ROYAL MONETARY AUTHORITY OF BHUTAN
SELECTED ECONOMIC INDICATORS
JUNE 2008
SELECTED ECONOMIC INDICATORS
ROYAL MONETARY AUTHORITY OF BHUTAN Vol.22. No.2 JUNE 2008
Postal Address Royal Monetary Authority of Bhutan
Post Box No. 154 Thimphu, Bhutan
Telephone 322540/323110/323111/323112 Fax (975) 2-322847 Website www.rma.org.bt E-mail [email protected]
CONTENTS
i RMA. Selected Economic Indicators, December 2007
Page
PREFACE .................................................................................................................. 1
STATISTICAL ABBREVIATIONS AND SYMBOLS.................................................. 2
OVERALL ECONOMIC SITUATION ......................................................................... 3
A SUMMARY OF ECONOMIC INDICATORS ........................................................... 5
SECTORAL DEVELOPMENTS................................................................................. 6
STATISTICAL SECTION......................................................................................... 16
Table 1: Gross Domestic Product at Factor Cost by Kind of Activity, at Current Prices ................................................................................. 17
Table 2: Gross Domestic Product at Factor Cost by Kind of Activity, at 2000 Prices .............................................................................................. 18
Table 3: Sales from Hydropower Project Operations .................................... 19 Table 4: Sales of Major Industries................................................................. 21 Table 5: Royal Monetary Authority of Bhutan - Money and Banking Statistics.......................................................................................... 23 Table 6: Deposit Money Banks - Money and Banking Statistics ................... 25 Table 7: Bank of Bhutan Limited - Money and Banking Statistics ................. 27 Table 8: Bhutan National Bank Limited - Money and Banking Statistics ....... 29 Table 9: Monetary Survey ............................................................................. 31 Table 10: Royal Insurance Corporation of Bhutan Limited - Financial Statistics.......................................................................................... 34 Table 11: Bhutan Development Finance Corporation Limited - Financial
Statistics.......................................................................................... 36 Table 12: Auctions/Tap Sales of RMA Bills ..................................................... 38 Table 13: Financial Institutions Deposit and Lending Rates............................ 39 Table 14: Summary of the Consumer Price Index........................................... 40 Table 15: Indian Wholesale Price Index (WPI) of All Commodities ................. 41 Table 16: Royal Securities Exchange of Bhutan Limited, Information on Listed
Companies ...................................................................................... 42 Table 17: Overall Balance of Payments Estimates ......................................... 45 Table 18: Balance of Payments Estimates with India...................................... 47 Table 19: Balance of Payments Estimates with Countries Other Than India .. 49 Table 20: Gross International Reserves.......................................................... 51 Table 21 A: Composition of Trade with India (Imports) ..................................... 52 Table 21 B: Composition of Trade with India (Exports) ..................................... 52 Table 22 A: Composition of Trade with Countries Other Than India (Imports).. 53 Table 22 B: Composition of Trade with Countries Other Than India (Exports).. 53 Table 23: Direction of Trade............................................................................ 54 Table 24: Tourist Arrivals and Revenues ........................................................ 55 Table 25: Convertible Currency and Rupee Loan Disbursements .................. 57 Table 26: Debt Servicing - Year-Wise Expenditure on External Debt,
ii RMA. Selected Economic Indicators, December 2007
Convertible Currency and Rupee .................................................... 59 Table 27: Bhutan’s Outstanding External Debt – Fiscal Year Position............ 61 Table 28: External Debt Outstanding By Individual Creditor Categories ......... 63 Table 29: Bhutan’s Debt Service Payments by Creditor Categories ............... 64 Table 30: Exchange Rate, Ngultrum/US Dollar ............................................... 65 Table 31: Exchange Rate, Japanese Yen/US Dollar....................................... 66 Table 32: Exchange Rate, Euro/US Dollar ...................................................... 67 Table 33: Summary of Budgetary Operations ................................................. 69
Chart 1: Sales from Hydropower Project Operations .................................... 20 Chart 2: Sales of Major Industries................................................................. 20 Chart 3: Net Domestic Credit ........................................................................ 33 Chart 4: Currency in Circulation Outside Banks............................................ 33 Chart 5: Overall Foreign Trade ..................................................................... 44 Chart 6: Overall Balance of Payments .......................................................... 44 Chart 7: Trade with India............................................................................... 46 Chart 8: Balance of Payments with India ...................................................... 46 Chart 9: Trade with Countries Other Than India ........................................... 48 Chart 10: Balance of Payments with Countries Other Than India ................... 48 Chart 11: Gross Rupee Reserves ................................................................... 50 Chart 12: Gross Convertible Currency Reserves ............................................ 50 Chart 13: Tourism Contribution to GDP .......................................................... 56 Chart 14: Tourism Earnings as % of Domestic Revenue ................................ 56 Chart 15: External Debt Outstanding .............................................................. 58 Chart 16: Creditor-wise Loans Outstanding .................................................... 58 Chart 17: Total Debt Outstanding as % of GDP.............................................. 62 Chart 18: Debt Service Ratio .......................................................................... 62 Chart 19: Exchange Rate, Ngultrum/US Dollar ............................................... 65 Chart 20: Exchange Rate, Japanese Yen/US Dollar....................................... 66 Chart 21: Exchange Rate, Euro/US Dollar ...................................................... 67 Chart 22: Domestic Revenue.......................................................................... 68 Chart 23: Government Expenditure ................................................................ 68 Chart 24: Fiscal Balance (% of GDP).............................................................. 70 Chart 25: Summary of the Government Budget .............................................. 70
ANNEXURES........................................................................................................... 71
Annex I. Royal Monetary Authority of Bhutan - Balance Sheet ..................... 72 Annex II. Royal Monetary Authority of Bhutan - Income and Expenditure
Statement........................................................................................ 75
1
RMA. Selected Economic Indicators, June 2008
sw The Selected Economic Indicators (SEI) is issued quarterly by the Research and Statistics Division of the Royal Monetary Authority of Bhutan, under the direction of the Management. This publication features macro-economic indicators available up to the second quarter of 2008. We thank all those who have contributed to the information contained in this Report.
PREFACE
2
RMA. Selected Economic Indicators, June 2008
e estimated p provisional r revised estimates - the figure is zero or less than half the final digit shown or the
item does not exist or the figure is not available . the figure is unknown or is not meaningful or is not to be
published --- change within a time series, causing a break in continuity + fiscal year, July-June Discrepancies in the totals are due to rounding.
STATISTICAL ABBREVIATIONS AND SYMBOLS
3
RMA. Selected Economic Indicators, June 2008
As per the national accounts statistics of the National Statistics Bureau, real GDP growth increased to 21.4 percent in 2007 from 6.3 percent in 2006. The annual growth rate of broad money (M2) declined from 7.7 percent as of the quarter ending March 2008 to 2.3 percent as of quarter ending June 2008. Inflation (year-to-year change of the consumer price index) was recorded at 8.85 percent in the second quarter of 2008, compared to 6.03 percent in the first quarter. Country’s exports decline by 26.26 percent, while imports fall by 5.38 percent, with a resulting of trade deficit of Nu.3,086.2 million from trade surplus of Nu.2,061.8 million in 2006/07. The decline in the services and income accounts, the current account surplus deteriorated from 15.9 percent of GDP in 2006/07 to a surplus of 4.1 percent in 2007/08. The continued net inflow of current transfers has resulted current account to be in surplus in 2007/08. The capital and financial account balances deteriorated in 2007/08. With the winding down of the Tala project, related grant and loan inflows have decreased and there was also decrease in the FDI related inflows during the review period. resulting
As of the quarter ending June 2008, continued increase in convertible currency reserve holdings contributed to a rise in the gross international reserves to USD 649 million. Out of this total amount, USD 624.3 million were convertible currency reserves, while the remaining, equivalent of USD 24.7 million (Rs.1057.9 million) were Indian rupee reserves. Based on provisional 2007/08 imports, the reserve cover of merchandise imports increased from 13.3 months at the end of 2006/07 to 15.1 months as of June 2008. As of June 2008, total outstanding external debt increased to an equivalent of USD 814.5 million, of which, USD 350.9 million were outstanding on convertible currency loans. The remaining equivalent of USD 463.6 million (INR 18.7 billion) were outstanding rupee loans. The government of India is the largest creditor, with total outstanding debt owed at Rs.18.7 billion as of June 2008. The GOI is followed by the ADB with USD 121.3 million and the World Bank with USD 95.1 million. Outstanding debt owed to the government of Austria stood at an equivalent of USD 73.6 million.
OVERALL ECONOMIC SITUATION
4
RMA. Selected Economic Indicators, June 2008
The total fiscal budget outlay for 2007/08, revised as of June 2008, was Nu. 22.2 billion, higher by Nu. 4.4 billion as compared to 2006/07 actual budget outlay. The increase was mainly due to incorporation of unbudgeted expenditures of new development activities.
5
RMA. Selected Economic Indicators, June 2008
A SUMMARY OF ECONOMIC INDICATORS
Bhutan1) India2)Government
(Net)Private sector INR
Convertible currency Total
BTN BTN USD INR USD USD USD EURO
2000 4.4 7.1 28.5 17.3 2307.4 - 10.5 3707.5 238.1 317.4 46.8 41.92001 3.3 3.8 16.3 38.5 2175.1 - 9.2 3396.7 233.6 304.4 47.9 42.82002 2.3 3.2 63.7 29.8 2132.6 - 8.0 4556.0 259.0 353.7 48.1 49.02003 1.3 5.0 -346.4 36.2 2337.3 - 8.3 3555.0 288.9 366.8 45.6 56.02004 4.3 8.0 54.0 24.5 2361.8 - 12.5 5432.0 268.8 392.3 44.0 59.02005 4.9 4.5 -190.0 28.9 127.9 - 0.6 2497.5 323.0 377.7 45.6 54.12006
Jan -176.2 32.0 71.1 - 0.4 5290.0 377.5 496.6 44.4 53.7Feb 3.1 4.1 -130.7 36.5 47.0 - 0.5 4546.3 380.1 482.7 44.3 52.9Mar -164.0 35.5 42.7 - 2.0 4008.8 388.1 478.2 44.5 53.5Apr -112.1 36.8 47.0 - 4.7 5732.6 338.5 466.1 44.9 55.2May 6.2 4.6 -191.0 36.9 42.7 - 1.4 3895.4 402.1 487.9 45.4 58.0Jun 6.1 34.4 821.1 - 0.4 3127.7 418.5 486.4 46.1 58.3Jul 104.0 35.4 264.3 - 0.5 2353.8 420.4 471.1 46.5 58.9Aug 5.4 5.1 105.6 32.3 444.6 0.0 0.8 2006.3 426.4 469.5 46.5 59.6Sep 94.4 34.4 1697.5 203.0 3.3 1802.8 430.2 469.3 46.1 58.7Oct 91.2 33.8 587.3 111.7 6.2 2225.0 439.6 488.6 45.5 57.3Nov 5.3 5.6 72.6 33.9 582.7 91.4 2.9 3308.1 455.5 529.2 44.9 57.8Dec 44.9 35.5 913.5 859.6 0.8 3768.5 460.9 545.4 44.6 59.0
2007Jan 5.3 32.3 172.2 245.8 0.5 3251.1 526.5 599.8 44.3 57.6Feb 4.3 6.4 34.7 28.8 104.9 166.7 1.0 2973.4 538.0 605.4 44.2 57.7Mar 87.2 28.4 373.0 618.6 3.7 1654.2 545.0 582.5 44.0 58.3Apr 31.9 31.9 104.9 166.7 4.1 1110.3 541.2 567.6 42.1 57.0May 5.9 5.4 41.0 33.4 148.4 262.0 1.4 1010.9 570.9 595.7 40.8 55.1Jun 209.9 35.0 845.8 1352.2 0.7 769.6 589.5 608.4 40.8 54.7July -1266.7 36.1 546.2 836.2 0.5 -380.2 598.5 589.1 40.4 55.4Aug 5.5 4.1 -1659.2 37.8 594.4 1095.9 1.0 373.4 584.1 593.3 40.8 56.0Sept 856.8 34.4 580.5 1072.4 4.3 1393.8 582.6 617.1 40.3 56.0Oct 500.1 35.8 473.4 752.2 7.3 2135.6 592.5 646.6 39.5 56.2Nov 4.8 3.4 136.5 35.3 239.6 348.4 4.0 3578.5 607.6 698.4 39.4 57.9Dec 97.6 33.6 155.0 214.4 1.4 3965.3 603.9 704.5 39.4 57.5
2008Jan -30.9 34.1 104.6 149.5 0.6 782.6 607.0 626.9 39.4 57.9Feb 6.0 5.8 -44.8 -20.6 78.2 110.6 1.5 943.6 588.1 611.9 39.7 58.6Mar -64.9 39.1 93.7 146.3 5.1 486.6 617.2 629.2 40.4 62.6Apr -66.7 34.8 161.2 275.7 4.4 -44.2 628.5 627.4 40 63May 8.8 9.6 -68.8 33.6 206.9 327.4 2.4 -418.1 635.1 625.1 42.1 65.3June 12.7 33.5 521 940.7 1.1 -885.6 634.2 613.5 42.8 68
Source: 1) National Statistical Bureau. There has been a revision in the CPI from Q3, 2004. The index refers to the average prices during the respective quarters (Base Q3 2003 = 100). However, prior to Q3, 2003, quarterly price indices weren't calculated and therefore, for Q3 and Q4, 2003 and Q1 and Q2, 2004, the year-on-year rates of change of the CPI cannot be computed.The year-to-year changes prior to Q3, 2003 refer to half yearly averages while annual data refer to the average of the second half of the year. (Base December 1979=100). 2) Source: Reserve Bank of India. Wholesale Price Index of All Commodities, Base 1993-94=100. The year-to-year changes prior to 2004 refer to half yearly averages while annual data refer to the average of the second half of the year. Data for 2004 onwards are based on quarterly averages. 3) End of period. 4) Monetary Survey data. 5) RMA, and Commercial Banks. Reserves are net of Gold and Liabilities. Note: W.e.f. April 2004, cash in hand of commercial banks are excluded from total reserves. Historical data have also been adjusted. 6) Period average.
Period
Price Index Domestic Credit3)4) Chukha power sales
Percentage change on the previous year
Tourism revenues
Net International reserves3)5)
in millions of:
Tala power sales
Exchange rates6)
BTN/ BTN/
SECTORAL DEVELOPMENTS
7
RMA. Selected Economic Indicators, June 2008
DOMESTIC ECONOMY As per the national accounts statistics of the NSB, real GDP growth increased to 21.4 percent in 2007 as compared to 6.3 percent in 2006.
The Secondary sector was the main contributor to the real GDP growth followed by the tertiary sector (which includes Whole sale & Retail Trade;Hotel & Restaurant; Transport,storage & commuinication; Financing,insurance & real estate;Community,social & personal services and private social & recreational services).
In terms of sub-sector contribution, the electricity sub-sector contributed the highest, followed by construction sub-sector. The Secondary sector witnessed the fastest growth in 2007 (52.8 percent) while accounting for 43.3 percent of the nominal GDP. Within the secondary sector, electricity sub-sector had the highest growth(120.8 percent) followed by manufacturing at 5.8 percent and construction at 5.7 percent. Convertible currency paying tourist arrivals in 2nd quarter of 2008 increased by 37.6 percent over same quarter last year, while subsequent revenue earnings totalled USD 7.9 million, an annual increase of 24. percent. In the meanwhile, on the hydropower
Real GDP Growth (year-to-year, %)
02468
101214161820
2003 2004 2005 2006 2007
Real GDP Growth (By Sector)
0
10
20
30
40
50
60
2003 2004 2005 2006 2007
perc
ent
Primary Sector Secondary Sector Tertiary Sector
Quarter-wise Arrivals (Convertible Currency Paying Tourists)
02000400060008000
10000
Q2
Q2
Q2
Q2
2005 2006 2007 2008
Foreign Exchange Earnings from Tourism(USD million)
0.02.04.06.08.0
10.012.014.0
Q2
Q2
Q2
Q2
2006 2007 2008
8
RMA. Selected Economic Indicators, June 2008
In the meanwhile, on the hydropower front, total export earnings in the second quarter of 2008 amounted to Nu.2.5 billion, as compared to Nu. 2.1 billion in the same quarter of 2007. Export sales of Chukha increased by 4.8 percent, Kurichhu decreased by about 2.1 percent and Tala increased by 25.9 percent as compared to the second quarter of 2007. As you can clearly see in the chart, the export sales of electricity follows a cyclical trend, with exports earning reaching the highest in the third quarter and the lowest in the first quarter of every year. Total electricity sales (export and domestic) in the second quarter of 2008 amounted to Nu.2.7 billion. (Please refer to Table 3 for more details on hydropower sales).
Power Sales
0100020003000400050006000
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2006 2007 2008
Millions of Nu.
Exports Domestic Sales
9
RMA. Selected Economic Indicators, June 2008
MONEY & BANKING *) The annual growth rate of broad money (M2) declined from 7.7 percent as of the quarter ending March 2008 to 2.3 percent as of quarter ending June 2008. Decline in Net Foreign Assets (NFA) on the assets side and narrow money (M1)
on the liability side led to this decline in the M2. (Details of the monetary survey are in Table 9) The M1 recorded a negative annual growth rate of 17.6 percent in the review quarter, from 28.5 percent in quarter ending March 2008. This is mainly due to decrease in demand deposits. As of end-June 2008, demand deposits recorded negative growth of 24.5 percent and currency in circulation outside banks recorded 12.7 percent. *) For monetary analysis, the balance sheet data are classified within the framework of money and banking statistics according to “international best practices”. The data are not comparable to those produced by the Financial Institutions Supervision Division.
Growth in quasi money (QM) improved to 11.7 percent as of end-June, 2008 against negative 12.6 percent as of end-March 2008. This was mainly due to increase in the growth rate of the foreign currency deposits. On the counterpart side, annual growth of NFA, which is the major counterpart of the money supply, increased to 6 percent as of end-June 2008 from negative 0.1 percent as of end-march 2008. In the review month convertible foreign currency assets witnessed higher growth (12.3 percent versus 3.8 percent), while growth in Indian Rupee asset further deteriorated to negative 205 percent as compared to negative 55.8 percent in the previous quarter ending. As of end-June 2008, NFA amounted to Nu.26,365.6 million, out of which, convertible foreign currency amounted to Nu.27,200.1 million and the Indian rupee to Nu.-834.5 million. Domestic credit, the other counterpart of M2, decelerated from 36.9 percent in March 2008 to 13.2 percent in June 2008. This is mainly due to decrease in claims on the government. Credit to the private sector increased slightly from 38.5 percent as of March 2008 to 39.6 percent in the review month. Growth of Other Items Net (OIN) increased significantly to 28 percent in June 2008 from negative 3.6 percent in March 2008.
Money Supply(Millions of Nu.)
040008000
120001600020000240002800032000
Q1 Q2 Q3 Q4 Q1 Q2
2007 2008
Broad money Narrow moneyQuasi money
10
RMA. Selected Economic Indicators, June 2008
Annual inflation, as measured by the consumer price index (CPI), was recorded at 8.85 percent in the second quarter of 2008 from 6.03 percent in the first quarter of 2008. The increase in the general prices of food items rose from 10.99 to 12.32 percent and the non-food increased to 7.19 percent from 3.78 percent. Activities of Commercial Banks The total assets and liabilities of commercial banks increased to Nu 27,279.9 million as of June 2008 from Nu.26,508 million in the same period last year, recording lower annual growth of 2.9 percent (Please refer to Tables 6-8 for details).
Total reserves with the RMA amounted to Nu.9,873.2 million as of June 2008, which works out to roughly 40 percent of their total assets. Of the total reserves, 38 percent were absorbed through
CRR, 6 percent were held in cash, 4 percent were held in RMA bills while 52 percent were held as other deposits. In addition to reserves held with the RMA, excluding cash in hand, the banks held Nu.1,718.7 million worth of foreign assets (both in Indian rupee and convertible foreign currency) as of end-June 2008. Commercial banks’ credit to the private sector increased to Nu.13, 875.9 million as of end-June 2008, representing an annual growth of 39.8 percent. Meanwhile, the commercial banks credit to asset and credit to deposit ratios remained at an average of 55.1 percent and 68.0, respectively in the first quarter of 2008.
Of the total deposit liabilities of the commercial banks (Nu.22,139.8 million in June 2008), 48.8 percent by Individuals, 30.2 percent were held by government corporations, and the remaining were held by the other sectors.
Financial Institutions' Contribution to Credit-Q2 2008
BOBL33%
RICBL11%
BDFCL12%
BNBL44%
Composition of Commercial Banks' Reserves (June 2008)
RMA Bills4%
Cash6%
Other Deposits
52%
CRR38%
11
RMA. Selected Economic Indicators, June 2008
Activities of Non-Bank Financial Institutions (NBFIs) The total assets and liabilities of the NBFIs increased to Nu.5, 000 million in June 2008 from Nu.3,950.1 million in the same period last year, recording an annual growth of 27.3 percent. This increase was mainly on account of the rise in their claims on the private sector which increased by 27.5 percent, to Nu. 4,452.9 million in June 2008. Meanwhile credit accounted for about 89.2 percent of their total assets. (Please refer to Tables 10 and 11 for details) .
Financial Institutions' (FI) Sectoral Credit Activity The growth (y-on-y) in the total credit of financial institutions increased to 30.6 percent in June 2008 from 28.2 percent in June 2007. The total credit as of June 2008 stood at Nu.18,924 million. Of the total, 29.1 percent were invested in building and construction, followed by trade and commerce (17.4 %), manufacturing (16.8%), and service and tourism (13.7%), with the remaining invested in other sectors
0
1,000
2,000
3,000
4,000
5,000
6,000
Nu.
in M
illio
n
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2006 2007 2008
Credit Activity (Quarter end)
Agriculture Service & Tourism Manufacturing
Building & Construction Trade & Commerce Transport
Personal & Other Loans
12
RMA. Selected Economic Indicators, June 2008
EXTERNAL SECTOR ____________________________ (Please see Tables 17-19 for details) During the fiscal year 2007/08, Bhutan experienced decrease in exports, by 26.3 percent over 2006/07. Exports to India decreased by 23.3 percent compared to rise in imports by 2.6 percent. Exports to countries other than India decreased by 34.5 percent compared to a 24.6 percent decrease in imports. As a result, the economy experienced an overall trade deficit of Nu.3086.2 million from trade surplus of Nu.2,061.8 million in 2006/07. In terms of the composition of trade, hydropower continues to remain Bhutan’s dominant export, accounting for 53 percent of the total export in 2007. Other major exports were unrecorded media (discs, tapes, solid-state non-volatile storage device, smart card and media), copper products, ferro-alloys and cement. Major imports during 2007 were copper wire, high-speed diesel, crude palm oil, base metals and article of base metal. In the invisibles account, both the services and income accounts deteriorated to negative Nu.54.7 million and Nu.1,367.1 million respectively. The current transfers still recorded a net inflow of Nu.6,597 million, an increase by Nu.2,369 million in 2007/08 over 2006/07.
As a result of the decrease in the current account balance, Bhutan’s current account surplus of 15.9 percent of GDP in 2006/07 deteriorated to 4.1 percent of GDP in 2007/08. The capital and financial account of Nu.1.90 billion in 2007/08, a decrease from Nu.5.09 billion in 2006/07, was primarily because of the decline in Tala related grants and loan inflows; and decrease in FDI related inflows. The overall balance decreased by 59.7 percent, from Nu.5,054.7 million to Nu.2,035.3 million during the period under review.
Bhutan: Overall BOP
-10000
-5000
0
5000
10000
2005/06 2006/07 2007/08(p)
Nu.
Mill
ions
Trade BalanceCurrent Account BalanceOverall BalanceCapital & Financial Account Balance
13
RMA. Selected Economic Indicators, June 2008
As of the quarter ending June 2008, continued increase in convertible currency reserve holdings has contributed to a rise in the gross international reserves to USD 649.0 million, an increase of 8.09 percent over the end of 2006/07. Out of this total amount, USD 624.3 million were convertible currency reserves, while the remaining, equivalent of USD 24.71 million (Rs.1057.9 million), were Indian rupee reserves. The reserve cover of merchandise imports increased from 13.3 months at the end of 2006/07 to 15.1 months as of June 2008. (Please see Table 20 for details)
Import Cover of Reserves (in Months)
13.28
0.56
49.35
020406080
100120140160180200
2002/03 2003/04 2004/05 2005/06 2006/07
Total Rupee Convertible Currency
External Debt Indicators 2003/04 2004/05 2005/06 2006/07 June '08Debt Outstanding (in millions)
Total (USD) 529.2 595.9 689.1 724.7 814.5 Convertible Currency (USD) 216.0 235.5 277.8 309.0 350.9 Indian Rupee (INR) 14,222.3 16,075.4 18,400.2 18,369.9 18,715.4
Debt/GDP ratio *Total 81.8 82.2 84.3 77.3 63.8Convertible Currency loan 33.4 32.5 34.0 33.0 27.5Indian Rupee loan 48.4 49.7 50.3 44.3 36.3
Debt servicing ratio **Total 6.8 11.9 7.6 3.6 17.9Convertible Currency loan 22.8 23.5 15.6 8.0 12.9Indian Rupee loan 2.4 9.4 5.5 2.3 19.3
* Based on calendar year GDP figures. Example, the 2004 GDP figure is used to calculate the ratio for 2004/05.
