note bears the pre­fix “W” to mark the reign of the Wangchuck Dy­nasty. The note mea­sures 175mm x 60 mm with the se­cu­rity thread en­hanced to 4.0mm wide rolling star win­dow thread with clear text. The note bears the sig­na­ture of the Gover­nor, Dasho Pen­jor. The color scheme as all other fea­tures of the com­memo- ra­tive Ban­knote are the same as the se­ries 2008 Nu.1000 notes. The Cen­tral bank has printed 3,420,000 pieces of the com­mem­o­ra­tive Ban­knote through Giesecke & Devri­ent, a Ger­man se­cu­rity com­pany based in Ger­many.

The gen­eral pub­lic can ac­quire the com­mem­o­ra­tive Ban­knote through the ex­change for equiv­a­lent at the RMA Ex­change coun­ters from 22nd of Septem­ber 2016, un­til the stock last. The Com­mem­o­ra­tive Ban­knote will also be held as le­gal ten­der along with the other cur­rency notes and there­fore will be put into cir­cu­la­tion and avail­able through the Banks.

The Com­mem­o­ra­tive Bank note was launched by Ly­onch­hen Tsh­er­ing Tob­gay at the Royal Ban­quet Hall.

Speak­ing at the launch Ly­onch­hen said that the new Nu. 1000 Ban­knote rep­re­sents the “present and the fu­ture”. Present to cel­e­brate state of our econ­omy and fu­ture to con­tinue to strengthen our econ­omy rep­re­sented by our pre­cious His Royal High­ness The Gyalsey.

The cen­tral bank also launched a scheme to pro­vide for­eign cur­rency ac­count fa­cil­ity for non­res­i­dent Bhutanese (NRB), i.e. Bhutanese who live, work or study overseas. 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 sav­ings.

The fa­cil­ity is be­ing made avail­able ex­clu­sively to NRBs 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 de- veloped a safe and se­cure web-based sys­tem called RemitBhutan (www.remitbhutan.bt) to fa­cil­i­tate NRBs to con­ve­niently and safely ap­ply for and open non-face-to-face for­eign cur­rency ac­count on­line. The sys­tem also pro­vides com­pre­hen­sive in­for­ma­tion about send­ing re­mit­tances to the coun­try while safe­guard­ing the in­for­ma­tion se­cu­rity and pri­vacy of the ap­pli­cants.

Un­der this scheme, NRBs can open non-res­i­dent Bhutanese for­eign cur­rency ac­count (NRBFC) and non-res­i­dent Bhutanese Ngul­trum Ac­count (NRBNC). In­di­vid­u­als can di­rectly re­mit into their NRBFC ac­count or con­vert for­eign cur­rency earn­ings into Ngul­trum in the NRBNC ac­count. The scheme also has var­i­ous at­trac­tive in­cen­tives.

The cen­tral bank closed its books of ac­count for the fi­nan­cial year 20152016 and de­clared a net sur­plus to be trans­ferred to the Royal Gov­ern­ment of Bhutan.

The to­tal op­er­at­ing in­come of the RMA for the fi­nan­cial year 2015-2016 was Nu. 1,558.92 mil­lion. Fol­low­ing ad­just­ments of Nu. 349.76 mil­lion as cost of mon­e­tary pol­icy and af­ter de­duct­ing op­er­at­ing ex­penses, the RMA has gen­er­ated a net sur­plus of Nu. 874 mil­lion, which is the high­est, trans­ferred to the Royal Gov­ern­ment till date. The net sur­plus of Nu. 874 mil­lion for fi­nan­cial year 2015-2016 is an in­crease of 11% from Nu.788.68 mil­lion in 2014-2015.

The cheque for the net sur­plus was of­fi­cially sub­mit­ted by the RMA Gover­nor to the Min­is­ter of Fi­nance in the pres­ence of Ly­onch­hen Tsh­er­ing Tob­gay on 21st Septem­ber 2016.

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