** Debt service payments as a percent of the export of goods and services. Total debt service ratio represents the total debt service payments (ie on convertible currency & rupee loans) as a percentage of the total export earnings (from India & other countries). Convertible currency debt service ratio is the debt servicing on convertible currency loans as a percentage of the export earnings from countries other than India. Similarly, Indian rupee debt service ratio is the debt servicing on Indian rupee loans as a percentage of the export earnings from India.
14
RMA. Selected Economic Indicators, June 2008
As of June 2008, total outstanding external debt increased to an equivalent of USD 814.5 million, of which, USD 350.9 million were outstanding on convertible currency loans. The remaining equivalent of USD 463.6 million (INR 18.7 billion) were outstanding rupee loans. Debt servicing as of June 2008, amounted to USD 14.8 million on convertible currency debt and Rs. 3,170.2 million on INR debt. The government of India is the leading creditor, followed by the ADB with USD 121.3 million, and the World Bank with USD 95.1 million as of June 2008. Outstanding debt owed to the government of Austria stood at an equivalent of USD 73.6 million. In exchange rate developments, the Ngultrum averaged around Nu.41.66 per US dollar in the second quarter of 2008, depreciation by 4.41 percent over the previous quarter (March-08). Among other major currencies, the Euro appreciated against the USD by 4.79 percent, and the Yen by 0.65 percent, from the fourth quarter of 2007. (Please refer to tables 30-32 for details)
BTN vis-à-vis the USD
37.038.039.040.041.042.043.044.0
Jun'07 Sep '07 Dec `07 Mar '08 Jun '08
Ngultrum
Yen vis-a-vis the USD
0.0020.0040.0060.0080.00
100.00120.00140.00
Jun '07 Sep '07 Dec '07 Mar '08 Jun '08
Yen
per
US
D
Euro vis-a-vis the USD
0.5600.5800.6000.6200.6400.6600.6800.7000.7200.7400.760
Jun'07
Sept'07
Dec'07
Mar'08
Jun'08
Eur
o pe
r USD
15
RMA. Selected Economic Indicators, June 2008
GOVERNMENT FINANCE
(Please see Table 33 for details) According to the budget estimates for 2007/08, total outlay increased to Nu.22.2 billion, by 40.7 percent over the total outlay of 2006/07. The current expenditure increased by 38.7 percent and the capital expenditure by 42.6 percent in the review period. On the resource front, total revenue including grants increased by 27.4 percent to Nu. 20.5 billion. The percentage share of tax revenue and non-tax revenue to the total resources were 23.6 percent and 33 percent, respectively. Grants constitute 40.7 percent of the total resources.
According to the revised budget for 2007/08, domestic resources are expected to more than meet the current expenditure requirements with a portion being available to finance the capital expenditure as well. Due to significant increase in both current and capital expenditure, the overall budget is estimated to be in deficit of Nu.1.7 billion as compared to a surplus of Nu.287.7 million in the previous year. The resource gap during the period is estimated at Nu.2.2 billion, which will be financed through internal borrowings.
Budget estimates for 2007/08, revised as of June 2008 are compared here with the 2006/07 actual budget.
Financing the Deficit
-500.0
0.0
500.0
1000.0
1500.0
2000.0
2003/04 2004/05 2003/06 2005/06 2006/07 2007/08 (r)
Nu.
in m
illio
ns
-8.0
-6.0
-4.0
-2.0
0.0
2.0
4.0
Per
cent
Internal borrowing External borrowing
Fiscal deficit in % of GDP
STATISTICAL SECTION
17
RMA. Selected Economic Indicators, June 2008
Sect
or20
0020
0120
0220
0320
0420
0520
06
2007
1. A
gric
ultu
re, l
ives
tock
,
and
fore
stry
55
6960
3768
8472
9278
6482
5688
58.9
9577
.818
.6
1.1
Agric
ultu
re p
rope
r25
1626
8230
0031
9234
8136
8539
27.9
4384
.48.
5
1.2
Live
stoc
k 17
4719
3020
0721
6323
3125
5727
30.4
3010
.55.
8
1.3
Fore
stry
and
logg
ing
1305
1425
1877
1938
2052
2014
2200
.621
82.9
4.2
2. M
inin
g an
d qu
arry
ing
315
422
457
581
440
550
877.
888
9.8
1.7
3. M
anuf
actu
ring
1627
1855
1945
2127
2361
2564
2812
.932
83.0
6.4
4. E
lect
ricity
and
wat
er22
5522
7926
5833
5230
8536
3550
63.9
1207
9.1
23.4
5. C
onst
ruct
ion
2761
3818
4711
5022
5741
6219
6019
.769
36.8
13.5
6. W
hole
sale
and
reta
il tra
de88
210
4512
8314
4717
2620
8923
74.2
2648
.15.
17.
Hot
el a
nd re
stau
rant
8811
312
013
516
921
230
1.0
366.
80.
78.
Tra
nspo
rt, s
tora
ge, a
nd c
omm
unic
atio
n18
0020
8324
5226
2632
9538
9140
95.1
4649
.09.
09.
Fin
anci
n g, i
nsur
ance
& re
al e
stat
e14
1315
5415
8119
4922
8028
7333
72.4
3884
.47.
5
9.1
. Fi
nanc
e &
Insu
ranc
e78
290
886
510
2712
7917
6521
94.2
2540
.44.
9
9.2
. R
eal e
stat
e &
dwel
ings
631
645
716
922
1001
1109
1178
.213
44.0
2.6
10. C
omm
unit y
, soc
ial s
ervi
ces
2814
3037
3342
3664
3823
4472
4895
.053
11.8
10.3
1
0.1.
Pub
lic A
dmin
istra
tion
2050
2262
2556
2778
2867
3463
3658
.138
75.4
7.5
1
0.2.
Edu
catio
n an
d he
alth
764
775
786
886
956
1009
1236
.914
36.4
2.8
11. P
rivat
e so
cial
, per
sona
l & re
crea
tiona
l ser
vice
s96
101
111
124
144
172
212.
624
1.9
0.5
12. P
lus:
taxe
s ne
t of s
ubsi
dies
491
551
878
1068
1393
1532
1564
.616
53.0
3.2
G
ross
Dom
estic
Pro
duct
2011
1.7
2289
5.0
2642
2.2
2938
5.6
3232
0.0
3646
2.6
4044
8.1
5152
1.5
100.
0
G
DP
Gro
wth
rate
(%)
9.7
13.8
15.4
11.2
10.0
12.8
10.9
27.4
Dis
crep
anci
es in
the
figur
es a
re d
ue to
roun
ding
TAB
LE 1
. GR
OSS
DO
MES
TIC
PR
OD
UC
T B
Y K
IND
OF
AC
TIVI
TY A
T C
UR
REN
T PR
ICES
Year
Shar
e of
G
DP
in
2007
(%)
Sou
rce:
Nat
iona
l Acc
ount
s S
tatis
tics,
200
8, N
atio
nal S
tatis
tics
Bur
eau.
Mill
ions
of N
gultr
um
18
RMA. Selected Economic Indicators, June 2008
Sect
or20
0020
0120
0220
0320
0420
0520
0620
07
1. A
gric
ultu
re, l
ives
tock
,
and
fore
stry
55
68.5
5849
.260
09.3
6138
.462
50.1
6273
.863
95.9
6421
.70.
4
1.1
Agric
ultu
re p
rope
r25
16.0
2616
.926
89.4
2765
.628
08.2
2860
.928
98.1
2948
.51.
7
1.2
Live
stoc
k 17
47.4
1887
.719
19.1
1926
.519
33.1
1976
.419
94.2
2013
.31.
0
1.3
Fore
stry
and
logg
ing
1305
.113
44.6
1400
.814
46.3
1508
.814
36.5
1503
.614
59.9
-2.9
2. M
inin
g an
d qu
arry
ing
314.
937
0.4
406.
840
2.4
381.
344
6.6
531.
565
4.5
23.1
3. M
anuf
actu
ring
1627
.316
55.9
1732
.818
44.1
1943
.820
11.0
2088
.022
09.9
5.8
4. E
lect
ricity
& w
ater
2255
.321
84.6
2560
.730
30.3
2980
.232
60.5
4387
.796
86.0
120.
85.
Con
stru
ctio
n27
61.4
3460
.943
28.7
4448
.748
19.8
4701
.242
47.5
4490
.35.
76.
Who
lesa
le a
nd re
tail
trade
882.
110
28.7
1233
.813
78.0
1633
.118
78.1
1948
.220
94.4
7.5
7. H
otel
s an
d re
stau
rant
s88
.111
1.5
115.
112
8.8
157.
018
6.0
246.
126
2.7
6.7
8. T
rans
port,
sto
rage
, and
com
mun
icat
ion
1799
.718
43.7
2000
.320
07.4
2447
.926
60.6
2856
.531
78.6
11.3
9. F
inan
cin g
, ins
uran
ce &
real
est
ate
1413
.014
92.8
1449
.717
70.9
1991
.125
07.8
2905
.530
57.4
5.2
9
.1.
Fina
nce
& In
sura
nce
781.
989
5.6
900.
810
80.1
1291
.718
00.1
2185
.822
84.6
4.5
9
.2.
Rea
l est
ate
& dw
ellin
gs63
1.1
597.
254
8.9
690.
869
9.4
707.
771
9.7
772.
87.
410
.Com
mun
ity, s
ocia
l ser
vice
s 28
13.9
2847
.430
50.7
3287
.833
07.9
3743
.439
07.7
4033
.73.
2
10.
1. P
ublic
Adm
inis
tratio
n20
49.7
2187
.724
12.1
2567
.825
33.6
2905
.629
19.4
2943
.70.
8
10.
2. E
duca
tion
and
heal
th76
4.2
659.
763
8.6
720.
077
4.3
837.
898
8.3
1090
.010
.311
. Priv
ate
soci
al, p
erso
nal &
recr
eatio
nal s
ervi
ces
96.2
98.6
103.
311
4.2
126.
814
4.3
166.
517
8.0
6.9
12. P
lus
taxe
s on
pro
duct
s le
ss s
ubsi
dies
491.
453
2.5
828.
698
7.1
1230
.712
29.7
1200
.612
17.3
1.4
G
ross
Dom
estic
Pro
duct
2011
1.8
2147
6.2
2381
9.8
2553
8.1
2726
9.7
2904
3.0
3088
1.7
3748
4.5
21.4
G
DP
Gro
wth
rate
(%)
7.2
6.8
10.9
7.2
6.8
6.5
6.3
21.4
Dis
crep
anci
es in
the
figur
es a
re d
ue to
roun
ding
TAB
LE 2
. GR
OSS
DO
MES
TIC
PR
OD
UC
T B
Y K
IND
OF
AC
TIVI
TY IN
200
0 PR
ICES
Year
Sou
rce:
Nat
iona
l Acc
ount
s S
tatis
tics,
200
8, N
atio
nal S
tatis
tics
Bur
eau.
Gro
wth
fro
m
2006
to
2007
(%)
Mill
ions
of N
gultr
um
19
RMA. Selected Economic Indicators, June 2008
Milli
ons
of N
gultr
um Tota
lBa
soch
uCh
ukha
Kuric
hhu
Tala
Tota
lBa
soch
uCh
ukha
Kuric
hhu
Tala
Tota
lC
hukh
aKu
richh
uTa
la20
065,
581.
8
38
8.7
3,
592.
9
537.
5
1,
062.
6
603.
0
38
8.7
133.
4
19.6
61.3
4,97
8.8
3,45
9.5
51
8.0
1,00
1.3
Q
126
6.8
45
.3
16
0.8
60.7
-
97
.7
45
.3
49.1
3.3
-
16
9.2
11
1.8
57.4
-
Q
21,
059.
3
81
.3
82
1.1
156.
9
-
130.
7
81
.3
44.3
5.0
-
92
8.7
77
6.8
151.
9
-
Q3
2,25
8.8
163.
7
1,69
7.5
19
4.5
203.
0
21
6.4
163.
7
23
.0
6.
3
23.3
2,04
2.4
1,67
4.5
18
8.2
179.
7
Q
41,
996.
8
98
.4
91
3.5
125.
4
85
9.6
158.
2
98
.4
17.0
4.9
38
.0
1,
838.
6
89
6.5
120.
5
82
1.6
2007
10,9
94.4
372.
9
3,80
7.9
52
3.3
6,29
0.4
96
0.0
372.
9
58
.7
13
1.1
39
7.3
10
,034
.3
3,
749.
1
392.
1
5,
363.
2
Q1
1,10
4.6
49.7
373.
0
63
.2
61
8.6
219.
4
49
.7
18.5
13.4
137.
7
885.
3
354.
5
49
.9
48
0.9
Q2
2,41
0.9
61.1
845.
8
15
1.9
1,35
2.2
27
3.4
61.1
11
.9
37
.1
16
3.3
2,
137.
6
83
3.9
114.
7
1,
188.
9
Apr
630.
7
15.2
211.
2
41
.5
36
2.7
72
.6
15
.2
4.3
7.9
45
.1
55
8.1
20
6.9
33.5
317.
6
M
ay74
9.0
14
.3
26
1.8
51.1
421.
8
86.7
14.3
3.
8
15
.3
53
.3
66
2.2
25
7.9
35.8
368.
5
Ju
n1,
031.
2
31
.5
37
2.7
59.3
567.
7
114.
0
31
.5
3.7
13.9
64.8
917.
2
369.
0
45
.4
50
2.8
2008
3,45
0.8
125.
5
1,16
5.5
20
9.6
1,95
0.2
339.
2
12
5.5
35.8
84.7
93.2
3,11
1.6
1,12
9.7
12
4.9
1,85
7.0
Q
178
1.4
47
.3
27
6.5
51.2
406.
5
152.
5
47
.3
20.2
38.6
46.4
628.
9
256.
2
12
.5
36
0.1
Jan
288.
5
18.0
104.
6
16
.3
14
9.5
55
.1
18
.0
7.4
13.5
16.2
233.
3
97.2
2.8
13
3.3
Feb
216.
4
14.4
78.2
13.2
110.
6
46.8
14.4
6.
7
10
.2
15
.5
16
9.6
71
.5
3.
0
95.1
Mar
276.
6
14.9
93.7
21.7
146.
3
50.6
14.9
6.
1
14
.9
14
.7
22
5.9
87
.5
6.
8
131.
6
Q
22,
669.
4
78
.2
88
9.0
158.
4
1,
543.
7
18
6.6
78.2
15
.5
46
.1
46
.8
2,
482.
7
87
3.5
112.
4
1,
496.
9
Apr
488.
2
14.1
161.
2
37
.3
27
5.7
47
.4
14
.15.
113
.115
.144
0.7
15
6.1
24.1
260.
5M
ay60
9.2
16
.0
20
6.9
58.9
327.
4
54.3
16.0
5.2
16.7
16.4
554.
9
201.
742
.231
0.9
Jun
1,57
2.0
48.1
521.
0
62
.3
94
0.7
84
.9
48
.15.
316
.215
.21,
487.
1
51
5.7
46.0
925.
4
2004
7.0
79
.0
1.
0
21.6
-34
.7
79
.0
4.7
17.6
-4.
2
0.8
21
.8
-
2005
22.8
69.3
23.1
4.5
-
60.4
69.3
53
.5
19
.2
-
17.8
21.0
4.0
-
2006
47.6
19.4
23.5
(1.7
)
-2.
8
19.4
(4
5.1)
8.
9
-55
.9
29
.8
(2
.1)
-
Q1
1.9
12
1.2
(6
.0)
(1
3.6)
-47
.8
12
1.2
15.7
3.0
-
(13.
6)
(1
3.2)
(14.
4)
-
Q2
52.1
119.
5
61.8
3.3
-
18.6
119.
5
(3
5.5)
14
.5
-
58.4
77.0
3.0
-
Q3
17.9
2.7
9.
2
(3.3
)
-2.
8
2.7
(4
9.0)
7.
1
-19
.8
10
.9
(3
.6)
-
Q4
120.
1
(9.3
)
35
.3
1.
4
-(2
0.8)
(9.3
)
(80.
4)
10.1
-15
9.9
52
.5
1.
0
-20
0797
.0
(4
.1)
6.0
(2
.7)
49
2.0
59
.2
(4
.1)
(5
6.0)
57
0.7
54
7.8
10
1.5
8.
4
(24.
3)
43
5.6
Q
131
4.0
9.
8
131.
9
4.
2
-12
4.6
9.8
(6
2.3)
30
4.3
-
423.
3
217.
2
(1
3.1)
-Q
212
7.6
(2
4.9)
3.
0
(3.2
)
-10
9.2
(24.
9)
(7
3.2)
63
8.2
-
130.
2
7.4
(2
4.5)
-Ap
r29
3.5
6.
0
88.3
23.0
-14
0.6
6.0
(7
0.4)
53
7.5
-
329.
0
112.
0
3.
3
-M
ay11
6.8
(4
1.8)
(0
.9)
(9
.7)
-
109.
0
(4
1.8)
(74.
8)
770.
2
-11
7.9
3.
5
(34.
7)
-
Jun
86.3
(25.
5)
(16.
2)
(1
1.0)
-93
.3
(2
5.5)
(74.
4)
585.
4
-85
.5
(1
4.2)
(29.
7)
-
2008
(68.
6)
(6
6.3)
(6
9.4)
(59.
9)
(6
9.0)
(64.
7)
(6
6.3)
(39.
1)
(35.
4)
(7
6.5)
(69.
0)
(6
9.9)
(68.
1)
(6
5.4)
Q1
(29.
3)
(4
.9)
(25.
9)
(1
9.1)
(34.
3)
(3
0.5)
(4.9
)
9.3
188.
8
(66.
3)
(2
9.0)
(27.
7)
(7
4.8)
(25.
1)
Q
210
.7
28
.1
5.
1
4.3
14
.2
(3
1.7)
28.1
30
.8
24
.0
(7
1.3)
16.1
4.8
(2
.1)
25
.9
Ap
r(2
2.6)
(7.4
)
(2
3.7)
(10.
1)
(2
4.0)
(34.
6)
(7
.4)
17
.2
66
.0
(6
6.4)
(21.
0)
(2
4.6)
(28.
1)
(1
8.0)
May
(18.
7)
11
.7
(2
1.0)
15.2
(22.
4)
(3
7.4)
11.7
36
.0
8.
9
(69.
2)
(1
6.2)
(21.
8)
17
.9
(1
5.6)
Jun
52.4
52.7
39.8
5.0
65
.7
(2
5.5)
52.7
41
.2
16
.7
(7
6.5)
62.1
39.8
1.4
84
.0
So
urce
: BH
PCL,
CHP
CL, K
HPC
L, T
HPA
. (1)
Pow
er ta
riff f
or d
omes
tic s
ales
: Nu.
0.3
per
uni
t for
CHP
CL &
KH
PCL;
Sin
ce F
eb. 2
007
KHPC
L ha
s al
so s
tarte
d se
lling
powe
r for
indu
stria
l use
at N
u.1.
2 pe
r uni
t (Do
mes
tic
sale
s of
KH
PCL
are
exclu
sive
of d
eman
d ch
arge
s); T
ala
sale
s ar
e at
Nu.
0.3
per u
nit f
or 1
5% o
f ene
rgy
sold
with
the
rem
aini
ng 8
5% a
t Nu.
1.2
per u
nit;
Nu.
1.2
per
uni
t for
BH
PCL
sale
s to
Chu
kha
effe
ctive
from
Jul
y 20
05 (2
) Pow
er ta
riff f
or e
xpor
t to
Indi
a: N
u. 2
per
uni
t for
CH
PCL
- rev
ised
from
Nu.
1.5
per
uni
t with
effe
ct fr
om J
an. 2
005;
Nu.
1.7
5 pe
r uni
t for
KHP
CL; N
u. 1
.8 p
er u
nit f
or T
HPA
Expo
rts (2
)
Per
cent
age
chan
ge o
n th
e pr
evio
us y
ear
TABL
E 3.
SAL
ES O
F M
AJO
R PO
WER
PRO
JECT
S
Perio
dTo
tal S
ales
Dom
estic
Sal
es (1
)
20
RMA. Selected Economic Indicators, June 2008
Chart 2
Sales of Major Industries
0500
1000150020002500300035004000450050005500600065007000
2001 2002 2003 2004 2005 2006 2007
Nu.
mill
ions
Exports to India Exports to Countries other than India Domestic Sales
Chart 1
Sales from Hydropower Project Operations
0
2000
4000
6000
8000
10000
12000
2002 2003 2004 2005 2006 2007
Nu.
mill
ions
Total Sales Exports Domestic Sales
21
RMA. Selected Economic Indicators, June 2008
Millio
ns of
Ngu
ltrum
2005
2007
2008
Indus
tryI
IIIII
IVTo
talI
IIIII
IVTo
talI
IIIII
IVTo
tal
I
II
(1) A
rmy W
elfar
e Pro
ject
68.4
52.3
54.3
65.0
240.0
67.7
58.7
69.9
83.1
279.4
86.3
67.0
73.7
88.0
315.0
684
.1464
.95
Exp
orts
to Ind
ia6.4
4.22.1
1.013
.72.7
5.19.1
8.925
.89.9
6.910
.510
.537
.915.2
06.5
9
Exp
orts
to Co
untrie
s othe
r tha
n Ind
ia-
--
-0.0
--
--
0.0-
--
-0.0
0
-0.0
0
Sale
s with
in Bh
utan
62.0
48.1
52.2
64.0
226.3
65.0
53.6
60.8
74.2
253.6
76.4
60.1
63.2
77.5
277.1
578
.9458
.36
(2) B
hutan
Boa
rd P
rodu
cts Li
mited
91.5
96.9
100.6
105.6
394.6
293
.491
.296
.310
0.738
1.794
.310
2.210
0.6-
-
-
-
Exp
orts
to Ind
ia80
.480
.986
.984
.533
2.66
65.6
74.7
76.9
80.1
297.3
82.7
80.7
81.8
-
-
-
-
Exp
orts
to Co
untrie
s othe
r tha
n Ind
ia-
1.1-
-1.1
0-
--
-0.0
--
--
-
-
-
S
ales w
ithin
Bhuta
n11
.114
.913
.721
.160
.8627
.816
.519
.420
.684
.411
.621
.518
.8-
-
-
-
(3) B
hutan
Car
bide &
Che
mica
ls Ltd
.19
1.019
2.219
3.318
3.776
0.213
6.20
154.0
817
3.71
301.2
776
5.331
4.332
9.637
2.738
9.114
05.69
452.6
7 52
2.94
E
xpor
ts to
India
190.1
189.9
174.3
158.5
712.8
136.2
015
4.08
173.7
295.5
759.5
311.7
325.7
369.4
385.6
1392
.4643
8.67
497.1
2
Exp
orts
to Co
untrie
s othe
r tha
n Ind
ia-
--
-0.0
--
--
0.0-
--
0.00.0
00.0
0 0.0
0
Sale
s with
in Bh
utan
1.02.3
19.0
25.2
47.4
--
-5.8
5.82.6
3.93.2
3.513
.2314
.00
25.83
(4) B
hutan
Fru
it Pro
ducts
Limi
ted29
.939
.5-
-69
.432
.645
.529
.726
.913
4.739
.247
.129
.932
.314
8.50
36.53
41
9.71
E
xpor
ts to
India
25.8
29.1
--
54.9
27.5
36.7
22.8
21.4
108.3
33.1
38.3
23.7
25.5
120.5
933
.0730
0.93
E
xpor
ts to
Coun
tries o
ther t
han I
ndia
1.41.4
--
2.81.4
0.90.5
1.34.0
1.30.4
0.80.8
3.24
0.82
0.00
S
ales w
ithin
Bhuta
n2.7
9.0-
-11
.73.7
7.96.5
4.222
.34.8
8.45.5
6.024
.672.6
4 11
8.79
(5) B
hutan
Poly
thene
Com
pany
12.9
16.0
15.5
12.2
56.5
19.6
21.8
11.1
14.2
66.7
16.8
28.8
16.0
18.3
79.94
13.16
17
.76
E
xpor
ts to
India
0.10.0
0.00.5
0.74.1
-2.0
3.89.9
1.20.2
80.0
42.1
93.7
10.2
10.3
9
Exp
orts
to Co
untrie
s othe
r tha
n Ind
ia(*
--
--
0.0-
--
-0.0
--
-0
0.00
0.00
0.00
S
ales w
ithin
Bhuta
n12
.816
.015
.512
.256
.415
.521
.89.1
10.4
56.8
15.6
28.5
16.0
16.2
76.23
12.96
17.37
(6) P
ende
n Cem
ent A
uthor
ity Lt
d.25
1.233
8.221
7.6-
807.0
387.8
387.8
269.1
307.6
1352
.335
6.843
2.247
4.340
0.216
63.56
342.6
541
9.71
E
xpor
ts to
India
66.5
140.8
71.1
-27
8.524
2.521
9.812
6.119
3.278
1.522
5.725
3.710
4.525
6.584
0.40
234.7
130
0.93
E
xpor
ts to
Coun
tries o
ther t
han I
ndia
--
--
0.0-
--
-0.0
--
237.2
0.023
7.17
0.00
0.00
S
ales w
ithin
Bhuta
n18
4.719
7.414
6.5-
528.5
145.4
168.0
143.0
114.4
570.7
131.1
178.5
132.7
143.6
585.9
910
7.94
118.7
9
TABL
E 4.
SALE
S OF
MAJ
OR IN
DUST
RIES
2006
22
RMA. Selected Economic Indicators, June 2008
TABL
E 4
. SAL
ES O
F M
AJO
R IN
DUST
RIES
, CO
NTIN
UED
Milli
ons
of N
gultr
um
2005
2006
2007
2008
Indu
stry
III
IIIIV
Tota
lI
llIII
IVTo
tal
III
IIIIV
Tota
l
I
I
I(7
) Bhu
tan
Ferro
Allo
ys L
imite
d18
4.9
159.
514
2.2
164.
765
1.2
165.
518
3.2
166.
216
3.5
678.
322
4.6
221.
230
9.7
1130
.918
86.4
041
5.89
469.
43
E
xpor
ts to
Indi
a18
2.4
157.
714
1.3
161.
664
3.0
162.
717
8.9
155.
516
1.4
658.
322
2.4
206.
330
5.1
1091
.618
25.3
940
4.74
463.
62
E
xpor
ts to
Cou
ntrie
s ot
her t
han
Indi
a1.
71.
20.
61.
55.
00.
82.
99.
51.
815
.01.
814
.24.
237
.557
.66
10.4
65.
09
S
ales
with
in B
huta
n0.
70.
60.
31.
63.
32.
01.
41.
30.
35.
00.
40.
70.
41.
83.
350.
690.
72
(8) B
huta
n Ag
ro In
dust
ries
Lim
ited
6.6
9.7
10.5
7.9
34.6
8.6
12.4
12.1
12.1
45.2
7.6
16.7
14.5
11.8
50.5
010
.03
16.4
8
E
xpor
ts to
Indi
a1.
41.
72.
12.
47.
62.
32.
63.
03.
010
.90.
93.
41.
82.
38.
441.
721.
85
E
xpor
ts to
Cou
ntrie
s ot
her t
han
Indi
a-
0.2
0.2
0.0
0.5
0.0
0.2
--
0.2
-0.
20.
20.
10.
470.
110.
00
S
ales
with
in B
huta
n5.
27.
88.
25.
426
.66.
39.
59.
09.
034
.06.
713
.012
.59.
441
.60
8.20
14.6
3
(9) S
.D. E
aste
rn B
huta
n C
oal C
ompa
ny L
t54
.851
.522
.451
.318
0.0
46.3
72.4
41.9
42.4
203.
082
.269
.419
.451
.522
2.47
100.
5092
.17
Exp
orts
to In
dia
8.6
14.3
15.7
0.1
38.7
0.0
19.9
31.5
24.6
76.0
34.3
31.0
9.7
29.9
105.
0242
.54
24.4
1
E
xpor
ts to
Cou
ntrie
s ot
her t
han
Indi
a8.
013
.84.
720
.647
.216
.413
.50.
39.
639
.812
.713
.61.
55.
933
.71
8.01
10.4
8
S
ales
with
in B
huta
n38
.123
.42.
030
.694
.129
.939
.010
.18.
287
.235
.124
.78.
215
.783
.74
49.9
557
.28
(10)
Dru
k Sa
tair
Cor
pora
tion
Lim
ited
41.0
50.6
33.5
47.8
172.
970
.676
.859
.651
.325
8.4
60.1
61.4
44.8
76.3
242.
669
.21
98.4
1
E
xpor
ts to
Indi
a31
.038
.125
.835
.613
0.5
60.2
66.7
53.9
43.2
223.
945
.349
.136
.663
.619
4.59
55.2
383
.42
Exp
orts
to C
ount
ries
othe
r tha
n In
dia
1.8
2.4
2.6
1.3
8.2
1.7
2.0
1.2
1.2
6.1
2.3
3.0
2.5
4.2
12.0
73.
363.
11
S
ales
with
in B
huta
n8.
110
.15.
110
.934
.28.
88.
24.
56.
928
.412
.69.
35.
68.
535
.91
10.6
311
.89
(11)
Dru
k Pl
aste
r & C
hem
icals
Lim
ited
8.2
8.5
10.0
13.8
40.5
11.7
9.2
11.4
16.9
49.2
10.5
11.3
11.2
11.4
44.5
5.88
11.3
5
E
xpor
ts to
Indi
a8.
18.
510
.013
.740
.211
.79.
211
.316
.849
.010
.311
.110
.811
.343
.55.
6810
.81
Exp
orts
to C
ount
ries
othe
r tha
n In
dia
0.1
0.0
--
0.1
--
--
0.0
0.1
0.1
0.3
0.0
0.5
0.12
0.36
Sal
es w
ithin
Bhu
tan
0.0
0.0
0.1
0.1
0.2
0.0
0.0
0.1
0.1
0.2
0.1
0.2
0.1
0.1
0.5
0.08
0.18
T
OTA
L94
0.4
1014
.979
9.9
652.
334
07.4
1040
.111
13.1
941.
011
19.9
4214
.012
92.8
1386
.714
66.8
2209
.910
570.
1815
30.6
621
32.9
2
Ex
ports
to In
dia
600.
866
5.3
529.
345
7.7
2253
.171
5.4
767.
666
5.8
851.
930
00.6
977.
510
06.6
954.
018
79.0
7817
.71
1221
.75
1690
.05
Expo
rts to
Cou
ntrie
s ot
her t
han
Indi
a13
.120
.18.
123
.464
.820
.319
.511
.413
.965
.118
.231
.624
6.5
48.5
409.
9522
.88
19.0
4
Sa
les
with
in B
huta
n32
6.4
329.
526
2.5
171.
110
89.6
304.
432
6.0
263.
725
4.1
1148
.329
7.0
348.
626
6.3
282.
423
42.5
228
6.03
423.
83
Sour
ce :
Res
pect
ive
Indu
stry
. - (-
) dat
a no
t ava
ilabl
e -(1
) Alco
holic
bev
erag
es. -
(2) P
artic
le b
oard
s. -(
3) C
alciu
m c
arbi
de.
-(4
) Pro
cess
ed v
eget
able
s an
d fru
its. -
(5)
Hig
h D
ensit
y Po
lythe
ne (H
DPE
) Pip
e. (*
) Dee
med
exp
ort.-
(6)C
emen
t.-(7
) Fe
rro S
ilicon
.-(8)
Pro
cess
ed v
eget
able
s an
d fru
its -(
9) C
oal .
-(1
0) G
ypsu
m d
ust &
G
ypsu
m b
ould
ers.
Not
e: D
ata
for B
BPL
is cu
rrent
ly un
avai
labl
e as
of o
ctob
er 2
007.
23
RMA. Selected Economic Indicators, June 2008
Millions of Ngultrum
Assets
Claims Claims Conver- on Claims on Non-
tible Deposit Claims on MonetaryEnd of Foreign Money on Private FinancialPeriod Total Total Rupee Currency Banks Govt. Sector Institutions1997 6126.7 6064.6 25.5 6039.0 2.5 51.0 3.7 5.0 0.01998 9218.6 8022.4 26.9 7995.5 1193.0 0.0 3.1 0.0 0.01999 10030.6 8840.5 82.3 8758.2 1187.5 0.0 2.6 0.0 0.02000 11253.8 10357.6 87.8 10269.8 892.7 0.0 3.5 0.0 0.02001 11011.2 10716.1 1215.5 9500.6 293.2 0.0 1.9 0.0 0.02002 12321.9 11998.7 913.4 11085.3 194.3 127.0 1.9 0.0 0.0
--------- --------- --------- --------- --------- --------- ---------2003*) 12260.2 11899.0 987.3 10911.7 303.5 56.0 1.8 0.0 0.02004 13933.6 13000.5 2709.6 10290.9 895.4 37.0 0.7 0.0 0.02005Oct 15995.3 14843.1 605.2 14237.9 1051.7 100.0 0.5 0.0 0.0Nov 18374.1 17220.8 2601.2 14619.6 1052.9 100.0 0.5 0.0 0.0Dec 18220.4 17351.6 2539.7 14811.9 768.3 100.0 0.5 0.0 0.0
2006Jan 19098.8 17647.5 3000.2 14647.2 1350.9 100.0 0.5 0.0 0.0Feb 18624.7 17335.9 2587.4 14748.5 1288.4 0.0 0.4 0.0 0.0Mar 16872.7 16359.0 1368.5 14990.5 513.3 0.0 0.4 0.0 0.0Apr 16701.6 15597.1 2513.4 13083.7 1104.1 0.0 0.4 0.0 0.0May 18642.9 18595.0 2338.0 16257.0 47.5 0.0 0.4 0.0 0.0June 19296.8 18702.4 1507.4 17195.0 591.2 0.0 3.1 0.0 0.0July 19074.4 18762.3 1302.3 17460.0 306.9 0.0 5.2 0.0 0.0Aug 18560.7 18271.9 632.6 17639.3 282.1 0.0 6.7 0.0 0.0Sept 17790.7 17748.9 241.6 17507.3 35.2 0.0 6.6 0.0 0.0Oct 17666.6 17617.3 222.4 17394.9 39.9 0.0 9.4 0.0 0.0Nov 18045.6 17986.4 252.6 17733.8 47.3 0.0 11.9 0.0 0.0Dec 18510.7 18397.7 200.8 18197.0 103.1 0.0 9.9 0.0 0.0
2007Jan 22325.1 22267.4 1664.2 20603.2 47.5 0.0 10.3 0.0 0.0Feb 22443.5 22400.2 1563.7 20836.4 32.7 0.0 10.6 0.0 0.0Mar 22131.5 22048.4 1080.2 20968.2 72.2 0.0 10.9 0.0 0.0Apr 19786.1 19753.9 144.9 19609.1 21.4 0.0 10.8 0.0 0.0May 20159.1 20091.0 153.2 19937.8 56.4 0.0 11.7 0.0 0.0June 22178.5 20987.9 136.3 20851.6 21.6 0.0 11.6 0.0 1157.5July 22327.4 21132.9 98.4 21034.5 25.2 0.0 11.9 0.0 1157.5Aug 22832.4 21471.3 116.9 21354.4 191.9 0.0 11.6 0.0 1157.5Sep 22911.7 21434.4 93.5 21340.9 308.5 0.0 11.3 0.0 1157.5Oct 23337.6 21907.1 614.6 21292.6 261.7 0.0 11.3 0.0 1157.5Nov 25618.5 24120.7 2270.1 21850.6 329.0 0.0 11.3 0.0 1157.5Dec 25986.2 24659.8 2554.0 22105.7 157.4 0.0 11.5 0.0 1157.5
2008 Jan 23950.1 22653.5 223.5 22429.9 127.7 0.0 11.5 0.0 1157.5 Feb 24706.7 23456.2 384.4 23071.8 81.7 0.0 11.2 0.0 1157.5 Mar 25431.2 24014.1 120.0 23894.1 246.7 0.0 12.9 0.0 1157.5 Apr 25839.5 24328.8 126.8 24202.0 339.5 0.0 13.7 0.0 1157.5 May 27335.6 26061.9 112.2 25949.6 102.2 0.0 14.1 0.0 1157.5 Jun 26532.1 26371.0 191.4 26179.7 146.6 0.0 14.5 0.0 0.0
Foreign Assets
TABLE 5. ROYAL MONETARY AUTHORITY OF BHUTAN - MONEY AND BANKING STATISTICS
Government Securities
24
RMA. Selected Economic Indicators, June 2008
TABLE 5. CONTINUEDRoyal Monetary Authority of Bhutan
Millions of Ngultrum
Liabilities
Of which: RMACurrency Bills Other
End of Outside Govt. Outstand- Capital ItemsPeriod Total Total Banks Total Rupee Others Deposits ing Account ( Net )1997 6126.7 2545.5 720.9 250.0 250.0 0.0 27.9 681.1 48.1 2574.21998 9218.6 3954.1 768.8 250.0 250.0 0.0 1207.3 560.0 150.1 3097.21999 10030.6 4972.5 969.2 0.0 0.0 0.0 1233.5 486.5 172.5 3165.62000 11253.9 6021.6 1269.6 0.0 0.0 0.0 918.2 410.0 220.6 3683.52001 11011.2 6160.7 1609.9 0.0 0.0 0.0 337.9 410.0 161.0 3941.72002 12321.9 6982.1 1652.1 0.0 0.0 0.0 141.3 1100.0 277.8 3820.7
--------- --------- --------- --------- --------- --------- --------- --------- --------- ---------2003*) 12260.2 8281.0 1802.3 0.0 0.0 0.0 462.0 0.0 174.3 3342.92004 13933.6 9222.6 2070.7 0.0 0.0 0.0 1087.6 200.0 205.8 3217.62005Oct 15995.3 10285.8 2346.7 0.0 0.0 0.0 1159.3 100.0 961.5 3488.7Nov 18374.1 12419.6 2285.0 0.0 0.0 0.0 1161.5 100.0 1026.0 3667.1Dec 18220.4 12732.9 2404.4 0.0 0.0 0.0 835.2 100.0 1058.2 3494.1
2006Jan 19098.8 13240.1 2376.8 0.0 0.0 0.0 1425.9 100.0 1108.9 3223.9Feb 18624.7 12953.2 2398.7 0.0 0.0 0.0 1272.8 200.0 921.4 3277.3Mar 16872.7 11843.4 2270.0 0.0 0.0 0.0 554.4 100.4 999.1 3375.4Apr 16701.6 13175.9 2324.2 0.0 0.0 0.0 1173.3 200.0 1039.2 1113.1May 18642.9 13069.2 2327.5 0.0 0.0 0.0 420.2 100.0 1091.0 3962.6Jun 19296.8 13474.7 2614.9 0.0 0.0 0.0 648.4 200.0 1004.3 3969.4Jul 19074.4 13191.1 2439.4 253.4 253.4 0.0 360.9 100.0 1059.8 4109.2Aug 18560.7 12727.6 2463.8 0.0 0.0 0.0 351.6 200.0 1108.5 4173.0Sep 17790.7 12214.2 2547.0 0.0 0.0 0.0 351.3 200.0 1132.8 3892.4Oct 17666.6 12678.4 2544.0 0.0 0.0 0.0 295.4 200.0 854.3 3638.5Nov 18045.6 12443.1 2571.7 0.0 0.0 0.0 911.5 100.0 974.1 3616.9Dec 18510.7 12284.8 2762.5 0.0 0.0 0.0 1495.7 100.0 1039.9 3590.3
2007 0.0Jan 22325.1 14919.0 2782.1 0.0 0.0 0.0 393.8 0.0 1069.6 5942.7Feb 22443.5 13262.0 2770.4 0.0 0.0 0.0 1900.9 100.0 1127.5 6053.1Mar 22131.5 12853.4 2812.5 700.0 700.0 0.0 1541.7 100.0 1229.3 5707.2Apr 19786.1 12158.5 2770.0 0.0 0.0 0.0 1872.1 200.0 1296.3 4259.2May 20159.1 12886.9 3117.0 0.0 0.0 0.0 1400.8 100.0 1396.8 4374.6Jun 22178.8 13319.6 3166.0 0.0 0.0 0.0 2009.6 200.0 1023.4 5626.2Jul 22327.4 13542.1 2816.1 1000.0 1000.0 0.0 1101.9 100.0 1073.7 5509.7Aug 22832.4 13701.1 3078.7 1300.0 1300.0 0.0 1739.3 100.0 1153.4 4838.6Sep 22911.7 13050.2 3503.2 150.0 150.0 0.0 1245.2 2000.0 1148.6 5317.7Oct 23337.6 13187.0 3048.6 0.0 0.0 0.0 1773.0 2000.0 1258.5 5119.1Nov 25618.5 14895.4 3187.2 0.0 0.0 0.0 2155.9 2000.0 1322.4 5244.8Dec 25986.2 14516.8 3229.1 0.0 0.0 0.0 2955.0 2000.0 1437.7 5076.7
2008 Jan 23950.1 13183.0 3690.3 0.0 0.0 0.0 2563.7 2000.0 1156.7 5046.7 Feb 24706.6 13377.9 3831.1 0.0 0.0 0.0 2692.6 2000.0 1237.6 5398.5 Mar 25431.1 14166.6 3492.7 500.0 500.0 0.0 1784.4 2000.0 1318.2 5661.9 Apr 25839.5 14117.3 3314.6 1000.0 1000.0 0.0 1731.0 2000.0 1280.8 5710.4 May 27335.6 13867.0 3372.9 1400.0 1400.0 0.0 1434.7 2000.0 1351.4 7282.5 Jun 26532.1 12871.0 3640.8 1800.0 1800.0 0.0 2264.5 2000.0 1257.3 6339.4
Reserve Money Foreign Liabilities
*) Starting from January 2003 onwards, a major reclassifications has been carried out in the accounts of all the economic sectors. Data prior to 2003 cannot always be directly compared with the subsequent data, because of a break in continuity.
25
RMA. Selected Economic Indicators, June 2008
Millions of Ngultrum
Assets
Claims Claims Claims Claims on on on Claims
End of on Govt. Joint Private onPeriod Total Reserves Total Rupee Others Govt. Corps. Corps. Sector NMFIs1997 6657.6 3008.3 1527.3 1231.3 295.9 200.6 449.1 223.8 1248.61998 7905.5 2900.8 3068.0 2763.4 304.6 50.0 411.4 174.0 1298.31999 9645.2 3674.9 4055.1 3224.6 830.6 50.0 372.1 140.2 1352.92000 11518.7 4669.5 4716.1 3623.4 1092.7 50.0 332.6 126.7 1623.82001 13112.9 4923.6 5080.6 3163.0 1917.6 370.0 315.2 117.4 2306.12002 16155.2 6473.4 5305.0 3653.6 1651.4 973.8 252.0 117.8 3033.3
-------- -------- -------- -------- -------- -------- -------- -------- -------- -------------2003*) 16964.0 6342.4 4903.9 2588.6 2315.3 321.9 1102.6 227.1 3709.9 356.22004 19532.3 6608.1 4326.8 2737.0 1589.8 1943.8 1308.8 135.8 4962.7 246.32005Oct 19530.1 7224.7 4148.1 2494.8 1653.3 320.0 1278.7 198.0 6018.4 342.2Nov 22182.0 9302.4 4584.8 2859.9 1724.9 320.0 1279.1 181.4 6171.6 342.7Dec 21879.2 9423.8 4017.4 2239.9 1777.5 320.0 1228.3 109.3 6461.2 319.22006Jan 22619.7 9403.4 4503.3 2326.2 2177.0 320.0 1228.3 278.7 6525.7 360.3Feb 22203.1 9304.3 4156.2 1981.1 2175.1 0.0 1228.7 289.0 6564.1 660.8Mar 23267.2 9262.9 5035.4 2688.4 2347.0 0.0 1314.0 126.9 6944.1 583.9Apr 24961.2 10147.2 5473.0 3256.7 2216.4 200.0 1268.9 333.7 7261.1 277.2May 23385.6 10410.1 3707.1 1603.1 2104.0 0.0 1315.4 352.3 7023.4 577.2Jun 23888.7 10788.8 3802.6 1648.1 2154.5 0.0 1278.4 120.5 7338.9 559.4Jul 23905.5 10511.5 3501.5 1344.8 2156.7 455.4 1273.1 362.7 7245.7 555.7Aug 24015.0 10303.6 3686.6 1404.2 2282.4 463.1 1273.7 348.0 7384.3 555.7Sep 23995.4 9871.9 4003.0 1582.0 2421.0 221.2 1276.6 243.9 8123.2 255.7Oct 25065.9 10318.6 4703.1 2031.2 2671.9 0.0 1275.8 344.4 8168.3 255.7Nov 25865.2 9781.4 5851.5 3077.4 2774.1 0.0 1276.6 355.8 8027.9 571.9Dec 26484.0 9858.4 6027.7 3585.3 2442.4 0.0 1268.8 142.8 8648.4 537.92007Jan 25974.0 10847.8 4420.6 1614.5 2806.1 0.0 1233.7 407.9 8529.8 534.1Feb 25903.5 10572.5 4426.5 1434.2 2992.4 0.0 1234.3 402.5 8733.5 534.1Mar 25590.6 10121.1 4389.5 1306.2 3083.3 0.0 1261.4 171.1 9106.2 541.1Apr 26905.5 11027.3 4266.5 998.3 3268.2 0.0 1236.1 453.2 9188.3 734.1May 26162.8 10041.8 4283.7 894.5 3389.2 0.0 1236.7 364.6 9501.9 734.1Jun 26508.0 10553.2 3893.4 658.4 3235.0 0.0 1242.9 227.5 9872.7 718.3Jul 26915.6 10878.6 3744.6 540.6 3204.0 0.0 1188.1 492.0 9899.9 712.5Sep 27339.9 10816.9 3725.6 1504.3 2221.3 0.0 1213.9 241.2 10774.4 568.0Oct 28571.4 11720.0 3773.0 1596.3 2176.8 0.0 1170.1 109.1 11237.5 561.7Nov 29865.5 12991.6 3561.8 1393.8 2168.0 0.0 1191.0 421.8 11131.2 568.0Dec 28621.0 11734.7 3228.6 1470.7 1757.9 0.0 1188.8 383.4 11517.5 568.02008Jan 26530.3 10106.9 2569.3 1049.6 1519.7 0.0 1151.8 342.5 11798.1 561.7Feb 10700.1 1824.2 593.1 250.8 342.2 0.0 609.4 7.6 7662.1 3.7Mar 28304.1 11252.6 2206.6 1126.0 1080.6 0.0 1181.5 285.1 12611.9 766.4Apr 28417.9 11323.1 1898.2 898.2 1000.0 0.0 1204.2 414.3 13016.2 561.7May 27834.1 10723.0 1793.9 934.6 859.3 0.0 1154.0 361.3 13240.2 561.7Jun 27279.9 9873.2 1794.5 774.1 1020.4 0.0 1168.3 78.3 13797.6 567.9
Foreign Assets
TABLE 6. DEPOSIT MONEY BANKS - MONEY AND BANKING STATISTICS 1)
*) Starting from January 2003 onwards, a major reclassification has been carried out in the accounts of all the economic sectors. Data prior to 2003 cannot always be directly compared with the subsequent data, because of a break in continuity.
26
RMA. Selected Economic Indicators, June 2008
TABLE 6. CONTINUEDDeposit Money Banks
Millions of Ngultrum
Liabilities
Demand Foreign Credit OtherEnd of Deposits Time Currency Govt. from Capital ItemsPeriod Total (1) Deposits Deposits Total Rupee* Others Deposits RMA Accounts (Net)1997 6657.6 1447.2 3359.3 96.4 0.0 0.0 0.0 209.1 0.0 539.0 1006.61998 7905.5 1860.4 3598.4 187.9 0.0 0.0 0.0 322.2 0.0 568.4 1368.31999 9645.2 2754.9 4367.8 372.9 0.0 0.0 0.0 914.2 0.0 633.1 602.32000 11518.7 2669.5 5815.4 180.9 0.0 0.0 0.0 631.2 0.0 756.1 1465.72001 13112.9 3238.2 5628.3 239.3 973.4 973.4 0.0 1287.8 0.0 958.0 787.92002 16155.2 5322.8 6260.8 471.5 0.0 0.0 0.0 1415.4 0.0 1194.3 1490.4
-------- -------- -------- -------- -------- -------- -------- -------- -------- -------- --------2003*) 16964.0 4967.5 6029.8 1046.3 0.0 0.0 0.0 1950.9 0.0 1637.7 1331.72004 19532.3 5983.1 7957.0 588.7 0.0 0.0 0.0 1829.5 0.0 1823.7 1350.42005Oct 19530.1 5859.8 7342.1 595.3 0.0 0.0 0.0 2617.1 0.0 2008.8 1107.1Nov 22182.0 7132.4 8987.7 560.9 0.0 0.0 0.0 2580.5 0.0 2026.6 893.8Dec 21879.2 6565.2 9096.7 502.8 0.0 0.0 0.0 2300.1 0.0 2029.4 1384.92006Jan 22619.7 6049.5 9935.2 598.5 0.0 0.0 0.0 2515.1 0.0 1987.2 1534.3Feb 22203.1 6122.8 10079.1 616.2 0.0 0.0 0.0 2346.2 0.0 1995.6 1043.1Mar 23267.2 6958.4 10180.2 651.1 0.0 0.0 0.0 2163.2 0.0 2009.2 1305.1Apr 24961.2 7646.3 11058.0 669.8 0.0 0.0 0.0 2969.0 0.0 2064.5 553.7May 23385.6 5940.7 10954.1 617.4 0.0 0.0 0.0 2839.7 0.0 2092.5 941.2Jun 23888.7 8063.1 11853.8 676.8 0.0 0.0 0.0 0.0 0.0 2148.9 1146.0Jul 23905.5 8088.6 11737.3 702.6 0.0 0.0 0.0 0.0 0.0 2158.3 1218.6Aug 24015.0 7900.0 11933.6 751.3 0.0 0.0 0.0 0.0 0.0 2171.8 1258.4Sep 23995.4 8045.1 12095.4 788.4 0.0 0.0 0.0 0.0 0.0 2217.2 849.2Oct 25065.9 8525.1 12038.4 826.3 0.0 0.0 0.0 0.0 0.0 2205.9 1470.3Nov 25865.2 9349.9 11660.2 752.4 0.0 0.0 0.0 0.0 0.0 2207.3 1895.4Dec 26484.0 9790.9 11386.5 731.9 0.0 0.0 0.0 0.0 0.0 2272.7 2302.12007Jan 25974.0 9163.0 11756.1 1266.7 0.0 0.0 0.0 0.0 0.0 2285.3 1502.8Feb 25903.5 8631.2 11931.4 1182.4 0.0 0.0 0.0 0.0 0.0 2277.8 1880.7Mar 25590.6 9490.9 11441.6 1173.5 0.0 0.0 0.0 0.0 0.0 2269.8 1214.7Apr 26905.5 9694.7 11292.3 1226.6 0.0 0.0 0.0 0.0 0.0 2258.8 2433.0May 26162.8 10660.0 10287.6 1326.9 0.0 0.0 0.0 0.0 0.0 2265.1 1623.3Jun 26508.0 10376.3 10193.9 1472.5 0.0 0.0 0.0 0.0 0.0 2344.7 2120.5Jul 26915.6 10699.0 10741.0 1436.4 0.0 0.0 0.0 0.0 0.0 2366.6 1672.6Aug 27524.0 11352.6 10791.6 1049.5 0.0 0.0 0.0 0.0 0.0 2393.6 1936.7Sep 27339.9 13359.6 10131.5 1013.5 0.0 0.0 0.0 0.0 0.0 2469.8 365.5Oct 28571.4 14624.8 10181.3 1067.4 0.0 0.0 0.0 0.0 0.0 2421.8 276.1Nov 29865.5 15125.5 10266.2 943.7 0.0 0.0 0.0 0.0 0.0 2508.1 1021.9Dec 28621.0 14245.8 9243.7 951.4 0.0 0.0 0.0 0.0 0.0 2581.1 1598.92008Jan 26530.3 11410.4 9690.0 936.7 0.0 0.0 0.0 0.0 0.0 2464.9 2028.4Feb 10700.1 2347.9 4998.8 393.4 0.0 0.0 0.0 0.0 0.0 1127.7 1832.4Mar 28304.1 12315.9 9940.8 1086.0 0.0 0.0 0.0 0.0 0.0 2615.7 2345.7Apr 28417.9 12678.8 9657.0 1045.8 0.0 0.0 0.0 0.0 0.0 2621.2 2415.0May 27834.1 12831.9 9668.2 957.0 0.0 0.0 0.0 0.0 0.0 2621.9 1755.1Jun 27279.9 10751.6 10422.1 966.2 0.0 0.0 0.0 0.0 0.0 2703.8 2436.3
Foreign Liabilities
(1) Demand Deposits include Saving Deposits. (*) Between 1994-2000, Rupee Liabilities were consolidated under Other Liabilities. From January 2001 onwards, Rupee Liabilities are shown separately and are not included in Other Liabilities anymore.
27
RMA. Selected Economic Indicators, June 2008
Millions of Ngultrum
Assets
Claims Claims Claims Claims on on on Claims
End of on Govt. Joint Private onPeriod Total Reserves Total Rupee Others Govt. Corps. Corps. Sector NMFIs1997 5743.1 2903.5 1391.5 1153.7 237.9 200.6 449.1 213.3 585.01998 6613.3 2672.1 2732.1 2549.8 182.3 50.0 411.4 166.6 581.21999 6909.0 3418.1 2395.9 1925.0 470.9 50.0 372.1 135.2 537.72000 7813.5 4134.0 2495.2 2070.5 424.6 50.0 332.6 121.7 680.02001 9137.7 4342.5 3027.0 2074.7 952.3 250.0 315.2 110.0 1093.02002 11300.5 4555.6 4189.8 3002.6 1187.2 853.8 252.0 110.2 1339.2
---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------2003*) 11602.3 4900.7 3937.9 1978.8 1959.1 200.0 631.5 153.3 1530.9 248.02004 13013.2 5386.2 3552.9 2196.5 1356.4 1079.4 718.1 128.2 1996.0 152.52005Oct 12228.6 5327.5 3186.9 2099.4 1087.4 200.0 694.0 190.4 2379.7 250.0Nov 14517.1 7162.6 3576.1 2494.3 1081.8 200.0 694.1 173.8 2460.3 250.0Dec 14404.5 7565.9 3009.8 1869.8 1140.0 200.0 652.2 101.8 2642.5 232.42006Jan 15132.0 7744.0 3369.0 1821.6 1547.4 200.0 651.9 271.2 2622.4 273.5Feb 14636.5 7717.2 2799.2 1378.8 1420.4 0.0 651.9 281.4 2613.2 573.5Mar 15527.3 7715.2 3609.6 2159.3 1450.3 0.0 652.8 119.3 2850.3 580.2Apr 17043.6 8506.6 4059.1 2717.1 1342.0 200.0 607.0 326.1 3071.3 273.5May 15399.1 8690.4 2409.1 1021.0 1388.1 0.0 652.7 344.7 2728.7 573.5Jun 15666.8 9046.3 2328.9 955.0 1373.8 0.0 631.3 112.9 2991.8 555.7Jul 15670.0 8874.5 1999.1 820.2 1178.9 455.4 625.0 355.1 2809.0 551.9Aug 15564.7 8604.3 2076.7 914.3 1162.4 463.1 625.0 340.4 2903.3 551.9Sep 15439.2 8532.5 2086.4 995.8 1090.6 221.2 627.2 236.3 3483.7 251.9Oct 15621.1 8171.3 2781.1 1557.6 1223.5 0.0 625.7 336.8 3454.3 251.9Nov 16343.4 7719.1 3889.6 2721.6 1167.9 0.0 625.7 348.3 3192.5 568.2Dec 16930.9 7647.5 4320.0 3136.3 1183.7 0.0 633.5 135.3 3660.4 534.22007Jan 16374.4 8830.3 2586.6 1102.5 1484.1 0.0 597.9 400.3 3428.9 530.4Feb 16070.9 8594.3 2479.4 945.4 1534.0 0.0 597.9 394.9 3474.1 530.4Mar 15555.3 8210.1 2271.8 634.7 1637.2 0.0 624.3 163.6 3748.1 537.4Apr 17071.7 9586.5 2166.3 419.2 1747.1 0.0 598.4 445.6 3544.4 730.4May 16356.5 8630.2 2354.0 472.1 1881.8 0.0 598.4 357.1 3686.5 730.4Jun 16870.9 9030.4 2344.8 407.9 1936.9 0.0 617.0 219.9 3944.2 714.5Jul 17194.8 9292.0 2313.5 369.5 1944.0 0.0 570.5 484.4 3825.6 708.8Aug 17609.3 8839.4 3110.6 1396.8 1713.8 0.0 550.5 465.7 3934.4 708.8Sep 17544.7 9016.6 2856.2 1278.4 1577.9 0.0 595.3 233.6 4278.7 564.3Oct 18470.3 9874.5 2908.6 1431.5 1477.1 0.0 550.9 101.5 4476.8 558.0Nov 19631.5 11173.0 2722.4 1173.7 1548.7 0.0 571.2 414.2 4186.4 564.3Dec 18431.2 10139.2 2437.7 1205.6 1232.1 0.0 580.3 375.8 4333.9 564.32008
Jan 15973.7 8164.9 1973.5 801.0 1172.5 0.0 542.8 334.9 4399.5 558.0 Feb 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Mar 17587.5 9891.7 1355.7 679.1 676.6 0.0 571.6 277.6 4728.4 762.7 Apr 17187.1 9545.1 1177.0 508.8 668.2 0.0 543.1 406.7 4957.2 558.0 May 16670.3 9052.0 1113.1 605.4 507.6 0.0 543.1 353.7 5050.3 558.0 Jun 15337.5 7625.1 966.0 476.8 489.2 0.0 571.1 70.7 5540.4 564.2
Foreign Assets
TABLE 7. BANK OF BHUTAN LIMITED-MONEY AND BANKING STATISTICS
*) Starting from January 2003 onwards, a major reclassification has been carried out in the accounts of all the economic sectors. Data prior to 2003 cannot always be directly compared with the subsequent data, because of a break in continuity.
28
RMA. Selected Economic Indicators, June 2008
TABLE 7. CONTINUEDBank of Bhutan Limited
Millions of Ngultrum
Liabilities
Demand Foreign Credit OtherEnd of Deposits Time Currency Govt. from Capital ItemsPeriod Total Deposits Deposits Total Rupee* Others Deposits RMA Accounts (Net)1997 5743.1 1329.8 2787.1 96.4 0.0 0.0 0.0 183.6 0.0 399.3 946.81998 6613.3 1638.3 2842.8 183.2 0.0 0.0 0.0 257.3 0.0 410.7 1281.11999 6909.0 2151.4 2860.9 356.1 0.0 0.0 0.0 630.3 0.0 451.3 459.02000 7813.5 1998.1 3744.7 158.7 0.0 0.0 0.0 330.1 0.0 513.8 1068.02001 9137.7 2554.8 3407.8 209.3 973.4 973.4 0.0 731.6 0.0 654.7 606.22002 11300.5 4672.4 3203.2 441.9 0.0 0.0 0.0 775.5 0.0 865.8 1341.8
---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------2003*) 11602.3 4093.8 3519.8 1002.1 0.0 0.0 0.0 924.9 0.0 937.7 1124.12004 13013.2 4974.7 4226.1 507.6 0.0 0.0 0.0 988.7 0.0 1081.1 1234.92005Oct 12228.6 4820.9 3527.8 417.8 0.0 0.0 0.0 1605.7 0.0 1162.9 693.6Nov 14517.1 6011.3 5124.8 374.1 0.0 0.0 0.0 1505.6 0.0 1169.2 332.1Dec 14404.5 5505.0 4934.6 348.6 0.0 0.0 0.0 1348.8 0.0 1192.5 1075.02006Jan 15132.0 4975.3 5744.9 454.9 0.0 0.0 0.0 1536.1 0.0 1150.1 1270.8Feb 14636.5 5022.0 5772.7 460.6 0.0 0.0 0.0 1430.4 0.0 1141.9 808.9Mar 15527.3 5672.1 5823.2 454.0 0.0 0.0 0.0 1184.8 0.0 1188.9 1204.3Apr 17043.6 6350.7 6563.2 464.9 0.0 0.0 0.0 1922.9 0.0 1187.9 554.0May 15399.1 4603.8 6396.8 414.5 0.0 0.0 0.0 1836.1 0.0 1189.9 958.0Jun 15666.8 6427.1 6593.9 457.5 0.0 0.0 0.0 0.0 0.0 1224.5 963.8Jul 15670.0 6438.8 6135.2 482.1 0.0 0.0 0.0 0.0 0.0 1227.5 1386.5Aug 15564.7 6163.3 5841.7 450.8 0.0 0.0 0.0 0.0 0.0 1226.9 1882.0Sep 15439.2 6166.1 5602.9 505.8 0.0 0.0 0.0 0.0 0.0 1277.5 1886.8Oct 15621.1 6599.8 5723.2 522.1 0.0 0.0 0.0 0.0 0.0 1281.2 1494.8Nov 16343.4 7354.8 5313.4 460.8 0.0 0.0 0.0 0.0 0.0 1290.1 1924.4Dec 16930.9 7671.3 5366.3 411.4 0.0 0.0 0.0 0.0 0.0 1353.6 2128.32007Jan 16374.4 7218.9 5442.1 923.5 0.0 0.0 0.0 0.0 0.0 1357.9 1432.0Feb 16070.9 6620.2 5486.6 823.7 0.0 0.0 0.0 0.0 0.0 1350.9 1789.6Mar 15555.3 7251.5 5072.2 791.1 0.0 0.0 0.0 0.0 0.0 1368.7 1071.8Apr 17071.7 7435.1 4987.2 835.1 0.0 0.0 0.0 0.0 0.0 1357.0 2457.4May 16356.5 8306.0 4255.3 922.5 0.0 0.0 0.0 0.0 0.0 1358.3 1514.4Jun 16870.9 8452.0 4179.4 1008.9 0.0 0.0 0.0 0.0 0.0 1407.1 1823.5Jul 17194.8 8653.9 4558.0 955.7 0.0 0.0 0.0 0.0 0.0 1406.9 1620.3Aug 17609.3 9035.3 4674.8 786.1 0.0 0.0 0.0 0.0 0.0 1415.0 1698.1Sep 17544.7 11196.6 4494.6 730.5 0.0 0.0 0.0 0.0 0.0 1478.9 -356.0Oct 18470.3 12429.3 4548.4 722.3 0.0 0.0 0.0 0.0 0.0 1490.0 -719.7Nov 19631.5 12702.3 4718.6 652.1 0.0 0.0 0.0 0.0 0.0 1497.5 61.0Dec 18431.2 11718.0 4736.7 600.0 0.0 0.0 0.0 0.0 0.0 1456.0 -79.52008Jan 15973.7 9135.4 4809.2 609.3 0.0 0.0 0.0 0.0 0.0 1339.0 80.7Feb 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0Mar 17587.5 9764.4 4790.1 640.5 0.0 0.0 0.0 0.0 0.0 1487.3 905.3Apr 17187.1 10185.0 3982.9 591.6 0.0 0.0 0.0 0.0 0.0 1491.7 935.8May 16670.3 10355.2 3999.6 495.4 0.0 0.0 0.0 0.0 0.0 1492.8 327.3Jun 15337.5 8308.1 4081.0 467.4 0.0 0.0 0.0 0.0 0.0 1573.9 907.1
Foreign Liabilities
(*) Between 1994-2000, Rupee Liabilities were consolidated under Other Liabilities. From January 2001 onwards, Rupee Liabilities are shown separately and are not included in Other Liabilities anymore.
29
RMA. Selected Economic Indicators, June 2008
Millions of Ngultrum
Assets
Claims Claims Claims Claims on on on Claims
End of on Govt. Joint Private onPeriod Total Reserves Total Rupee Others Govt. Corps. Corps. Sector NMFIs
1997 914.5 104.8 135.7 77.6 58.1 0.0 0.0 10.4 663.61998 1292.2 228.7 335.9 213.6 122.3 0.0 0.0 7.5 720.11999 2736.3 256.8 1659.3 1299.6 359.7 0.0 0.0 5.0 815.22000 3705.3 535.5 2221.0 1552.9 668.1 0.0 0.0 5.0 943.82001 3975.2 581.1 2053.6 1088.3 965.3 120.0 0.0 7.4 1213.12002 4854.7 1917.8 1115.2 651.0 464.3 120.0 0.0 7.6 1694.1
---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------2003*) 5361.7 1441.8 966.0 609.8 356.2 121.9 471.1 73.8 2179.0 108.22004 6519.1 1221.9 773.9 540.4 233.4 864.4 590.7 7.6 2966.8 93.82005Jul 6567.6 1432.9 945.8 434.6 511.2 120.0 583.7 7.6 3387.0 90.6Aug 6664.1 1399.1 985.9 373.0 612.9 120.0 584.0 7.6 3476.4 91.1Sep 6878.5 1339.8 1186.3 407.1 779.2 120.0 584.3 7.6 3548.8 91.6Oct 7301.5 1897.2 961.3 395.4 565.8 120.0 584.7 7.6 3638.6 92.1Nov 7664.9 2139.7 1008.7 365.6 643.1 120.0 585.0 7.6 3711.3 92.6Dec 7474.7 1857.9 1007.6 370.1 637.5 120.0 576.1 7.6 3818.6 86.92006Jan 7487.7 1659.4 1134.2 504.6 629.6 120.0 576.4 7.6 3903.3 86.8Feb 7566.6 1587.0 1357.0 602.3 754.7 0.0 576.8 7.6 3950.9 87.3Mar 7739.9 1547.7 1425.9 529.1 896.7 0.0 661.2 7.6 4093.8 3.7Apr 7917.6 1640.5 1413.9 539.6 874.4 0.0 661.9 7.6 4189.9 3.7May 7986.5 1719.7 1298.0 582.1 716.0 0.0 662.7 7.6 4294.8 3.7Jun 8221.8 1742.6 1473.8 693.1 780.7 0.0 647.1 7.6 4347.2 3.7Jul 8235.4 1637.0 1502.4 524.6 977.8 0.0 648.1 7.6 4436.7 3.7Aug 8450.3 1699.3 1609.9 489.9 1120.0 0.0 648.7 7.6 4481.1 3.7Sep 8556.2 1339.4 1916.6 586.3 1330.4 0.0 649.4 7.6 4639.4 3.7Oct 9444.8 2147.3 1922.0 473.6 1448.4 0.0 650.1 7.6 4714.0 3.7Nov 9521.8 2062.3 1962.0 355.8 1606.2 0.0 650.9 7.6 4835.4 3.7Dec 9553.1 2210.9 1707.6 448.9 1258.7 0.0 635.2 7.6 4988.0 3.72007Jan 9599.6 2017.5 1834.0 512.0 1322.0 0.0 635.9 7.6 5100.9 3.7Feb 9832.6 1978.2 1947.2 488.7 1458.4 0.0 636.4 7.6 5259.4 3.7Mar 10035.3 1911.1 2117.7 671.6 1446.1 0.0 637.1 7.6 5358.2 3.7Apr 9833.8 1440.8 2100.2 579.1 1521.0 0.0 637.7 7.6 5643.8 3.7May 9806.3 1411.6 1929.7 422.4 1507.3 0.0 638.3 7.6 5815.4 3.7Jun 9637.1 1522.7 1548.6 250.5 1298.1 0.0 626.0 7.6 5928.5 3.7Jul 9720.8 1586.5 1431.0 171.0 1260.0 0.0 617.7 7.6 6074.3 3.7Aug 9914.6 1983.2 1007.6 181.5 826.1 0.0 618.2 7.6 6294.3 3.7Sep 9795.3 1800.3 869.4 225.9 643.5 0.0 618.7 7.6 6495.6 3.7Oct 10101.1 1845.5 864.4 164.7 699.7 0.0 619.2 7.6 6760.7 3.7Nov 10234.0 1818.6 839.5 220.1 619.4 0.0 619.7 7.6 6944.8 3.7Dec 10189.8 1595.5 790.8 265.1 525.8 0.0 608.5 7.6 7183.6 3.72008Jan 10556.7 1942.0 595.9 248.6 347.2 0.0 609.0 7.6 7398.6 3.7Feb 10700.1 1824.2 593.1 250.8 342.2 0.0 609.4 7.6 7662.1 3.7Mar 10716.6 1361.0 850.9 446.9 404.0 0.0 609.9 7.6 7883.5 3.7Apr 11230.7 1778.0 721.2 389.5 331.7 0.0 661.1 7.6 8059.1 3.7May 11163.8 1671.0 680.8 329.1 351.7 0.0 610.8 7.6 8189.9 3.7Jun 11942.4 2248.1 828.6 297.4 531.2 0.0 597.2 7.6 8257.2 3.7
Foreign Assets
TABLE 8. BHUTAN NATIONAL BANK LIMITED- MONEY AND BANKING STATISTICS
*) Note: Starting from January 2003 onwards, a major reclassification has been carried out in the accounts of all the economic sectors. Data prior to 2003 cannot always be directly compared with the subsequent data, because of a break in continuity.
30
RMA. Selected Economic Indicators, June 2008
TABLE 8. CONTINUEDBhutan National Bank Limited
Millions of Ngultrum
Liabilities
Demand Foreign Credit OtherEnd of Deposits Time Currency Govt. from Capital ItemsPeriod Total (1) Deposits Deposits Total Rupee Others Deposits RMA Accounts (Net)1997 914.5 117.4 572.2 0.0 0.0 0.0 0.0 25.4 0.0 139.7 59.91998 1292.2 222.1 755.7 4.7 0.0 0.0 0.0 64.9 0.0 157.7 87.11999 2736.3 603.6 1506.9 16.7 0.0 0.0 0.0 283.9 0.0 181.8 143.42000 3705.3 671.3 2070.7 22.2 0.0 0.0 0.0 301.1 0.0 242.2 397.82001 3975.2 683.4 2220.6 30.0 0.0 0.0 0.0 556.2 0.0 303.3 181.72002 4854.7 650.4 3057.6 29.6 0.0 0.0 0.0 640.0 0.0 328.5 148.6
---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------2003 5361.7 873.8 2510.0 44.3 0.0 0.0 0.0 1026.0 0.0 700.0 207.62004 6519.1 1008.3 3730.9 81.1 0.0 0.0 0.0 840.7 0.0 742.6 115.52005Jul 6567.6 1036.2 3373.5 168.1 0.0 0.0 0.0 848.3 0.0 793.8 347.8Aug 6664.1 1072.8 3466.4 145.1 0.0 0.0 0.0 873.9 0.0 806.8 299.0Sep 6878.5 1075.8 3664.2 168.0 0.0 0.0 0.0 970.2 0.0 815.6 184.7Oct 7301.5 1038.9 3814.3 177.4 0.0 0.0 0.0 1011.4 0.0 845.9 413.5Nov 7664.9 1120.7 3863.0 186.9 0.0 0.0 0.0 1074.9 0.0 857.5 562.0Dec 7474.7 1060.0 4162.1 154.2 0.0 0.0 0.0 951.3 0.0 836.9 310.12006Jan 7487.7 1073.9 4190.3 143.6 0.0 0.0 0.0 979.0 0.0 837.1 263.8Feb 7566.6 1100.7 4306.4 155.6 0.0 0.0 0.0 915.8 0.0 853.6 234.3Mar 7739.9 1286.4 4357.0 197.1 0.0 0.0 0.0 978.4 0.0 820.2 100.8Apr 7917.6 1295.4 4494.8 204.8 0.0 0.0 0.0 1046.2 0.0 876.6 -0.2May 7986.5 1336.8 4557.3 202.9 0.0 0.0 0.0 1003.7 0.0 902.6 -16.7July 8235.4 1383.7 5011.6 220.5 0.0 0.0 0.0 856.4 0.0 930.8 -167.6Aug 8450.3 1390.8 5372.6 300.5 0.0 0.0 0.0 1065.1 0.0 944.8 -623.5Sept 8556.2 1441.3 5429.8 282.6 0.0 0.0 0.0 1500.3 0.0 939.7 -1037.4Oct 9444.8 1506.7 5091.4 304.1 0.0 0.0 0.0 1642.3 0.0 924.7 -24.4Nov 9521.8 1569.9 5115.0 291.6 0.0 0.0 0.0 1656.9 0.0 917.2 -28.8Dec 9553.1 1756.8 4781.7 320.5 0.0 0.0 0.0 1601.4 0.0 919.1 173.72007Jan 9599.6 1553.6 5088.3 343.2 0.0 0.0 0.0 1616.5 0.0 927.5 70.5Feb 9832.6 1575.6 5198.0 358.8 0.0 0.0 0.0 1682.4 0.0 926.9 90.9Mar 10035.3 1809.0 5119.2 382.5 0.0 0.0 0.0 1682.7 0.0 901.1 140.8Apr 9833.8 1905.9 5044.9 391.5 0.0 0.0 0.0 1615.1 0.0 901.8 -25.4May 9806.3 2058.0 4770.1 404.4 0.0 0.0 0.0 1559.1 0.0 906.8 108.0Jun 9637.1 1925.2 6014.5 463.5 0.0 0.0 0.0 0.0 0.0 937.6 296.2July 9720.8 1787.9 4874.3 480.6 0.0 0.0 0.0 1624.0 0.0 959.7 -5.8Aug 9914.6 2318.0 6116.8 263.4 0.0 0.0 0.0 0.0 0.0 978.6 237.9Sep 9795.3 1735.2 4318.6 283.0 0.0 0.0 0.0 1746.9 0.0 990.9 720.7Oct 10101.1 2196.3 5632.9 345.1 0.0 0.0 0.0 0.0 0.0 931.8 995.0Nov 10234.0 2424.1 5547.6 291.6 0.0 0.0 0.0 0.0 0.0 1010.6 960.0Dec 10189.8 2528.0 4507.1 351.4 0.0 0.0 0.0 0.0 0.0 1125.1 1678.22008Jan 10556.7 2277.6 4880.7 327.4 0.0 0.0 0.0 0.0 0.0 1125.9 1945.0Feb 10700.1 2348.0 4998.8 393.4 0.0 0.0 0.0 0.0 0.0 1127.7 1832.3Mar 10716.6 2553.1 5150.6 445.5 0.0 0.0 0.0 0.0 0.0 1128.4 1438.9Apr 11230.7 2495.1 5674.1 454.1 0.0 0.0 0.0 0.0 0.0 1129.5 1477.8May 11163.8 2478.1 5668.6 461.6 0.0 0.0 0.0 0.0 0.0 1129.1 1426.4Jun 11942.4 2445.0 6341.0 498.8 0.0 0.0 0.0 0.0 0.0 1129.8 1527.7
Foreign Liabilities
(1) Demand Deposits include Saving Deposits.-In January 1997, the Unit Trust of Bhutan was converted to Bhutan National Bank (the second commercial bank in the country).
31
RMA. Selected Economic Indicators, June 2008
Millions of Ngultrum
Assets
Domestic CreditConverti- Claims Claims Claims Claims
ble on on on on ClaimsEnd of Foreign Govt. Govt. Joint Private onPeriod Total Total Rupee Currency Total (Net) Corps. Corps. Sector NMFIs1997 9286.6 7341.8 1006.8 6335.0 1944.8 14.7 449.1 223.8 1252.3 5.01998 11250.9 10840.4 2540.3 8300.1 410.5 -1479.4 411.4 174.0 1301.4 3.01999 12665.8 12895.6 3306.9 9588.8 -229.9 -2097.7 372.1 140.2 1352.5 3.02000 15661.0 15073.7 3711.2 11362.5 587.3 -1499.4 332.6 126.7 1624.3 3.02001 16312.7 14823.3 3405.1 11418.2 1489.4 -1255.7 315.2 117.4 2308.7 3.72002 20252.7 17303.7 4567.0 12736.7 2949.0 -455.9 252.0 117.8 3031.5 3.7
2003*) 20165.5 16802.8 3575.9 13227.0 3362.6 -2035.0 1102.6 227.1 3711.7 356.22004 23045.3 17327.3 5446.6 11880.8 5718.0 -936.3 1308.8 135.8 4963.4 246.32005Oct 23472.6 18991.3 3100.1 15891.2 4481.3 -3356.4 1278.7 198.0 6018.9 342.2Nov 26458.9 21805.6 5461.1 16344.5 4653.3 -3322.0 1279.1 181.4 6172.1 342.7Dec 26772.2 21369.0 4779.5 16589.5 5403.1 -2715.3 1228.3 109.3 6461.6 319.2
2006Jan 27023.3 22150.7 5326.5 16824.3 4872.5 -3521.0 1228.3 278.7 6526.1 360.3Feb 26616.0 21492.1 4568.5 16923.6 5124.0 -3619.0 1228.7 289.0 6564.5 660.8Mar 27646.1 21394.4 4056.9 17337.5 6251.7 -2717.6 1314.0 126.9 6944.5 583.9Apr 26269.1 21070.1 5770.1 15300.1 5199.0 -3942.4 1268.9 333.7 7261.6 277.2May 28310.9 22302.2 3941.1 18361.1 6008.8 -3259.9 1315.4 352.3 7023.8 577.2Jun 31156.9 22505.0 3155.5 19349.5 8651.9 -648.4 1278.4 120.5 7342.0 559.4Jul 31547.2 22010.4 2393.7 19616.7 9536.8 94.5 1273.1 362.7 7250.9 555.7Aug 31638.5 21958.4 2036.7 19921.7 9680.0 111.5 1273.7 348.0 7391.0 555.7Sep 31527.6 21751.9 1823.6 19928.3 9775.7 -130.1 1276.6 243.9 8129.8 255.7Oct 32078.5 22320.4 2253.6 20066.8 9758.1 -295.4 1275.8 344.4 8177.7 255.7Nov 33170.6 23837.9 3330.0 20507.9 9332.7 -911.5 1276.6 355.8 8039.8 571.9Dec 33537.5 24425.4 3786.0 20639.4 9112.1 -1495.7 1268.8 142.8 8658.3 537.9
2007Jan 37010.1 26688.1 3278.8 23409.3 10322.0 -393.8 1233.7 407.9 8540.1 534.1Feb 35840.9 26826.7 2997.9 23828.8 9014.2 -1900.9 1234.3 402.5 8744.1 534.1Mar 35287.0 25738.0 1686.4 24051.5 9549.0 -1541.7 1261.4 171.1 9117.1 541.1Apr 30442.4 24020.4 1143.2 22877.2 6422.0 -5200.6 1236.1 453.2 9199.1 734.1May 31627.2 24374.7 1047.7 23327.0 7252.6 -4596.5 1236.7 364.6 9513.6 734.1Jun 34944.6 24881.3 794.7 24086.6 10063.3 -2009.6 1242.9 227.5 9884.2 718.3Jul 35079.9 23877.5 -361.0 24238.5 11202.4 -1101.9 1188.1 492.0 9911.7 712.5Aug 35153.8 24298.4 404.1 23894.3 10855.4 -1739.3 1168.7 473.2 10240.3 712.5Sep 36573.6 25010.0 1447.8 23562.2 11563.6 -1245.2 1213.9 241.2 10785.7 568.0Oct 36996.9 25680.1 2210.8 23469.3 11316.7 -1773.0 1170.1 109.1 11248.8 561.7Nov 38850.1 27682.6 3663.9 24018.7 11167.5 -2155.9 1191.0 421.8 11142.6 568.0Dec 38602.5 27888.3 4024.7 23863.6 10714.2 -2955.0 1188.8 383.4 11528.9 568.0
2008Jan 36524.7 25222.8 1273.2 23949.6 11301.9 -2563.7 1151.8 342.5 11809.5 561.7Feb 29650.7 24049.3 635.2 23414.0 5601.4 -2692.6 609.4 7.6 7673.3 3.7Mar 38794.0 25720.7 746.0 24974.7 13073.4 -1784.4 1181.5 285.1 12624.8 766.4Apr 38706.2 25227.0 25.0 25202.0 13479.2 -1731.0 1204.2 414.3 13029.9 561.7May 40352.3 26455.7 -353.2 26809.0 13896.5 -1434.7 1154.0 361.3 13254.3 561.7June 37754.9 26365.6 -834.5 27200.1 11389.3 -4237.3 1168.3 78.3 13812.1 567.9
TABLE 9. MONETARY SURVEY
Foreign Assets(Net)
32
RMA. Selected Economic Indicators, June 2008
Monetary Survey
Millions of Ngultrum
Liabilities
Broad Money(M2)
Money(M1, Narrow Money)Money
Currency Market OtherEnd of Outside Demand Quasi- Instrument ItemsPeriod Total Total Total Banks Deposits Money (RMA Bill) (Net)1997 9286.6 5652.2 2196.5 720.9 1447.2 28.4 3455.7 10.6 3623.81998 11250.9 6578.3 2792.0 768.8 1860.4 162.8 3786.3 134.1 4538.51999 12665.8 8643.4 3902.7 969.2 2754.9 178.6 4740.7 26.2 3996.22000 15661.0 10035.4 4039.0 1269.6 2669.5 100.0 5996.3 115.3 5510.42001 16312.7 10802.1 4934.5 1609.9 3238.2 86.4 5867.6 5.2 5505.52002 20252.8 13875.7 7143.4 1648.3 5322.8 172.3 6732.3 11.1 6366.0
--------- --------- --------- --------- --------- --------- --------- --------- ---------2003*) 20165.5 13846.0 6769.8 1802.3 4967.5 0.0 7076.1 0.0 6319.52004 23045.3 16599.5 8053.7 2070.7 5983.1 0.0 8545.7 1.8 6444.12005
Jul 22154.8 15779.2 7553.6 2118.1 5435.5 0.0 8225.7 1.8 6373.8Aug 23183.9 15569.3 7786.3 2193.1 5593.2 0.0 7782.9 0.9 7613.8
Sep 23478.6 16003.4 7783.3 2168.0 5615.3 0.0 8220.1 0.9 7474.3Oct 23472.6 16143.8 8206.5 2346.7 5859.8 0.0 7937.3 0.9 7327.9Nov 26458.9 18966.0 9417.4 2285.0 7132.4 0.0 9548.6 0.9 7492.0Dec 26772.2 18569.2 8969.7 2404.4 6565.2 0.0 9599.5 0.9 8202.1
2006Jan 27023.3 18959.9 8426.3 2376.8 6049.5 0.0 10533.7 0.9 8062.5Feb 26616.0 19216.9 8521.6 2398.7 6122.8 0.0 10695.3 1.8 7397.4Mar 27646.1 20059.8 9228.5 2270.0 6958.4 0.0 10831.3 1.3 7585.1Apr 26269.1 21698.2 9970.4 2324.2 7646.3 0.0 11727.8 34.8 4536.1May 28310.9 19839.7 8268.2 2327.5 5940.7 0.0 11571.5 33.9 8437.3Jun 31156.9 23208.7 10678.1 2614.9 8063.1 0.0 12530.6 34.8 7913.4Jul 31547.2 22967.9 10527.9 2439.4 8088.6 0.0 12440.0 0.9 8578.4Aug 31638.5 23048.7 10363.8 2463.8 7900.0 0.0 12684.9 51.3 8538.4Sep 31527.6 23475.9 10592.1 2547.0 8045.1 0.0 12883.8 100.9 7950.8Oct 32078.5 23933.7 11069.1 2544.0 8525.1 0.0 12864.7 34.8 8110.0Nov 33170.6 24334.2 11921.6 2571.7 9349.9 0.0 12412.6 33.9 8802.5Dec 33537.5 24671.8 12553.4 2762.5 9790.9 0.0 12118.4 33.9 8831.8
2007Jan 37010.1 24967.9 11945.1 2782.1 9163.0 0.0 13022.8 0.0 12042.1Feb 35840.9 24515.5 11401.7 2770.4 8631.2 0.0 13113.8 33.9 11291.6Mar 35287.0 24918.5 12303.4 2812.5 9490.9 0.0 12615.1 33.9 10334.6Apr 30442.4 21655.3 10672.7 2770.0 7902.7 0.0 10982.6 67.8 8719.3May 31627.2 22195.8 12115.6 3117.0 8998.6 0.0 10080.2 33.9 9397.6Jun 34944.6 25208.5 13542.1 3165.8 10376.3 0.0 11666.4 78.8 9657.3Jul 35079.9 25692.5 13515.1 2816.1 10699.0 0.0 12177.4 44.9 9342.5Aug 35153.8 26143.6 14302.5 2892.7 11409.8 0.0 11841.1 44.9 8965.3Sep 36573.6 27495.7 16350.7 2991.1 13359.6 0.0 11145.0 1003.5 8074.4Oct 36996.9 28922.0 17673.3 3048.6 14624.8 0.0 11248.7 1108.4 6966.4Nov 38850.1 29522.6 18312.7 3187.2 15125.5 0.0 11209.9 1455.0 7872.5Dec 38602.5 27670.1 17474.9 3229.1 14245.8 0.0 10195.1 1765.3 9167.12008
Jan 36524.7 25727.3 15100.7 3690.3 11410.4 0.0 10626.7 1765.3 9032.0 Feb 29650.7 11571.2 6179.0 3831.1 2347.9 0.0 5392.1 1969.4 16110.1 Mar 38794.0 26835.4 15808.6 3492.7 12315.9 0.0 11026.8 2000.0 9958.7 Apr 38706.2 26696.2 15993.4 3314.6 12678.8 0.0 10702.8 1913.1 10096.9 May 40352.3 26830.0 16204.9 3372.9 12831.9 0.0 10625.2 1913.1 11609.2 June 37754.9 25780.7 14392.4 3640.8 10751.6 0.0 11388.3 1585.8 10388.4*)starting from January 2003 onwards, a major reclassification has been carried out in the accounts of all athe economic sectors.Data prior to 2003 cannot always be directly compared with the subsequent data, because of a
NMFI Deposits
TABLE 9. CONTINUED
33
RMA. Selected Economic Indicators, June 2008
Chart 3
Net Domestic Credit (End of period)
-4000
-2000
0
2000
4000
6000
8000
10000
12000
140002002 2003 2004 2005 2006 2007
Nu.
mill
ions
Govt. Govt. Corp. Joint Corp. Pvt. Sector
Chart 4
Currency in Circulation Outside Banks(End of period)
0
400
800
1200
1600
2000
2400
2800
3200
3600
2002 2003 2004 2005 2006 2007
Nu.
mill
ions
34
RMA. Selected Economic Indicators, June 2008
Millions of Ngultrum
Assets
Claims Claims Claims End Claims on on on Claims Claims of on Govt. Joint Private on On
Period Total Reserves Total Rupee Others Govt. Corps. Corps. Sector DMBs NMFIS1997 1426.9 20.0 0.6 0.0 0.6 30.1 720.7 655.5 0.0 0.01998 1701.0 167.9 2.1 0.0 2.1 14.9 680.6 835.5 0.0 0.01999 2022.8 84.9 55.8 53.1 2.7 41.2 669.9 1171.0 0.0 0.02000 956.9 45.5 52.1 51.0 1.1 17.3 842.1 0.0 0.0 0.02001 1077.4 30.6 55.4 50.0 5.4 17.3 974.0 0.0 0.0 0.02002 1259.1 44.2 8.7 2.7 6.0 18.2 1138.0 50.0 0.0 0.0
--------- --------- --------- --------- --------- --------- --------- --------- --------- --------- ---------2003*) 1468.7 131.7 4.9 0.1 4.8 0.0 0.0 25.2 1225.8 78.1 3.02004 1428.4 47.6 3.6 0.1 3.5 0.0 0.0 20.8 1345.2 8.1 3.02005Oct 1628.5 65.4 7.4 0.1 7.3 0.0 0.0 14.9 1529.6 8.1 3.0Nov 1645.1 48.9 7.4 0.1 7.3 0.0 0.0 14.9 1562.8 8.1 3.0Dec 1657.6 47.1 9.6 0.1 9.5 0.0 0.0 14.9 1574.9 8.1 3.02006 1686.4 43.6 11.4 0.1 11.4 0.0 0.0 14.9 1605.4 8.1 3.0Jan 1686.4 43.6 11.4 0.1 11.4 0.0 0.0 14.9 1605.4 8.1 3.0Feb 1699.5 73.4 10.8 0.1 10.7 0.0 0.0 14.9 1589.4 8.1 3.0Mar 1699.3 30.0 10.8 0.1 10.7 0.0 0.0 14.8 1612.6 28.1 3.0Apr 1724.0 56.8 11.4 0.1 11.4 0.0 0.0 14.8 1584.9 53.1 3.0May 1753.7 50.0 11.1 0.0 11.0 0.0 0.0 14.8 1586.7 88.1 3.0Jun 1734.8 66.4 11.9 0.0 11.9 0.0 0.0 14.8 1570.6 68.1 3.0Jul 1761.0 60.1 13.9 0.0 13.8 0.4 0.0 14.7 1585.8 83.1 3.0Aug 1758.3 49.4 11.7 0.0 11.7 0.0 0.0 14.7 1601.3 78.1 3.0Sep 1772.7 57.4 11.1 0.0 11.1 0.0 0.0 14.7 1588.4 98.1 3.0Oct 1790.0 38.3 14.1 3.0 11.1 0.0 0.0 17.7 1603.8 113.1 3.0Nov 1802.5 56.4 14.0 3.1 10.9 0.0 0.0 18.3 1617.7 93.1 3.0Dec 1773.0 71.0 10.7 0.0 10.6 0.0 0.0 18.2 1611.9 58.1 3.02007Jan 1787.6 79.1 11.2 0.0 11.2 0.0 0.0 18.3 1617.9 58.1 3.0Feb 1809.6 79.0 14.9 3.4 11.4 0.0 0.0 21.3 1628.3 63.1 3.0Mar 1817.2 46.4 11.5 0.0 11.4 0.0 0.0 22.8 1670.3 63.1 3.0Apr 1869.0 95.6 21.9 0.0 21.9 0.0 0.0 25.1 1635.3 88.1 3.0May 1880.6 101.7 12.9 0.0 12.9 0.0 0.0 25.2 1634.7 103.1 3.0Jun 1887.9 93.5 12.8 0.0 12.8 0.0 0.0 29.8 1670.6 78.1 3.0Jul 1909.4 43.5 14.2 0.0 14.1 0.0 0.0 32.1 1748.4 68.1 3.0Aug 1914.0 57.4 14.2 0.0 14.1 0.0 0.0 33.8 1797.4 8.1 3.0Sep 1957.8 61.2 14.0 0.0 13.9 0.0 0.0 35.4 1836.1 8.1 3.0Oct 2013.3 76.7 9.9 0.0 9.9 0.0 0.0 35.6 1880.0 8.1 3.0Nov 2048.5 92.7 9.9 0.0 9.9 0.0 0.0 37.3 1897.4 8.1 3.0Dec 2030.7 98.6 7.5 0.0 7.5 0.0 0.0 37.3 1876.3 8.1 3.02008
Jan 2062.6 96.5 6.6 0.0 6.6 0.0 0.0 37.3 1911.1 8.1 3.0 Feb 2097.0 111.3 6.1 0.0 6.1 0.0 0.0 37.5 1931.0 8.1 3.0 Mar 2404.1 384.6 6.0 0.0 6.0 0.0 0.0 37.7 1964.7 8.1 3.0 Apr 2427.2 373.1 13.1 0.0 13.1 0.0 0.0 37.8 1992.0 8.1 3.0 May 2451.8 375.4 13.1 0.0 13.1 0.0 0.0 38.2 2014.0 8.1 3.0 Jun 2323.5 120.0 14.0 0.0 14.0 0.0 0.0 38.2 2010.1 138.1 3.0
Foreign Assets
TABLE 10. ROYAL INSURANCE CORPORATION OF BHUTAN LIMITED - FINANCIAL STATISTICS
Note: Major reclassification on claims on government, government corporation, joint corporation, private sector and non-monetary financial institutions has been carried out from January 2003 onwards based on the new streamlined system.Data prior to 2003 are in the old format and, thus, the data prior to 2003 cannot be comapred to the data after 2003 mainly on the account of the considerable break in continuity for various time series. But, with this exercise, the most important aggregates as, for example, Broad Money, Narrow Money, Foreign Assets (Net), and Domestic Credit did not change.
35
RMA. Selected Economic Indicators, June 2008
TABLE 10. CONTINUED
LiabilitiesGeneralInsu - Group
End rance Insur- Credit Credit Capital Otherof Reserve Life GEPF ance from from Ac- Items
Period Total Fund Fund Fund Fund DMBs NBFIs counts (Net)1997 1426.9 12.3 33.5 1112.1 94.1 0.0 79.9 95.01998 1701.0 14.6 48.5 1363.5 106.4 0.0 82.6 85.31999 2022.8 21.9 34.4 1474.6 122.3 0.0 463.5 -94.02000 956.9 0.0 45.0 509.4 120.0 90.0 408.6 -216.12001 1077.4 0.0 44.1 360.2 153.3 595.0 156.8 -232.02002 1259.1 0.0 55.8 47.8 168.0 673.6 193.6 120.3
--------- --------- --------- --------- --------- --------- --------- --------- ---------2003*) 1468.7 0.0 71.6 65.9 188.6 186.3 450.0 269.4 236.92004 1428.4 0.0 87.2 73.8 210.7 94.5 400.0 306.4 255.72005Oct 1628.5 0.0 118.3 84.4 227.2 192.1 400.0 376.0 230.5Nov 1645.1 0.0 108.9 85.9 229.0 192.1 400.0 361.8 267.4Dec 1657.6 0.0 116.9 93.8 233.2 170.5 350.0 373.0 320.22006Jan 1686.4 0.0 120.3 99.8 233.4 215.5 350.0 379.7 287.7Feb 1699.5 0.0 121.1 101.4 234.5 215.5 350.0 386.0 291.1Mar 1699.3 0.0 124.5 102.8 240.2 215.5 350.0 367.7 298.7Apr 1724.0 0.0 127.7 105.8 251.3 215.5 350.0 357.4 316.4May 1753.7 0.0 134.5 106.4 239.4 215.5 350.0 372.8 335.0Jun 1734.8 0.0 139.0 106.8 234.6 193.9 350.0 417.4 293.1Jul 1761.0 0.0 142.8 107.7 234.6 193.9 350.0 400.7 331.2Aug 1758.3 0.0 148.5 108.1 236.9 193.9 350.0 415.3 305.6Sep 1772.7 0.0 146.7 110.3 231.7 193.9 350.0 413.2 326.8Oct 1790.0 0.0 154.6 111.5 248.9 193.9 350.0 427.0 303.9Nov 1802.5 0.0 156.9 110.9 255.5 193.9 350.0 427.5 307.6Dec 1773.0 0.0 153.6 117.7 253.9 172.4 300.0 445.1 330.32007Jan 1787.6 0.0 158.7 124.7 121.5 172.4 300.0 426.4 484.0Feb 1809.6 0.0 161.6 126.1 118.8 172.4 300.0 433.6 497.1Mar 1817.2 0.0 167.5 127.5 121.0 172.4 300.0 423.2 505.7Apr 1869.0 0.0 170.6 128.7 124.7 172.4 300.0 445.4 527.2May 1880.6 0.0 177.8 130.9 130.6 172.4 300.0 460.3 508.7Jun 1887.9 0.0 178.3 132.3 132.3 150.8 300.0 483.6 510.5Jul 1909.4 0.0 185.1 130.8 137.1 150.8 300.0 503.0 502.5Aug 1914.0 0.0 196.3 131.5 139.8 150.8 300.0 508.2 487.4Sep 1957.8 0.0 196.4 133.7 143.7 0.0 490.0 490.6 503.5Oct 2013.3 0.0 206.3 134.3 149.8 530.0 0.0 499.5 493.4Nov 2048.5 0.0 222.4 136.1 154.7 0.0 530.0 512.7 492.6Dec 2030.7 0.0 199.0 141.4 303.8 0.0 480.0 531.5 375.12008Jan 2062.6 0.0 207.1 150.8 160.0 0.0 480.0 560.1 504.6Feb 2097.1 0.0 207.2 151.9 220.4 0.0 480.0 569.0 468.4Mar 2404.2 0.0 216.7 154.1 168.2 0.0 780.0 553.1 532.0Apr 2427.2 0.0 223.8 157.6 174.9 0.0 780.0 533.8 557.0May 2451.8 0.0 234.1 158.6 179.3 0.0 780.0 561.6 538.3Jun 2323.5 0.0 230.5 164.1 176.6 0.0 780.0 569.1 403.3
Royal Insurance Corporation of Bhutan Limited
Millions of Ngultrum
36
RMA. Selected Economic Indicators, June 2008
Millions of Ngultrum
AssetsClaims Claims Claims Claims
End Claims on on on Claims onof on Govt. Joint Private on other
Period Total Reserves Total Rupees Others Govt. Corps. Corps. Sector DMBs NMFIs 1997 470.5 28.2 0.0 0.0 0.0 0.0 1.8 0.0 406.1 34.4 0.01998 513.3 28.3 0.0 0.0 0.0 0.0 1.8 0.0 422.1 61.1 0.01999 566.5 28.7 0.0 0.0 0.0 0.0 1.4 0.0 450.4 86.1 0.02000 696.5 46.9 0.0 0.0 0.0 0.0 1.4 0.0 500.1 148.1 0.02001 789.6 39.3 0.0 0.0 0.0 0.0 0.9 0.0 643.4 106.0 0.02002 959.9 47.0 0.0 0.0 0.0 0.0 0.9 0.0 909.0 3.0 0.0
--------- --------- --------- --------- --------- --------- --------- --------- --------- --------- ---------2003*) 1,223.9 93.1 0.0 0.0 0.0 0.0 0.0 31.8 1,084.0 15.0 0.02004 1,256.0 93.2 0.0 0.0 0.0 0.0 0.0 18.0 1,134.8 10.0 0.02005Oct 1,388.2 36.3 0.0 0.0 0.0 0.0 0.0 16.3 1,335.6 0.0 0.0Nov 1,391.1 28.8 0.0 0.0 0.0 0.0 0.0 16.3 1,346.0 0.0 0.0Dec 1,394.1 66.6 0.0 0.0 0.0 0.0 0.0 15.5 1,312.0 0.0 0.02006Jan 1,401.6 61.3 0.0 0.0 0.0 0.0 0.0 15.5 1,324.8 0.0 0.0Feb 1,692.8 313.3 0.0 0.0 0.0 0.0 0.0 15.5 1,364.0 0.0 0.0Mar 1,701.3 212.1 0.0 0.0 0.0 0.0 0.0 14.9 1,394.3 80.0 0.0Apr 1,716.9 207.2 0.0 0.0 0.0 0.0 0.0 14.7 1,415.0 80.0 0.0May 1,718.1 170.4 0.0 0.0 0.0 0.0 0.0 14.7 1,453.0 80.0 0.0Jun 1,718.0 195.2 0.0 0.0 0.0 0.0 0.0 13.7 1,429.0 80.0 0.0Jul 1,743.0 110.0 0.0 0.0 0.0 0.0 0.0 10.8 1,442.2 180.0 0.0Aug 1,787.6 98.6 0.0 0.0 0.0 0.0 0.0 10.8 1,498.2 180.0 0.0Sep 1,815.5 161.2 0.0 0.0 0.0 0.0 0.0 10.8 1,503.4 140.0 0.0Oct 1,787.2 109.4 0.0 0.0 0.0 0.0 0.0 9.8 1,528.0 140.0 0.0Nov 1,798.9 91.2 0.0 0.0 0.0 0.0 0.0 9.8 1,557.9 140.0 0.0Dec 1,793.0 131.3 0.0 0.0 0.0 0.0 0.0 9.6 1,572.1 80.0 0.02007Jan 1,803.7 212.5 0.0 0.0 0.0 0.0 0.0 8.9 1,582.2 0.0 0.0Feb 1,801.6 169.1 0.0 0.0 0.0 0.0 0.0 8.9 1,623.6 0.0 0.0Mar 1,813.2 172.7 0.0 0.0 0.0 0.0 0.0 8.0 1,632.5 0.0 0.0Apr 2,221.1 514.8 0.0 0.0 0.0 0.0 0.0 7.8 1,698.5 0.0 0.0May 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0Jun 2,040.7 211.4 0.0 0.0 0.0 0.0 0.0 7.9 1,821.4 0.0 0.0Jul 2,027.3 160.6 0.0 0.0 0.0 0.0 0.0 9.9 1,856.7 0.0 0.0Aug 2,046.7 89.1 0.0 0.0 0.0 0.0 0.0 10.0 1,947.6 0.0 0.0Sep 2,096.3 93.5 0.0 0.0 0.0 0.0 0.0 3.1 1,999.7 0.0 0.0Oct 2,105.7 65.8 0.0 0.0 0.0 0.0 0.0 3.1 2,036.8 0.0 0.0Nov 2,107.2 54.6 0.0 0.0 0.0 0.0 0.0 3.0 2,049.6 0.0 0.0Dec 2,106.8 66.6 0.0 0.0 0.0 0.0 0.0 3.0 2,036.7 0.6 0.02008
Jan 2,095.2 37.0 0.0 0.0 0.0 0.0 0.0 2.9 2,054.7 0.6 0.0 Feb 2,291.3 41.6 0.0 0.0 0.0 0.0 0.0 3.7 2,245.5 0.6 0.0 Mar 2,434.1 133.5 0.0 0.0 0.0 0.0 0.0 3.7 2,296.4 0.6 0.0 Apr 2,837.2 372.7 0.0 0.0 0.0 0.0 1.0 2.8 2,360.7 100.0 0.0 May 2,647.5 146.3 0.0 0.0 0.0 0.0 1.0 2.8 2,397.5 100.0 0.0 Jun 2,676.5 128.8 0.0 0.0 0.0 0.0 2.0 2.8 2,442.8 100.0 0.0
Foreign Assets
TABLE 11. BHUTAN DEVELOPMENT FINANCE CORPORATION LIMITED - FINANCIAL STATISTICS
*) Note: Starting from January 2003 onwards, a major reclassification has been carried out in the accounts of all the economic sectors. Data prior to 2003 cannot always be directly compared with the subsequent data, because of a break in continuity.
37
RMA. Selected Economic Indicators, June 2008
TABLE 11. CONTINUEDBhutan Development Finance Corporation Limited
Millions of Ngultrum
Liabilities
CreditEnd Credit Credit from Otherof Foreign from from other Capital Items
Period Total Liabilities RMA DMBs NMFIs Grants Account Net1997 470.5 165.2 0.0 0.0 0.0 0.0 233.2 72.11998 513.3 168.9 0.0 0.0 0.0 50.0 242.5 51.91999 566.5 186.5 0.0 0.0 0.0 50.0 267.2 62.82000 696.5 285.9 0.0 0.0 0.0 50.0 254.5 106.22001 789.6 267.4 0.0 0.0 0.0 50.0 346.2 126.02002 959.9 349.2 0.0 0.0 0.0 50.0 395.8 164.8
--------- --------- --------- --------- --------- --------- --------- ---------2003*) 1,223.9 342.8 0.0 100.0 100.0 50.0 438.7 192.32004 1,256.0 320.3 0.0 89.9 90.0 50.0 507.9 198.02005Oct 1,388.2 305.7 0.0 86.1 165.0 50.0 555.8 225.6Nov 1,391.1 301.3 0.0 86.1 165.0 50.0 555.5 233.2Dec 1,394.1 301.4 0.0 83.0 160.0 50.0 590.3 209.52006Jan 1,401.6 300.4 0.0 83.0 160.0 50.0 590.4 217.8Feb 1,692.8 644.5 0.0 82.4 160.0 0.0 592.9 213.0Mar 1,701.3 294.5 0.0 382.4 160.0 50.0 579.4 235.0Apr 1,716.9 294.5 0.0 382.4 160.0 50.0 574.6 255.4May 1,718.1 290.1 0.0 382.4 160.0 50.0 572.6 263.0Jun 1,718.0 289.2 0.0 378.0 155.0 50.0 598.2 247.6Jul 1,743.0 289.2 0.0 378.0 155.0 50.0 613.7 257.2Aug 1,787.6 283.3 0.0 378.0 155.0 50.0 631.2 290.1Sep 1,815.5 283.3 0.0 378.0 155.0 50.0 640.8 308.5Oct 1,787.2 283.3 0.0 378.0 155.0 50.0 653.2 267.8Nov 1,798.9 278.9 0.0 378.0 155.0 50.0 668.3 268.8Dec 1,793.0 278.9 0.0 374.6 150.0 50.0 693.8 245.72007Jan 1,803.7 345.1 0.0 307.5 150.0 50.0 700.7 250.4Feb 1,801.6 272.1 0.0 374.6 150.0 50.0 698.8 256.2Mar 1,813.2 272.1 0.0 374.6 150.0 50.0 706.1 260.5Apr 2,221.1 272.1 0.0 774.6 150.0 50.0 705.5 269.0May 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0Jun 2,040.7 266.8 0.0 570.3 145.0 50.0 670.3 338.3Jul 2,027.3 266.8 0.0 570.3 145.0 50.0 675.7 319.5Aug 2,046.7 260.8 0.0 570.3 145.0 50.0 702.6 317.9Sep 2,096.3 260.8 0.0 570.3 180.0 50.0 691.0 344.1Oct 2,105.7 260.8 0.0 570.3 180.0 50.0 710.7 333.8Nov 2,107.2 310.8 0.0 570.3 180.0 0.0 730.6 315.5Dec 2,106.8 252.7 0.0 565.0 180.0 50.0 767.8 291.42008Jan 2,095.2 252.7 0.0 565.0 178.7 50.0 774.4 274.4Feb 2,291.3 245.8 0.0 747.1 175.0 50.0 773.9 299.5Mar 2,434.1 245.8 0.0 761.8 275.0 50.0 754.9 346.6Apr 2,837.2 245.8 0.0 762.1 675.0 50.0 745.9 358.3May 2,647.5 241.4 0.0 565.0 675.0 50.0 761.3 354.8June 2,676.5 241.4 0.0 565.0 670.0 50.0 763.0 387.0
38
RMA. Selected Economic Indicators, June 2008
Received Accepted
R097 17-Sep-01 91 500.0 150.0 5.4R098 29-Oct-01 91 300.0 150.0 5.0R099 3-Dec-01 91 160.0 110.0 5.0R100 18-Dec-01 90 150.0 150.0 5.0R101 29-Jan-02 91 770.0 650.0 5.0R102 4-Mar-02 91 110.0 110.0 5.0R103 18-Mar-02 92 150.0 150.0 5.0R104 29-Apr-02 91 650.0 650.0 4.5R105 3-Jun-02 91 110.0 110.0 4.5R106 18-Jun-02 93 150.0 150.0 4.5R107 29-Jul-02 92 665.0 665.0 4.5R108 2-Sep-02 91 110.0 110.0 4.5R109 19-Sep-02 91 150.0 150.0 4.0R110 29-Oct-02 91 500.0 500.0 4.0R111 2-Dec-02 91 300.0 300.0 4.0R112 19-Dec-02 91 450.0 300.0 4.0R113 27-Jan-03 91 500.0 500.0 4.0R114 5-Mar-03 91 400.0 200.0 4.0R115 20-Mar-03 91 400.0 200.0 4.0R116 30-Apr-03 91 600.0 300.0 4.0R117 28-May-03 91 275.0 200.0 3.5R118 25-Jun-03 91 400.0 200.0 3.5R119 30-Jul-03 91 350.0 200.0 3.5R120 27-Aug-03 91 400.0 200.0 3.5R121 24-Sep-03 91 200.0 100.0 3.5R124 31-Dec-03 91 200.0 100.0 3.5R127 31-Mar-04 91 200.0 100.0 3.5R128 28-Apr-04 91 100.0 100.0 3.5R 131 28-Jul-04 91 100.0 100.0 3.5R 132 25-Aug-04 91 100.0 100.0 3.5R134 27-Oct-04 91 100.0 100.0 3.5R135 24-Nov-04 91 100.0 100.0 3.5R137 26-Jan-05 91 100.0 100.0 3.5R138 23-Feb-05 91 100.0 100.0 3.5R141 25-May-05 91 100.0 100.0 3.5R142 29-Jun-05 91 100.0 100.0 3.5R145 28-Sep-05 91 100.0 100.0 3.5R147 30-Nov-05 91 100.0 100.0 3.5R150 22-Feb-06 91 100.0 100.0 3.5R152 26-Apr-06 91 100.0 100.0 3.5R154 28-Jun-06 91 100.0 100.0 3.5R156 30-Aug-06 91 100.0 100.0 3.5R158 25-Oct-06 91 100.0 100.0 3.5R161 31-Jan-07 91 100.0 100.0 3.5R164 26-Apr-07 91 100.0 100.0 3.5R166 27-Jun-07 91 100.0 100.0 3.5R168 5-Sep-07 91 3442.0 1000.0 5.0R169 25-Sep-07 30 2206.0 1000.0 5.0R170 30-Oct-07 30 1000.0 1000.0 5.0R171 3-Dec-07 30 1000.0 999.0 5.0R172 12-Dec-07 91 1000.0 1000.0 5.0R173 15-Jan-08 91 2371.0 1000.0 5.0R174 18-Mar-08 91 2371.0 1000.0 5.0R175 22-Apr-08 90 1912.0 1000.0 5.0R176 24-Jun-08 90 2537.6 1000.0 5.0R177 24-Jul-08 90 2062.1 1000.0 5.0R178 14-Aug-08 90 1871.2 1000.0 6.0R179 25-Sep-08 90 3403.4 1000.0 6.0(*) Starting from October 29, 2001, Auctions were discontinued and Tap Sales were introduced.
Bids, millions of Nu.Auction/Tap
Sale No.
TABLE 12. AUCTIONS/TAP SALES OF RMA BILLS(*)
Discount Rate (%)
Maturity in Days
Auction/Tap Sale date
39
RMA. Selected Economic Indicators, June 2008
Deposit rates
Rate of interest (%p.a)
Types of deposit
Savings 4.5-5.0
Fixed deposits a) 3 months to less than 1 year 4.5-5.0 b) 1 year to less than 2 years 6.0-6.5 c) 2 years to less than 3 years 6.0-7.0 c) More than 3 years 7.0-8.0
Lending RatesInterest rate
(% p.a.)Repayment period
(years)
Loan by purpose
1. General Trade 13.75-15 3-5
2. Export Finance (Convertible Currency Areas) 13.0 - 14.0 1 a) From date of 1st disbursement to 60 days after the date of the last disbursement 13.0 b) More than 60 days after the last disbursement 14.0
3. Manufacturing Industry 10 Term loan 12.0 Working Capital 13.0
4. Service Industries 10.0 - 13 5
5. Transport a) Truck & buses (Heavy vehicle) i) Term Loan 12.0-13.0 5 ii) Working Capital 13.0-14.0 b) Commercial Light Vehicle 14.0-16.0 5 c) Non Commercial Light Vehicle 12.0-16.0 5
6. Agriculture & Livestock 10-15 10
7. Housing 10.0-13.0 10-20
8. Equity Finance 13.0 5
9. Personal Loan 15.0-16.0 5
10. Vehicle Loan to Government employee 12.0 5The above rates are based on the rates reflected in the individual financial institution's website.
(*) Effective April 1999, the interest rates on deposits and advances have been fully liberalised.
TABLE 13. FINANCIAL INSTITUTIONS' DEPOSIT AND LENDING RATES (*)
(Includes tourism, contract services, and other service activities)
40
RMA. Selected Economic Indicators, June 2008
Third
Quart
er of
2003
= 10
0
Item
Q1Q2
Q3Q4
Q1Q2
Q3Q4
Q1Q2
Q3Q4
Q1Q2
Q3Q4
Q1Q2
Food
31.7
101.9
101.1
102.9
104.2
108.0
107.4
108.7
109.4
110.3
114.6
115.0
115.1
116.3
125.5
124.7
125.3
129.1
014
0.98
Non-f
ood68
.310
4.710
4.7105
.3106
.911
0.0110
.1111
.011
2.1114
.0116
.6116
.811
8.1118
.4121
.612
1.7121
.612
2.82
130.3
8To
tal10
0.010
3.810
3.610
4.6106
.010
9.4109
.2110
.311
1.2112
.8116
.0116
.211
7.1117
.7122
.912
2.7122
.712
4.81
133.7
4
Food
31.7
--
2.82.7
6.16.2
5.75.0
2.16.8
5.85.2
5.49.5
8.48.8
10.99
12.32
Non-f
ood68
.3-
-5.3
4.55.1
5.15.4
4.93.6
5.95.2
5.33.8
4.34.2
2.93.7
87.1
9To
tal10
0.0-
-4.6
3.95.4
5.55.5
4.93.1
6.25.4
5.34.3
5.95.5
4.86.0
38.8
5PP
N1.0
00.9
60.9
70.9
60.9
40.9
10.9
20.9
10.9
00.8
90.8
60.8
60.8
50.8
50.8
10.8
20.8
10.8
00.7
5
Index
Weigh
t in
perce
nt %
1)
2006
20
0520
08
Sourc
e : Na
tional S
tatisti
cs Bu
reau.
-(*) Th
e new
index
refers
to th
e aver
age p
rices d
uring t
he res
pective
quart
ers. H
oweve
r, prior
to Q3
, 2003
, no q
uarter
ly price
indice
s were
calcu
lated a
nd,
theref
ore, fo
r Q3 a
nd Q4
, 2003
, and
Q1 an
d Q2,
2004,
year-o
n-year
rates
of ch
ange o
f the C
PI can
not be
comp
uted.
The in
dices
prior to
Q3, 2
003 re
presen
t half-
yearly
averag
es. Th
e qu
arterly
index
and the
half-y
early i
ndex c
annot
be dire
ctly co
mpare
d beca
use of
a diff
erent p
eriodic
ity and
a con
sidera
ble br
eak in
continu
ity (i.e
., the
expend
iture b
asket
has be
en com
pletely
cha
nged)
. -1) 2
003 Ho
usehol
d Inco
me an
d Expe
nditur
e Surv
ey. In
cludes
rent.
TABL
E 14. S
UMMA
RY OF
THE C
ONSU
MER P
RICE I
NDEX
(*)
Perce
ntage
chang
e on th
e prev
ious y
ear
2007
2004
41
RMA. Selected Economic Indicators, June 2008
1993
-94
= 10
0Pe
riod
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
Janu
ary
122.
012
8.3
134.
814
0.9
145.
915
8.6
161.
016
7.8
178.
718
8.6
196.
620
8.8
218.
2Fe
brua
ry12
2.2
128.
813
4.2
141.
414
6.4
158.
616
0.8
169.
417
9.8
188.
819
6.4
208.
921
9.9
Mar
ch12
2.2
128.
813
4.4
141.
714
9.5
159.
116
1.9
171.
617
9.8
189.
419
6.8
209.
822
5.5
April
123.
713
0.9
136.
914
2.4
151.
715
9.9
162.
317
3.1
180.
919
1.6
199.
021
1.5
228.
5M
ay12
4.5
130.
813
8.2
142.
815
1.8
160.
316
2.8
173.
418
2.1
192.
120
1.3
212.
323
1.1
June
125.
113
1.4
139.
814
3.3
152.
716
0.8
164.
717
3.5
185.
219
3.2
203.
121
2.3
237.
4Ju
ly12
7.0
131.
614
0.9
143.
715
3.1
161.
216
5.6
173.
418
6.6
194.
620
4.0
213.
6Au
gust
127.
813
2.0
140.
614
4.6
153.
416
1.7
167.
117
3.7
188.
419
5.3
205.
321
3.8
Sept
embe
r12
8.1
132.
914
0.8
145.
315
4.7
161.
716
7.4
175.
618
9.4
197.
220
7.8
215.
1O
ctob
er12
7.8
133.
314
2.0
146.
915
7.9
162.
516
7.5
176.
118
8.9
197.
820
8.7
215.
2No
vem
ber
128.
013
3.1
142.
614
7.0
158.
216
2.3
167.
817
6.9
190.
219
8.2
209.
121
5.9
Dece
mbe
r12
8.5
133.
714
2.1
146.
115
8.2
161.
816
7.2
176.
818
8.8
197.
220
8.4
216.
4
Janu
ary
5.0
5.2
5.1
4.5
3.5
8.7
1.5
4.2
6.5
5.5
4.2
6.2
4.5
Febr
uary
4.5
5.4
4.2
5.4
3.5
8.3
1.4
5.3
6.1
5.0
4.0
6.4
5.3
Mar
ch4.
55.
44.
35.
45.
56.
41.
86.
04.
85.
33.
96.
67.
5Ap
ril3.
75.
84.
64.
06.
55.
41.
56.
74.
55.
93.
96.
38.
0M
ay3.
65.
15.
73.
36.
35.
61.
66.
55.
05.
54.
85.
58.
9Ju
ne3.
65.
06.
42.
56.
65.
32.
45.
36.
74.
35.
14.
511
.8Ju
ly4.
33.
67.
12.
06.
55.
32.
74.
77.
64.
34.
84.
7Au
gust
4.9
3.3
6.5
2.8
6.1
5.4
3.3
3.9
8.5
3.7
5.1
4.1
Sept
embe
r5.
13.
75.
93.
26.
54.
53.
54.
97.
94.
15.
43.
5O
ctob
er4.
64.
36.
53.
57.
52.
93.
15.
17.
34.
75.
53.
1No
vem
ber
4.5
4.0
7.1
3.1
7.6
2.6
3.4
5.4
7.5
4.2
5.5
3.3
Dece
mbe
r5.
24.
06.
32.
88.
32.
33.
35.
76.
84.
45.
73.
8
Sour
ce: R
eser
ve B
ank
of In
dia.
TABL
E 15
. IND
IAN
WHO
LESA
LE P
RICE
INDE
X OF
ALL
COM
MOD
ITIE
S
Year
Inde
x
Perc
enta
ge c
hang
e on
the
prev
ious
yea
r
42
RMA. Selected Economic Indicators, June 2008
Com
pany*
/P
aid
Up
No.o
fM
ark
et
Pro
fits
Rese
rves
Book
Earn
ings
PE
Div
idend
Div
idend
Retu
rnye
ar
of
Year
Capita
lsh
are
hold
ers
Capitaliz
atio
nN
u.
inN
u.
inV
alu
eP
er
Share
Ratio
(%)
Yie
ldon C
apita
lLis
ting
Nu.in
Mill
Hig
hLow
Nu.in M
ill.
Mill
.M
ill.
Nu.
Nu.
(%)
(RO
C)
2000
100.0
2
66
4,0
01
4,0
01
4
00
.1
4
3.4
2
83
.7
3
,83
6.5
43
3.6
9
.2
--
0.1
1B
CC
L2001
100.0
2
66
5,0
00
4,0
00
500.0
101.5
284.4
3844.0
1015.3
4.9
100.0
26.1
00.2
61993
2002
100.0
2
67
5,0
00
4,0
00
5
00
.07
2.1
32
5.5
42
54
.37
20
.86.9
30
.07.0
50.1
72003
100.0
2
67
5,2
00
5,0
00
5
00
.07
9.8
37
4.5
47
45
.07
97
.86.3
30
.06.0
00.1
72004
100.0
2
70
5,0
00
5,0
00
5
00
.06
4.9
39
8.6
49
86
.46
49
.27.7
40
.08.0
00.1
32005
100.0
2
69
8,0
00
5,0
00
600.0
56.4
430.0
5300.2
564.3
10.6
25.0
4.1
70.1
12000
48
.0
2
54
34
,70
2
2,3
50
1
96
.82
1.9
69
.62
44
9.0
45
5.2
9.0
15
.06.1
20.1
9R
ICB
2001
48
.0
2
05
64
,10
0
4,0
99
1
96
.83
4.8
10
3.9
31
65
.07
24
.15.7
20
.06.3
20.2
31993
2002
48
.0
1
87
14
,20
5
4,1
00
2
01
.84
1.7
14
5.6
40
33
.58
68
.54.8
0.0
-
0.2
12003
96
.0
1
71
54
,20
5
1,0
00
3
36
.04
3.9
15
5.2
26
16
.84
57
.37.7
0.0
0.0
00.1
72004
96
.0
1
,67
03
,65
0
3,0
00
3
36
.07
3.3
21
0.5
31
92
.27
63
.84.6
20
.05.7
10.2
42005
96
.0
1
,64
14
20
30
0
28
8.0
72
.62
77
.03
88
.57
5.6
4.0
10
.03.3
30.1
92000
226.7
1,6
30
4,5
00
3,0
00
906.7
170.5
317.6
2400.9
75
2.1
6.0
50
.02
0.8
30
.31
PC
AL
2001
226.7
1,6
16
4,5
00
4,0
00
906.7
183.8
388.0
2711.6
81
0.7
4.9
50
.01
8.4
30
.30
1993
2002
226.7
1,6
20
4,6
00
4,0
00
1042.7
200.4
418.4
2845.7
88
4.1
5.2
75
.02
6.3
60
.31
2003
226.7
1,5
20
5,3
00
4,4
00
1
17
8.7
19
1.2
49
6.2
31
89
.08
43
.46.2
50
.09.6
20.2
62004
226.7
1,4
77
5,3
00
4,0
00
1
24
6.7
17
5.5
55
8.3
34
63
.27
74
.17.1
50
.09.0
90.2
22005
226.7
1477
600
44
0
13
60
.01
80
.86
25
.83
76
.17
9.8
7.5
50
.08.3
30.2
12000
150.0
4
21
35
13
5
20
2.5
0.7
29
3.8
29
5.8
0.4
30
6.8
--
-B
FA
L2001
150.0
3
71
40
14
0
21
0.0
46
.81
10
.41
73
.63
1.2
4.8
15
.08.6
40.8
11995
2002
150.0
3
71
40
14
0
21
0.0
90
.71
95
.02
30
.06
0.0
2.3
35
.01
5.2
20
.26
2003
150.0
4
01
40
14
0
21
0.0
90
.72
39
.12
59
.46
0.5
2.3
35
.02
5.0
00
.23
2004
150.0
5
05
10
51
0
76
5.0
91
.22
76
.82
84
.66
0.8
8.4
15
.02.9
40.2
12005
150.0
4
65
10
51
0
76
5.0
33
.22
87
.52
91
.72
2.1
23
.10
00.0
82000
140.0
4
89
10
3
1
03
1
44
.2-9
.42.7
10
1.9
-6.7
-15
.4-
--0
.07
BB
PL
2001
140.0
4
89
10
3
1
03
1
44
.24.6
7.3
10
5.2
3.3
31
.0-
-0.0
31993
2002
140.0
4
89
89
8
9
1
24
.64.0
11
.31
08
.12.8
31
.6-
-0.0
22003
140.0
4
89
89
8
9
1
24
.69.3
12
.21
08
.76.7
13
.46.0
6.7
40
.06
2004
140.0
4
89
90
9
0
1
26
.01
9.8
18
.01
12
.91
4.2
6.4
10
.01
1.1
10
.13
2005
140.0
4
89
90
9
0
1
26
.03
1.7
28
.71
20
.52
2.6
4.0
15
.01
6.6
70
.19
2000
20
.9
8
91
,05
0
1,0
50
2
2.0
4.9
16
.91
80
6.1
23
3.0
4.6
--
0.1
3B
TC
L2001
20
.9
8
91
,05
0
1,0
50
2
2.0
2.8
15
.51
74
0.4
13
2.5
7.9
--
0.0
81994
2002
20
.9
8
32
,00
01
,50
03
1.4
4.7
18
.61
88
6.1
22
4.0
6.7
20
.01.0
60.1
22003
20
.9
8
31
,50
01
,00
02
0.9
4.5
18
.61
88
9.8
21
6.9
4.6
0.0
0.0
00.1
12004
20
.9
1
61
1,7
01
1,0
00
35
.61
0.5
29
.92
42
6.1
50
2.5
3.4
0.0
0.0
00.2
12005
20
.9
1
61
1,7
01
1,7
01
3
5.6
13
.13
7.1
27
70
.06
24
.82.7
00
0.2
32000
5.0
9
61
00
10
0
5.0
-0.2
-1
00
.0-4
.4-2
2.8
--
-0.0
4B
DL
2001
2.5
9
61
00
10
0
2.5
0.8
-1
00
.03
3.2
3.0
--
0.3
31994
2002
2.5
9
61
00
10
0
2.5
-
-
-
-
-
-
--
2003
6.1
9
61
00
10
0
2.5
-1.1
-
10
0.0
-17
.2-5
.8
-
--0
.17
2004
8.6
9
61
00
10
0
2.5
-0.9
-
10
0.0
-14
.4-7
.00.0
0.0
0-0
.14
2005
14
.1
9
61
00
10
0
2.5
0.2
01
00
.02.3
43
.10
00.0
22000
6.2
8
01
00
10
0
3.8
-0.3
-1
00
.0-5
.5-1
8.3
--
0.0
5D
PC
L2001
6.2
8
01
00
10
0
4.3
-0.1
-1
00
.0-2
.1-4
7.2
-0.0
21995
2002
6.2
8
01
00
10
0
6.2
- -
- -
- -
- -
2003
6.2
7
91
00
10
0
6.2
-5.4
-1
00
.0-8
5.9
-1.2
- -
-0.8
62004
6.2
7
11
00
12
0
7.5
-6.2
0.0
10
0.0
-10
0.1
-1.2
-1.0
02005
6.2
7
11
20
12
0
7.5
-0.4
0.0
10
0.0
-5.9
-20
.30.0
0.0
0-0
.06
TA
BL
E 1
6.
TH
E R
OY
AL
SE
CU
RIT
IES
EX
CH
AN
GE
OF
BH
UT
AN
LIM
ITE
D,
INF
OR
MA
TIO
N O
N L
IST
ED
CO
MP
AN
IES
M
ark
et
Price
(N
u)
43
RMA. Selected Economic Indicators, June 2008
Co
mpany*
/P
aid
Up
No.o
fM
ark
et
Pro
fits
Rese
rves
Book
Earn
ing
s P
ED
ivid
end
Div
idend
Retu
rnye
ar
of
Year
Capita
lsh
are
ho
lders
Capita
liza
tion
Nu. in
Nu
. in
Valu
eP
er
Sh
are
Ratio
(%)
Yie
ldon C
apita
lLis
ting
Nu.in
Mill
Hig
hLo
wN
u.in
Mill
.M
ill.
Mill
.N
u.
Nu
.(%
)(R
OC
)D
SM
L2
001
3.8
64.0
100.0
100
.03.8
-0.5
-100.0
-13.6
-7.3
--
-0.1
41995
2002
3.8
64.0
100.0
100
.03.8
-1.4
- -
-37.4
-2.7
- -
-0.3
72
003
3.8
64.0
100.0
100
.03.8
2.2
-100.0
57.9
1.7
- -
0.5
82
004
3.8
69.0
370.0
300
.011.3
0.5
-100.0
12.6
23.8
- -
0.1
32
005
3.8
69.0
370.0
300
.011.3
-2.0
-100.0
-53.5
-5.6
- -
-0.5
42
000
59.5
407.0
700.0
450
.0416.5
102.9
195.4
428.5
173.0
4.1
50.0
11
.67
0.4
0B
NB
2001
59.5
405.0
1500.0
439
.0862.8
78.1
243.8
509.7
131.3
11.1
50.0
9.8
10.2
61996
2002
59.5
409.0
2000.0
1100
.01
190.0
40.1
269.0
552.1
67.4
29.7
25.0
4.5
30.1
22
003
119.0
5451.0
2000.0
550
.0654.5
56.9
549.0
561.3
47.8
11.5
30.0
5.3
40.0
82
004
119.0
4656.0
750.0
650
.0773.6
81.9
570.5
579.4
68.8
9.5
50.0
7.6
90.1
22
005
119.0
4193.0
750.0
645
.0773.6
151.6
638.9
636.8
127.4
5.1
70.0
10
.77
0.2
02
000
24.9
78.0
100.0
100
.024.9
8.1
8.8
135.4
32.6
0.6
35.0
25
.86
0.2
5B
PC
L2
001
24.9
78.0
100.0
100
.024.9
6.6
10.4
141.8
26.4
3.8
20.0
14
.11
0.1
91997
2002
24.9
95.0
300.0
205
.062.3
9.6
12.5
150.2
38.4
6.5
30.0
19
.97
0.2
62
003
24.9
104.0
300.0
250
.062.3
10.4
15.5
162.0
41.8
6.0
30.0
18
.52
0.2
62
004
24.9
102.0
240.0
240
.059.8
7.5
18.0
172.0
30.1
8.0
20.0
8.3
30.1
72
005
24.9
102.0
240.0
240
.059.8
8.0
21.0
184.3
32.2
7.5
20.0
8.3
30.1
72
000
20.0
133.0
130.0
130
.026.0
29.8
37.0
284.9
148.8
0.9
40.0
14
.04
0.5
1S
TC
B2
001
20.0
133.0
130.0
130
.026.0
8.6
40.5
302.7
42.7
3.0
25.0
8.2
50.1
41997
2002
20.0
127.0
130.0
130
.026.0
4.4
41.0
304.8
22.2
5.9
20.0
6.5
60.0
72
003
20.0
127.0
130.0
130
.026.0
10.8
45.8
328.8
54.0
2.4
30.0
23
.08
0.1
62
004
20.0
125.0
130.0
190
.038.0
9.7
50.5
352.5
48.7
3.9
25.0
13
.16
0.1
42
005
20.0
125.0
190.0
130
.038.0
4.2
54.7
373.6
21.1
9.0
- -
0.0
62
000
10.1
1201.0
100.0
100
.010.1
17.4
25.2
265.8
171.8
0.6
50.0
13
.67
0.4
9D
SC
L2
001
30.4
1201.0
100.0
100
.030.4
17.0
11.5
136.2
56.0
1.8
15.0
29
.38
0.4
11998
20
02
30
.41
20
0.0
10
0.0
10
0.0
30
.42
1.2
32
.720
7.6
70
.61.4
-
-
0.3
42
00
33
0.4
11
86
.01
00
.01
00
.03
0.4
32
.65
5.4
28
2.2
10
7.1
0.9
-
-
0.3
82
00
43
0.4
12
64
.04
00
.03
50
.01
06
.43
3.8
68
.832
6.3
11
1.1
3.2
-
-
0.3
42
005
30.4
1150.0
400.0
250
.082.7
9.2
58.6
292.7
30.3
9.0
50.0
18
.38
0.1
0D
PO
P2
00
11
0.0
20
3.0
10
0.0
10
0.0
10
.0
-
-10
0.0
-
-
- -
-2
00
21
0.0
20
3.0
10
0.0
10
0.0
10
.0
-
-10
0.0
- -
-
-
2003
10.0
203.0
100.0
100
.010.0
-0.6
-100.0
-5.9
-17
.1 -
--0
.06
2004
10.0
203.0
100.0
100
.010.0
0.1
-100.0
1.3
78.9
- -
0.0
12
005
10.0
203.0
350.0
350
.035.0
2.0
1.0
110.0
19.6
17.9
5.0
1.4
30.1
8B
BC
L2
00
31
15
.04
44
3.0
35
0.0
10
0.0
36
8.0
-17
.40.0
10
0.0
-15
.1-2
1.2
-
-
-0.1
52
004
115.0
4407.0
310.0
245
.0281.8
-9.6
0.0
100.0
-8.3
-29
.50.0
0.0
0-0
.08
2005
115.0
4372.0
200.0
140
.0230.0
1.2
0.0
100.0
1.0
194.4
0.0
0.0
00.0
1E
BC
C2
005
52.1
1152.0
200.0
100
.052.1
40.7
1.1
10
2.2
78
.21.3
0.0
0.0
00.7
6T
ota
l M
ark
et
Cap
ita
liza
tio
n :
4,4
67.1
S
ou
rce:
Ro
yal S
ecu
ritie
s E
xch
an
ge
of
Bhu
tan
Form
ula
use
d :
-
(*)
BC
CL -
Bhu
tan
Carb
ide a
nd
Che
mic
als
Ltd
.; R
ICB
-Roya
l In
sura
nce
Co
rpo
ratio
n o
f B
hu
tan
; P
CA
L-P
end
en C
em
ent
Au
tho
rity
Ltd
.; B
FA
L-B
hu
tan
Fe
rro
Allo
ys L
td.;
BB
PL
-Bh
uta
n B
oard
P
rod
uct
s L
td.;
BT
CL
-Bhu
tan
Tou
rism
Co
rpora
tion L
td.;
BD
L-B
hu
tan
Da
iry
Ltd
.; D
PC
L-D
ruk
Petr
ole
um
Co
rpora
tion L
td.;
DS
ML
-Dru
k S
tone
s a
nd M
inera
ls E
xport
Co
mp
an
y L
td.;
BN
B-
Bhu
tan
Natio
na
l Ba
nk;
BP
CL
-Bhu
tan
Po
lyth
ene
Com
pa
ny
Ltd
.; S
TC
B-S
tate
Tra
din
g C
orp
ora
tion o
f B
hu
tan;
DS
CL-D
ruk
Sata
ir C
orp
ora
tion
Ltd
.; D
PO
P-D
ruk
Pla
ster
and
Che
mic
als
Ltd
.;
BB
CL
-Bhu
tan
Be
vera
ge
s C
om
pa
ny
Ltd
.
TA
BL
E 1
6.
TH
E R
OY
AL
SE
CU
RIT
IES
EX
CH
AN
GE
OF
BH
UT
AN
LIM
ITE
D,
INF
OR
MA
TIO
N O
N L
IST
ED
CO
MP
AN
IES
, C
ON
TIN
UE
D.
Mark
et
Price
(N
u)
1-
Bo
ok
Valu
e =
Ca
pita
l + R
ese
rves/
No
. o
f S
hare
s. 2
-EP
S =
Ne
t P
rofit
/ N
o.
of
Sh
are
s. 3
-PE
= M
ark
et
Price
/ E
PS
. 4
-Re
turn
on
Capita
l = N
et In
com
e/
(Equ
ity +
Re
serv
es)
. 5
-Div
ide
nd Y
ield
=
Div
ide
nd X
100
/ B
ook
Valu
e P
er
Sh
are
.
44
RMA. Selected Economic Indicators, June 2008
Chart 5
Overall Foreign Trade
0
5000
10000
15000
20000
25000
2001/02 2002/03 2003/04 2004/05 2005/06 2006/07 2007/08(p)
Nu.
milli
ons
Exports Imports
Chart 6
Overall Balance of Payments
-12000-10000
-8000-6000-4000-2000
02000400060008000
2001/02 2002/03 2003/04 2004/05 2005/06 2006/072007/08
(p)
Nu.
milli
ons
Trade Balance Current Account Balance
45
RMA. Selected Economic Indicators, June 2008
Milli
ons o
f Ngu
ltrum
Item
1997
/98
1998
/99
1999
/00
2000
/01
2001
/02
2002
/03
2003
/04
2004
/05
2005
/06
2006
/07
2007
/08(
p)
A. C
urre
nt A
ccou
nt1,
487.
624
0.1
-1,8
47.9
-1,9
79.0
-3,8
93.6
-6,5
97.5
-5,5
19.3
-10,
487.
4-1
,695
.76,
417.
21,
978.
1
Expo
rts4,
274.
24,
460.
04,
987.
94,
615.
84,
994.
85,
405.
97,
157.
59,
457.
113
,959
.825
,333
.818
,934
.5Im
ports
-5,2
26.1
-6,9
13.7
-8,0
75.2
-8,6
75.0
-9,7
90.2
-9,8
86.9
-11,
923.
5-2
0,55
6.0
-19,
456.
5-2
3,27
1.9
-22,
020.
8Tr
ade
Balan
ce-9
51.9
-2,4
53.7
-3,0
87.3
-4,0
59.1
-4,7
95.5
-4,4
81.0
-4,7
66.0
-11,
099.
0-5
,496
.72,
061.
8-3
,086
.2Se
rvice
s-3
34.0
-12.
8-3
38.6
20.8
-815
.3-3
,200
.0-2
,213
.4-1
,753
.1-5
73.0
137.
0-1
57.4
Cred
it56
8.2
758.
186
9.8
1,12
2.1
1,08
5.3
977.
91,
252.
31,
894.
92,
313.
82,
661.
22,
007.
9De
bit-9
02.3
-770
.9-1
,208
.4-1
,101
.3-1
,900
.6-4
,177
.8-3
,465
.7-3
,647
.9-2
,886
.8-2
,524
.2-2
,165
.4In
com
e39
5.5
408.
9-1
70.1
118.
1-2
37.1
-544
.8-7
39.6
-707
.7-3
12.5
-9.6
-1,3
75.2
Cred
it52
6.0
511.
160
5.7
803.
852
3.1
561.
443
6.3
537.
281
3.3
1,15
9.5
1,38
4.3
Debit
-130
.5-1
02.2
-775
.8-6
85.6
-760
.2-1
,106
.3-1
,175
.9-1
,244
.9-1
,125
.8-1
,169
.1-2
,759
.5Cu
rrent
Tra
nsfe
rs2,
378.
12,
297.
71,
748.
11,
941.
21,
954.
21,
628.
32,
199.
73,
072.
34,
686.
54,
228.
06,
597.
0Cr
edit
3,91
3.9
5,02
3.6
3,69
8.7
3,86
4.1
4,22
3.2
4,14
6.7
4,44
2.3
5,49
2.8
7,31
3.7
6,53
6.1
9,18
0.5
Of w
hich,
Bud
geta
ry G
rant
s1,
865.
13,
262.
63,
274.
03,
711.
03,
799.
63,
503.
44,
264.
75,
033.
06,
424.
76,
000.
98,
332.
6De
bit-1
,535
.8-2
,725
.9-1
,950
.6-1
,922
.8-2
,269
.0-2
,518
.4-2
,242
.5-2
,420
.5-2
,627
.2-2
,308
.1-2
,583
.5
B. C
apita
l and
Fin
anci
al A
ccou
nt16
7.3
1,15
1.7
4,70
3.6
3,43
0.3
5,46
0.1
10,8
64.5
8,80
1.6
9,47
3.3
5,84
7.1
5,09
5.5
1,89
6.0
Capit
al Tr
ansfe
rs0.
00.
02,
910.
02,
001.
72,
512.
76,
219.
05,
072.
04,
586.
41,
751.
51,
111.
863
5.5
Fore
ign D
irect
Inve
stmen
t0.
045
.20.
00.
010
1.2
117.
915
7.0
401.
527
3.9
3,23
8.1
1,19
8.1
Portf
olio
Inve
stmen
t0.
00.
00.
0-8
81.4
0.0
0.0
0.0
0.0
0.0
0.0
0.0
Fore
ign A
id (R
GOB
Loan
s, ne
t)25
7.8
1,40
4.6
1,79
3.6
2,31
0.0
2,84
6.2
4,52
7.5
4,66
6.2
2,93
9.4
3,47
4.7
783.
3-5
17.2
Othe
r Loa
ns-9
0.6
-298
.20.
00.
00.
00.
036
3.3
89.2
347.
0-3
7.8
579.
6Ot
her I
nves
tmen
t0.
00.
00.
00.
00.
00.
0-1
,456
.91,
456.
90.
00.
00.
0
C. N
et E
rrors
and
Om
issi
ons
111.
645
5.6
-1,3
22.6
-1,2
15.2
-323
.8-1
,653
.4-2
,912
.295
.51,
057.
7-6
,458
.0-1
,838
.9
D. O
vera
ll Ba
lanc
e1,
766.
51,
847.
41,
533.
123
6.2
1,24
2.7
2,61
3.6
370.
1-9
18.6
5,20
9.1
5,05
4.7
2,03
5.3
TABL
E 17
. OVE
RALL
BAL
ANCE
OF
PAYM
ENTS
EST
IMAT
ES
Perio
d
46
RMA. Selected Economic Indicators, June 2008
Chart 7
Trade with India
0
5000
10000
15000
20000
2001/02 2002/03 2003/04 2004/05 2005/06 2006/07 2007/08(p)
Nu.
mill
ions
Exports Imports
Chart 8
Balance of Payments with India
-8000
-6000
-4000
-2000
0
2000
4000 2001/02 2002/03 2003/04 2004/05 2005/06 2006/07
2007/08(p)
Nu.
mill
ions
Trade balance Current account balance
47
RMA. Selected Economic Indicators, June 2008
Milli
ons o
f Ngu
ltrum
Perio
d
Item
1998
/99
1999
/00
2000
/01
2001
/02
2002
/03
2003
/04
2004
/05
2005
/06
2006
/07
2007
/08(
p)
A. C
urre
nt A
ccou
nt75
2.6
-139
9.8
-190
6.3
-313
7.0
-711
0.2
-570
7.7
-525
3.9
-234
4.6
5882
.115
33.8
Expo
rts, f
.o.b
.41
81.0
4711
.243
77.0
4700
.550
95.3
6768
.886
61.1
1061
0.5
2091
1.0
1603
6.9
Impo
rts, c
.i.f.
-491
9.3
-606
5.7
-703
1.3
-778
8.8
-900
6.6
-105
89.5
-122
62.3
-137
81.1
-164
63.4
-168
90.0
Of w
hich,
Tala
-111
4.4
-147
9.1
-136
3.7
-568
.1-1
786.
6-2
073.
4-1
653.
4-1
341.
7-2
3.4
-91.
6Tr
ade
Balan
ce-7
38.3
-135
4.5
-265
4.3
-308
8.3
-391
1.3
-382
0.7
-360
1.2
-317
0.7
4447
.6-8
53.2
Serv
ices
-183
.1-6
81.2
-321
.4-1
122.
4-3
062.
4-2
487.
2-2
610.
6-1
654.
1-1
203.
6-9
07.4
Cred
it25
1.3
123.
712
1.1
139.
416
2.1
178.
125
3.9
443.
945
5.9
323.
4De
bit-4
34.4
-804
.9-4
42.5
-126
1.8
-322
4.5
-266
5.3
-286
4.6
-209
8.0
-165
9.5
-123
0.8
Inco
me
106.
5-5
32.4
-381
.4-4
90.4
-658
.2-8
06.4
-938
.3-7
01.0
-642
.0-1
883.
5Cr
edit
166.
118
7.7
247.
119
5.5
362.
924
9.3
181.
525
5.0
112.
526
6.6
Debit
-59.
6-7
20.1
-628
.5-6
85.9
-102
1.1
-105
5.8
-111
9.8
-955
.9-7
54.5
-215
0.2
Curre
nt T
rans
fers
1567
.511
68.3
1450
.915
64.1
521.
614
06.6
1896
.231
81.2
3280
.151
77.9
Cred
it38
93.0
2568
.126
53.5
2905
.614
59.9
2324
.729
58.7
4186
.944
19.2
6424
.1Of
whic
h, B
udge
tary
Gra
nts
1928
.521
88.0
2551
.225
31.0
886.
622
87.2
2628
.034
17.2
4024
.356
88.7
Debit
-232
5.5
-139
9.9
-120
2.6
-134
1.5
-938
.3-9
18.0
-106
2.6
-100
5.7
-113
9.1
-124
6.2
B. C
apita
l and
Fin
anci
al A
ccou
nt96
8.5
4482
.537
09.6
4375
.993
35.1
8330
.664
39.5
4076
.310
81.5
-414
.2Ca
pital
Tran
sfer
s0.
029
10.0
2001
.725
12.7
6219
.050
72.0
4586
.417
51.5
1111
.863
5.5
Fore
ign D
irect
Inve
stmen
t0.
00.
00.
00.
00.
00.
00.
00.
031
.318
.2Fo
reign
Aid
(RGO
B Lo
ans,
net)
1218
.515
72.5
1707
.918
63.2
3116
.032
58.6
1853
.123
24.8
-30.
3-1
049.
7Ot
her L
oans
-250
.00.
00.
00.
00.
00.
00.
00.
00.
00.
0C.
Net
Erro
rs a
nd O
mis
sion
s-6
96.5
-249
5.4
-135
8.0
-112
6.9
-255
8.5
-159
0.2
-197
0.1
-218
2.3
-935
3.0
-849
.4D.
Ove
rall
Bala
nce
1024
.558
7.3
445.
411
2.0
-333
.710
32.7
-784
.6-4
50.6
-235
8.1
288.
3
TABL
E 18
. BAL
ANCE
OF
PAYM
ENTS
EST
IMAT
ES W
ITH
INDI
A
48
RMA. Selected Economic Indicators, June 2008
Chart 9
Trade with Countries other than India
0
1000
2000
3000
4000
5000
6000
7000
8000
9000
2002/03 2003/04 2004/05 2005/06 2006/07 2007/08 (p)
Nu.
milli
ons
Exports Imports
Chart 10
Balance of Payments with Countries other than India
-8000
-6000
-4000
-2000
0
2000
40002002/03 2003/04 2004/05 2005/06 2006/07
2007/08(p)
Nu.
mill
ions
Trade balance Current account balance
49
RMA. Selected Economic Indicators, June 2008
Milli
ons
of N
gultr
um
Item
1997
/98
1998
/99
1999
/00
2000
/01
2001
/02
2002
/03
2003
/04
2004
/05
2005
/06
2006
/07
2007
/08(
p)
A. C
urre
nt A
ccou
nt10
.0-5
12.5
-448
.1-7
2.7
-756
.651
2.8
188.
4-5
,233
.564
8.8
535.
144
4.3
Expo
rts, c
.i.f
232.
227
9.0
276.
623
8.9
294.
331
0.6
388.
679
5.9
3,34
9.3
4,42
2.8
2,89
7.7
Impo
rts, c
.i.f
-1,5
41.4
-1,9
94.4
-2,0
09.5
-1,6
43.7
-2,0
01.4
-880
.3-1
,334
.0-8
,293
.7-5
,675
.4-6
,808
.5-5
,130
.7Tr
ade
Bala
nce
-1,3
09.1
-1,7
15.4
-1,7
32.8
-1,4
04.8
-1,7
07.1
-569
.7-9
45.4
-7,4
97.8
-2,3
26.1
-2,3
85.8
-2,2
33.1
Serv
ices
-19.
217
0.4
342.
634
2.2
307.
1-1
37.6
273.
885
7.6
1,08
1.1
1,34
0.6
749.
9Cr
edit
349.
450
6.8
746.
11,
001.
094
5.9
815.
71,
074.
21,
641.
01,
869.
92,
205.
31,
684.
5De
bit
-368
.6-3
36.5
-403
.5-6
58.9
-638
.8-9
53.3
-800
.4-7
83.4
-788
.8-8
64.7
-934
.6In
com
e36
0.9
302.
436
2.3
499.
525
3.3
113.
466
.823
0.6
388.
563
2.4
508.
3Cr
edit
426.
234
5.0
418.
055
6.7
327.
619
8.5
187.
035
5.7
558.
31,
047.
01,
117.
7De
bit
-65.
3-4
2.6
-55.
7-5
7.2
-74.
3-8
5.2
-120
.1-1
25.1
-169
.8-4
14.6
-609
.3Cu
rrent
Tra
nsfe
rs97
7.4
730.
257
9.8
490.
439
0.1
1,10
6.7
793.
11,
176.
11,
505.
394
7.8
1,41
9.1
Cred
it1,
292.
31,
130.
51,
130.
51,
210.
61,
317.
62,
686.
82,
117.
62,
534.
03,
126.
92,
116.
82,
756.
4O
f whi
ch, B
udge
tary
G82
0.0
1,33
4.1
1,08
6.0
1,15
9.8
1,26
8.6
2,61
6.8
1,97
7.5
2,40
5.0
3,00
7.5
1,97
6.6
2,64
3.8
Debi
t-3
14.8
-400
.4-5
50.8
-720
.2-9
27.5
-1,5
80.1
-1,3
24.5
-1,3
57.9
-1,6
21.5
-1,1
69.0
-1,3
37.3
B. C
apita
l and
Fin
anci
al A
261.
618
3.3
221.
1-2
79.3
1,08
4.2
1,52
9.4
471.
03,
033.
81,
770.
84,
014.
02,
310.
2
Fore
ign
Dire
ct In
vest
men
0.0
45.2
0.0
0.0
101.
211
7.9
157.
040
1.5
273.
93,
238.
11,
198.
1Po
rtfol
io In
vest
men
t0.
00.
00.
0-8
81.4
0.0
0.0
0.0
0.0
0.0
0.0
0.0
Fore
ign
Aid
(RG
OB
Loan
352.
118
6.2
221.
160
2.1
983.
01,
411.
51,
407.
61,
086.
21,
149.
981
3.6
532.
4O
ther
Loa
ns, n
et-9
0.6
-48.
20.
00.
00.
00.
036
3.3
89.2
347.
0-3
7.8
579.
6O
ther
Inve
stm
ent
0.0
0.0
0.0
0.0
0.0
0.0
-1,4
56.9
1,45
6.9
0.0
0.0
0.0
C. N
et E
rrors
and
Om
issi
935.
81,
152.
21,
172.
814
2.8
803.
190
5.1
-1,3
22.0
2,06
5.6
3,24
0.1
2,82
6.7
-1,0
07.6
D. O
vera
ll Ba
lanc
e1,
207.
482
2.9
945.
8-2
09.2
1,13
0.7
2,94
7.3
-662
.6-1
34.1
5,65
9.7
7,41
2.8
1,74
6.9
TABL
E 19
. BAL
ANCE
OF
PAYM
ENTS
EST
IMAT
ES W
ITH
COUN
TRIE
S OT
HER
THAN
INDI
A
Perio
d
50
RMA. Selected Economic Indicators, June 2008
Chart 11
Gross Rupee Reserves(end of period)
0500
100015002000250030003500400045005000
2001/02 2002/03 2003/04 2004/05 2005/06 2006/07
Rs.
milli
ons
Chart 12
Gross Convertible Currency Reserves (end of period)
0
100
200
300
400
500
600
700
2001/02 2002/03 2003/04 2004/05 2005/06 2006/07
US
D m
illion
s
51
RMA. Selected Economic Indicators, June 2008
End
of P
erio
d
2000
/01
2001
/02
2002
/03
2003
/04
2004
/05
2005
/06
2006
/07
JUNE
08
1.Ru
pee
rese
rves
3551
.936
63.9
3330
.243
62.8
3578
.331
27.7
769.
661
9.8
R
oyal
Mon
etar
y Au
thor
ity o
f Bhu
tan
89.4
635.
786
3.6
1822
.420
69.7
1507
.413
6.3
98.4
B
ank
of B
huta
n Lt
d.21
34.6
1964
.717
34.4
1988
.310
79.4
938.
938
7.4
357.
1
B
huta
n Na
tiona
l Ba
nk L
td.
1328
.010
63.6
732.
155
2.1
429.
168
1.4
245.
916
4.2
2.Co
nver
tible
cur
renc
y re
serv
es21
7.0
240.
530
2.0
287.
428
4.4
410.
958
1.6
581.
6
R
oyal
Mon
etar
y Au
thor
ity o
f Bhu
tan
186.
120
2.6
244.
624
9.0
253.
536
4.8
502.
750
2.7
B
ank
of B
huta
n Lt
d.16
.218
.439
.631
.321
.029
.647
.347
.3
B
huta
n Na
tiona
l Ba
nk L
td.
14.7
19.5
17.7
7.0
9.9
16.5
31.5
31.5
3.To
tal r
eser
ves
(1+2
)29
2.6
315.
337
3.3
383.
336
6.5
478.
860
0.4
596.
0
4.To
tal r
eser
ves
19.0
18.9
21.2
17.6
9.3
13.6
13.3
15.1
R
upee
rese
rves
6.1
5.6
4.4
4.9
3.5
2.7
0.6
0.8
C
onve
rtibl
e cu
rrenc
y re
serv
es74
.570
.619
2.3
117.
617
.940
.049
.455
.6
(*) In
clude
s re
serv
e tra
nche
pos
ition
in th
e Fu
nd. F
rom
Mar
ch 2
004,
the
defin
ition
of G
ross
Inte
rnat
iona
l Res
erve
s ha
s be
en re
vised
and
bac
ktra
cked
to e
xclu
de R
ICBL
's Ru
pee
and
Conv
ertib
le C
urre
ncy
rese
rves
. Not
e: M
onth
s of
impo
rts a
re c
alcu
late
d us
ing
gros
s in
tern
atio
nal r
eser
ves
and
mer
chan
dise
impo
rts fi
gure
s. R
MA
conv
ertib
le c
urre
ncy
rese
rves
for
2004
/05
onwa
rds
have
bee
n re
vised
due
to c
hang
es in
cla
ssific
atio
n as
of M
ay 2
005.
Tra
de fi
gure
s fo
r the
last
two
year
s ha
ve b
een
revis
ed a
ffect
ing
the
impo
rt co
ver o
f res
erve
s.
Mill
ions
of I
ndia
n Ru
pees
Mill
ions
of U
S Do
llars
T
ABLE
20.
GRO
SS IN
TERN
ATIO
NAL
RESE
RVES
(*)
Item
Mon
ths
of Im
ports
Year
52
RMA. Selected Economic Indicators, June 2008
Millions of Ngultrums
S.I. IMPORT CATEGORY 2002 2003 2004 2005 2006 2007Share in Total in % (2007)
1 Live Animals & Animal Products 317.6 368.6 436.2 567.8 629.3 682.5 4.5 2 Vegetables, Fruits, Nuts, Coffee, Tea, Spices,
Cereals, Grains & Seeds 607.5 745.2 645.9 725.1 839.6 976.7 6.5
3 Animal or Vegetable Fats & Oils 220.9 174.5 165.3 230.1 311.8 365.2 2.4 4 Processed Foods & Beverages 545.8 573.9 624.5 752.3 765.7 763.1 5.1 5 Mineral Products inc. oils & fuels 1,434.7 1,860.5 2,121.0 2,746.4 3,221.0 3,790.4 25.1 6 Products of Chemical & Allied Industries 456.2 562.5 665.2 596.2 679.1 626.8 4.2 6.1 Medicine / Pharmaceutical Products 88.3 105.6 121.3 62.5 159.8 92.3 0.6 7 Plastic & Rubber Products 179.5 261.6 372.0 368.2 458.5 473.8 3.1 8 Wood and Wood pulp products 241.1 280.5 340.2 353.1 376.2 561.5 3.7
8.1 Wood and Wood Products 96.5 100.5 123.6 120.0 119.0 272.8 1.8 8.2 Wood Pulp Products 144.6 179.9 216.7 233.1 257.3 288.7 1.9 9 Textiles, Footwear & Hats/Headgear 244.0 222.4 230.9 224.1 239.8 251.0 1.7
10 Articles of Stone, Plaster, Cement, Asbestos, Ceramics & Glass 133.5 155.5 183.3 191.2 260.3 317.4 2.1
10.1 Ceramic Products 40.9 71.1 65.4 78.3 121.8 129.5 0.9 11 Pearls and Products of Precious/Semi-precious
Metal & Stones 0.4 0.4 18.1 162.4 40.6 1,475.1 9.8
12 Base Metals and Articles of Base Metal 928.3 1,441.8 1,965.4 2,507.4 2,002.8 1,952.3 12.9 13 Machinery, Mechanical/Electrical Appliances &
Equipment and Parts 1,528.1 2,784.7 1,669.0 2,322.1 2,272.4 2,270.3 15.0
13.1 Magnetic Discs & Media (recorded/unrecorded) 0.8 1.4 3.9 3.8 3.6 4.7 0.0 14 Transport Vehicles & Aircraft and Engines & Parts 562.6 559.8 573.2 550.3 639.1 1,060.1 7.0 15 Optical, Photographic, Cinematographic &
Measuring Equipment 95.7 201.0 69.3 385.8 185.8 101.9 0.7
16 Handicrafts, Works of Art, Collectors' Pieces & Personal Effects 0.5 0.4 0.1 0.5 0.0 0.1 0.0
17 Miscellaneous Manufactured Products 84.8 66.9 114.3 111.9 132.0 143.0 0.9 TOTAL 7,581.3 10,260.1 10,193.9 12,795.1 13,053.9 15,096.8 108.5
Millions of Ngultrums
EXPORT CATEGORY 2002 2003 2004 2005 2006 2007Share in Total in % (2007)
1 Live Animals & Animal Products 4.4 4.2 2.6 2.4 10.8 13.4 0.11.1 Raw Hides & Skins 4.0 4.2 2.5 1.1 1.6 0.6 0.02 Vegetables, Fruits, Nuts, Coffee, Tea, Spices,
Cereals, Grains & Seeds 391.1 257.0 286.4 243.3 276.7 307.1 1.4
2.1 Potatoes 100.6 72.4 113.1 120.1 138.5 149.9 0.73 Animal or Vegetable Fats & Oils - - 0.0 224.5 1,448.3 1,875.3 8.33.1 Palm Oil - - - 194.8 1,380.5 481.6 2.14 Processed Foods & Beverages 208.5 391.3 407.8 389.2 413.9 368.0 1.65 Mineral Products inc. oils & fuels 534.4 587.6 674.1 983.5 1,587.1 1,809.1 8.06 Electricity 2,347.4 2,603.5 2,711.7 3,439.9 4,982.0 10,034.3 44.27 Products of Chemical & Allied Industries 667.6 630.0 712.5 714.0 587.0 783.3 3.48 Plastic & Rubber Products 84.0 199.3 270.8 292.6 246.6 275.7 1.29 Wood and Wood Pulp Products 176.8 215.1 281.6 314.7 257.7 305.6 1.39.1 Wood Pulp Products 0.3 0.4 1.5 4.3 3.5 2.6 0.0
10 Textiles, Footwear & Hats/Headgear 13.2 112.8 536.5 787.2 476.4 444.9 2.011 Articles of Stone, Plaster, Cement, Asbestos,
Ceramics & Glass 22.5 18.0 24.5 14.7 24.9 113.1 0.5
12 Base Metals and Articles of Base Metal 627.9 882.3 1,736.6 2,491.1 4,098.2 6,302.2 27.713 Machinery, Mechanical Appliances & Electrical
Equipment and Parts 39.2 4.4 73.0 34.0 51.8 60.0 0.3
14 Transport Vehicles & Aircraft and Engines & Parts 3.2 0.2 15.4 16.3 0.6 - 0.015 Optical, Photographic, Cinematographic &
Measuring Equipment 4.4 2.1 1.1 - 0.3 0.6 0.0
16 Handicrafts, Works of Art, Collectors' Pieces & Personal Effects 0.0 - 0.3 - 0.2 0.0 0.0
17 Miscellaneous Manufactured Products 12.4 18.0 26.6 22.4 25.5 31.1 0.1TOTAL 5,137.0 5,925.9 7,761.6 9,969.8 14,488.0 22,723.7 100.0
Note: Electricity exports for 2002 and 2003 are taken from Chukha and Kurichhu sales for that year.Source: Department of Revenue & Customs.
Table 21A. COMPOSITION OF IMPORTS FROM INDIA
Table 21B. COMPOSITION OF EXPORTS TO INDIA
53
RMA. Selected Economic Indicators, June 2008
SI IMPORT CATEGORY 2002 2003 2004 2005 2006 2007Share in Total in % (2007)
1 Live Animals & Animal Products 4.4 7.8 0.2 2.4 2.1 3.2 0.02 Vegetables, Fruits, Nuts, Coffee, Tea, Spices,
Cereals, Grains & Seeds 20.4 2.0 33.1 20.9 7.0 14.2 0.2
3 Animal or Vegetable Fats & Oils 56.2 50.7 147.6 93.3 1285.4 1689.8 25.43.1 Palm Oil (Crude & Other) 9.2 3.2 4.4 28.6 1212.0 1580.0 23.84 Processed Foods & Beverages *) 79.3 37.3 154.5 151.2 153.3 164.9 2.55 Mineral Products inc. oils & fuels 35.9 0.7 106.3 16.2 38.2 48.4 0.76 Products of Chemical & Allied Industries 58.1 38.7 78.3 125.8 114.7 105.5 1.66.1 Medicines / Pharmaceutical Products 15.2 12.5 21.2 50.5 55.9 35.1 0.57 Plastic & Rubber Products 130.9 100.0 229.5 240.4 276.5 231.5 3.58 Wood and Wood Products 12.1 2.2 8.8 13.3 22.8 17.7 0.39 Wood Pulp Products 15.3 21.9 55.2 44.5 30.4 97.8 1.5
10 Textiles, Footwear & Hats/Headgear 139.4 108.6 570.2 555.9 449.9 259.6 3.911 Articles of Stone, Plaster, Cement, Asbestos,
Ceramics & Glass 6.6 6.2 14.4 10.4 13.4 9.6 0.1
11.1 Ceramic Products 2.7 0.7 7.7 3.4 6.0 4.7 0.112 Pearls and Products of Precious/Semi-precious
Metal & Stones 0.8 2.8 0.1 13.8 3.6 0.0 0.0
13 Base Metals and Articles of Base Metal 400.0 213.4 617.7 837.6 1782.6 2102.9 31.614 Machinery, Mechanical/Electrical Appliances &
Equipment and Parts 745.1 466.1 1762.3 1577.3 1309.4 1393.4 21.0
13.1 Magnetic Discs & Media (recorded/unrecorded) 1.4 0.6 1.0 0.6 17.0 1.6 0.015 Transport Vehicles & Aircraft and Engines & Parts 640.7 157.5 4547.8 425.8 264.3 377.8 5.716 Optical, Photographic, Cinematographic &
Measuring Equipment 74.3 111.9 89.1 82.9 173.3 68.5 1.0
17 Handicrafts, Works of Art, Collectors' Pieces & Personal Effects 17.0 0.1 0.2 0.1 0.1 2.5 0.0
18 Miscellaneous Manufactured Products 36.1 10.5 30.4 28.3 31.1 32.4 0.5TOTAL 2466.0 1332.2 8431.2 4229.6 5958.1 6645.9 100.0
SI EXPORT CATEGORY 2002 2003 2004 2005 2006 2007Share in Total in % (2007)
1 Vegetables, Fruits, Tea, Spices, Cereals, Grains & Animal Products 115.1 165.4 297.8 356.8 284.1 284.0 5.5
1.1 Oranges 105.6 124.1 207.2 225.5 176.2 160.9 3.11.2 Apples 6.0 30.2 34.9 68.8 33.7 16.2 0.31.3 Cardamoms 0.4 0.0 41.6 50.2 48.9 29.6 0.62 Processed Foods & Beverages 6.5 5.5 10.6 5.3 4.6 8.1 0.23 Mineral Products inc. oils & fuels 118.1 52.4 100.0 226.2 249.0 270.8 5.33.1 Limestone & other calcereous stone 4.4 8.6 16.6 57.9 86.2 84.6 1.63.2 Dolomite 18.4 12.4 43.3 79.0 63.3 20.3 0.43.3 Bituminous Coal 28.8 11.7 10.0 43.0 40.3 28.0 0.54 Products of Chemical & Allied Industries 20.0 29.1 17.4 30.1 3.5 0.6 0.05 Plastic & Rubber Products 1.4 2.5 20.9 5.4 15.5 10.2 0.26 Wood and Wood Products 7.1 1.8 2.5 1.5 0.6 0.4 0.07 Wood Pulp Products 1.5 0.1 0.1 28.6 62.8 13.8 0.38 Textiles, Footwear & Hats/Headgear 10.9 0.2 1.1 0.2 9.0 16.2 0.39 Articles of Stone, Plaster, Cement, Asbestos,
Ceramics & Glass 0.1 6.6 8.8 0.3 2.0 0.2 0.0
10 Articles of Precious/Semi-precious Metals 0.0 0.0 5.8 135.4 11.5 33.5 0.711 Base Metals and Articles of Base Metal 2.6 0.1 36.0 4.8 12.1 41.2 0.812 Machinery, Mechanical & Electrical Appliances,
Equipment & Parts & Aircraft Parts 55.5 0.2 6.9 72.3 1.7 1.4 0.0
13 Magnetic Discs, Cards, Tapes & Media (recorded/unrecorded) 0.0 0.1 0.0 546.8 3626.7 4451.3 86.7
14 Handicrafts, Works of Art, Philatelic Products & Personal Effects 2.5 0.1 0.4 2.6 0.4 2.9 0.1
15 Miscellaneous Manufactured Products 1.2 0.3 1.4 0.0 0.3 0.5 0.0TOTAL 342.5 264.2 509.6 1416.3 4283.8 5135.3 100.0
Source: Department of Revenue & Customs.
Table 22A. COMPOSITION OF IMPORTS FROM COUNTRIES OTHER THAN INDIA
Table 22B. COMPOSITION OF EXPORTS TO COUNTRIES OTHER THAN INDIA
54
RMA. Selected Economic Indicators, June 2008
Millions of NgultrumItem 2001 2002 2003 2004 2005 2006 2007Exports
India 4,700.5 5,137.0 3,322.4 7,761.6 9,969.8 14,488.0 22,723.7 Hongkong - 0.0 0.1 11.7 685.9 2,866.0 2,764.3 Singapore 0.1 2.0 1.0 2.4 72.8 585.4 683.8 Bangladesh 222.4 221.7 223.9 410.7 561.8 470.1 469.6 Thailand 3.7 1.8 0.7 1.0 32.9 282.4 1,092.9 Nepal 41.5 29.2 14.2 17.7 44.8 57.4 54.3 Others 26.5 86.8 24.4 66.2 18.1 22.5 70.6
Total 4,994.7 5,478.6 3,586.6 8,271.1 11,386.2 18,771.9 27,859.1Imports
India 6,988.8 7,581.3 10,228.5 10,193.9 12,795.1 13,053.9 15,099.5 Indonesia 44.2 11.2 18.6 65.3 240.0 1,331.3 1,306.8 Russian Federation - - - 1.8 162.1 874.8 731.4 Singapore 214.6 245.3 198.9 420.1 447.2 515.1 1,109.7 South Korea 71.7 76.6 132.5 501.8 247.5 459.4 644.5 Japan 622.2 326.9 200.2 598.2 648.2 395.9 460.1 Malaysia 38.5 39.1 28.2 80.3 174.9 351.8 193.4 China 15.8 74.1 29.1 205.3 182.2 281.7 402.7 Thailand 290.0 242.2 148.8 349.6 275.5 257.8 224.9 Germany 66.0 97.8 69.6 4,248.4 200.4 200.3 125.4 Others 638.4 1,359.3 512.6 1,974.9 1,662.0 1,289.9 1,447.0
Total 8,990.2 10,053.9 11,566.921 18,639.5 17,035.1 19,012.0 21,745.4
ExportsIndia 94.1 93.8 92.6 93.8 87.6 77.2 81.6 Hongkong - 0.0 0.0 0.1 6.0 15.3 9.9 Singapore 0.0 0.0 0.0 0.0 0.6 3.1 2.5 Bangladesh 4.5 4.0 6.2 5.0 4.9 2.5 1.7 Thailand 0.1 0.0 0.0 0.0 0.3 1.5 3.9 Nepal 0.8 0.5 0.4 0.2 0.4 0.3 0.2 Others 0.5 1.6 0.7 0.8 0.2 0.1 0.3
Total 100.0 100.0 100.0 100.0 100.0 100.0 100.0Imports
India 77.7 75.4 88.4 54.7 75.1 68.7 79.4Indonesia 0.5 0.1 0.2 0.4 1.4 7.0 6.9Russian Federation 0.0 0.0 0.0 0.0 1.0 4.6 3.8Singapore 2.4 2.4 1.7 2.3 2.6 2.7 5.8South Korea 0.8 0.8 1.1 2.7 1.5 2.4 3.4Japan 6.9 3.3 1.7 3.2 3.8 2.1 2.4Malaysia 0.4 0.4 0.2 0.4 1.0 1.9 1.0China 0.2 0.7 0.3 1.1 1.1 1.5 2.1Thailand 3.2 2.4 1.3 1.9 1.6 1.4 1.2Germany 0.7 1.0 0.6 22.8 1.2 1.1 0.7Others 7.1 13.5 4.4 10.6 9.8 6.8 7.6
Total 100.0 100.0 100.0 100.0 100.0 100.0 114.4
Share in percent
Source: Department of Revenue and Customs. *By latest year rankings
TABLE 23. DIRECTION OF TRADE *
55
RMA. Selected Economic Indicators, June 2008
Per
iod
Num
ber
Num
ber
Reve
nue
Num
ber
Reve
nue
Num
ber
Reve
nue
Num
ber
Reve
nue
Num
ber
Reve
nue
Num
ber
Reve
nue
Q111
8694
41.
012
781.
531
313.
723
252.
937
945.
253
637.
1 J
an55
192
0.2
890.
133
40.
241
20.
444
10.
553
20.
56 F
eb26
998
0.1
358
0.4
631
0.6
532
0.5
814
1.0
1311
1.52
Mar
862
654
0.8
831
1.1
2166
2.9
1381
2.0
2539
3.7
3520
5.06
Q210
5817
882.
420
652.
924
893.
547
656.
642
916.
159
047.
9 A
pr68
312
151.
813
042.
014
742.
233
444.
726
664.
131
734.
44 M
ay29
639
70.
544
80.
670
00.
999
91.
410
451.
418
622.3
7 J
un79
176
0.2
313
0.3
315
0.4
422
0.4
580
0.7
869
1.10
Q310
8792
21.
220
002.
525
383.
235
374.
646
73.0
5.8
0.0
0.0
July
114
112
0.1
276
0.3
274
0.3
454
0.5
588
0.52
Aug
213
198
0.2
476
0.4
576
0.6
896
0.8
1133
0.98
Sep
760
612
0.9
1248
1.9
1688
2.3
2187
3.3
2952
4.32
Q422
6826
073.
739
065.
654
688.
267
159.
983
3612
.70
0.0
Oct
1474
1456
2.2
2263
3.6
3412
5.6
3777
6.1
4512
7.3
Nov
643
862
1.1
1198
1.5
1443
1.9
2084
2.9
2733
4.0
Dec
151
289
0.3
445
0.5
613
0.6
854
0.8
1091
1.4
Tota
l55
9962
618.
392
4912
.513
626
18.5
1734
223
.921
094
3011
267
15
TABL
E 24
. TOU
RIST
ARR
IVAL
S AN
D RE
VENU
ES (*
)
2006
Sour
ce :
Depa
rtmen
t of T
ouris
m. (
*) Co
nver
tible
curre
ncy p
aying
tour
ists.
Reve
nue:
Gro
ss re
venu
es in
clusiv
e of
tour
ope
rato
rs' re
venu
e an
d go
vern
men
t tax
.
2008
Num
ber o
f Tou
rists
and
Reve
nues
in M
illion
s of U
S Do
llars
2005
2004
2002
2003
2007
56
RMA. Selected Economic Indicators, June 2008
Chart 13
Tourism's contribution to GDP
3.25
2.42
3.18
4.55
5.69
6.12
2.0
2.5
3.0
3.5
4.0
4.5
5.0
5.5
6.0
6.5
2002 2003 2004 2005 2006 2007 (p)
Per
cent
Chart 14
Tourism Earnings in % of Domestic Revenue
5.50
4.36
4.84
3.60
2.91
0 1 2 3 4 5 6
2003
2004
2005
2006
2007
Year
Percent
57
RMA. Selected Economic Indicators, June 2008
In
milli
ons
of U
SD a
nd R
upee
s
Sect
orC
redi
tors
USD
Rup
eeU
SDR
upee
USD
Rup
eeU
SDR
upee
USD
Rup
eeU
SDR
upee
Con
cess
iona
l Loa
nsAg
ricul
ture
5.5
0.8
0.6
0.9
0.8
1.5
1Sm
all F
arm
Dev
. Pro
ject
IFAD
0.0
0.0
0.0
0.0
0.0
0.0
2T/
gang
Mon
gar D
ev. P
roje
ctIF
AD0.
00.
00.
00.
00.
00.
03
Puna
kha
Wan
gdi V
alle
y D
ev. P
roj.
IFAD
0.0
0.0
0.0
0.0
0.0
0.0
41s
t Eas
tern
Zon
e Ag
ricul
tura
l Pro
j.IF
AD0.
00.
00.
00.
00.
00.
05
2nd
East
ern
Zone
Agr
icul
tura
l Pro
j.IF
AD4.
60.
80.
60.
90.
80.
06
Fore
stry
IW
orld
Ban
k 0.
00.
00.
00.
00.
00.
07
Fore
sty
IIW
orld
Ban
k 0.
00.
00.
00.
00.
00.
08
Fore
stry
III
Wor
ld B
ank
0.9
0.0
0.0
0.0
0.0
0.0
9C
hira
ng H
ill Irr
igat
ion
Proj
ect
ADB
0.0
0.0
0.0
0.0
0.0
0.0
10H
ighl
and
Life
stoc
k D
ev. P
roj.
ADB
0.0
0.0
0.0
0.0
0.0
0.0
11Ag
ri. M
arke
ting
Entp
. & P
rom
otio
n Pr
og.
IFAD
0.0
0.0
0.0
0.0
0.0
1.5
Com
mun
icat
ions
5.7
7.4
10.6
14.3
10.7
3.3
12Ea
rth S
atel
lite
Stat
ion
Mits
ui a
nd C
o. L
td.
0.0
0.0
0.0
0.0
0.0
0.0
13Ai
r Nav
igat
ion
Proj
ect (
Paro
)EF
IC (A
ustra
lia)
0.0
0.0
0.0
0.0
0.0
0.0
14R
ural
Acc
ess
Proj
ect
Wor
ld B
ank
1.8
1.8
2.7
1.9
1.0
0.0
15U
rban
Dev
elop
men
t Pro
ject
Wor
ld B
ank
1.5
3.5
2.5
1.4
0.2
0.0
16R
oad
Wor
ks M
echa
niza
tion
Proj
.AD
B0.
00.
00.
00.
00.
00.
017
East
Wes
t Hig
hway
Mai
nten
ance
ADB
0.0
0.0
0.0
0.0
0.0
0.0
18U
rban
Infra
stru
ctur
es Im
prov
. Pro
j.AD
B0.
70.
81.
10.
70.
20.
019
Roa
d Im
prov
emen
t Pro
ject
ADB
1.7
1.3
4.3
1.4
0.8
0.0
20R
ural
Tel
ecom
Net
. Exp
ansi
on P
roj.
Gov
t. of
Den
mar
k0.
08.
97.
40.
621
Roa
d N
etwo
rk P
roje
ctAD
B0.
22.
722
Urb
an In
frast
ruct
ure
Dev
. Pro
j.AD
B0.
80.
1
Educ
atio
n2.
34.
34.
46.
68.
18.
823
Prim
ary
Educ
atio
n Pr
ojec
tW
orld
Ban
k 0.
00.
00.
00.
00.
00.
024
Seco
nd E
duca
tion
Proj
ect
Wor
ld B
ank
1.5
2.2
0.8
1.3
0.0
0.0
25Te
chni
cal a
nd V
oc. E
dn. T
rain
. Pro
j.AD
B0.
00.
00.
00.
00.
00.
026
Basi
c Sk
ills D
ev. P
roj.
ADB
0.8
1.3
1.1
0.8
2.0
0.9
27M
ulti
Proj
ect I
IAD
B0.
00.
00.
00.
00.
00.
028
Educ
atio
n D
evel
opm
ent P
roj.
Wor
ld B
ank
0.8
2.6
4.5
6.1
7.9
Heal
th5.
30.
00.
00.
00.
00.
029
Hea
lth C
are
Ref
orm
Pro
gram
ADB
5.3
0.0
0.0
0.0
0.0
0.0
TABL
E 25
. CO
NVER
TIBL
E CU
RREN
CY A
ND R
UPEE
LO
AN D
ISBU
RSEM
ENTS
(*)
2006
/200
720
04/2
005
2005
/200
6Ju
ne '0
820
03/2
004
2002
/200
3
58
RMA. Selected Economic Indicators, June 2008
Chart 15
External Debt Outstanding(End of Fiscal Year)
0250050007500
10000125001500017500200002250025000275003000032500
2000/01 2001/02 2002/03 2003/04 2004/05 2005/06 2006/07
Nu.
mill
ions
Convertible currency Rupee Total
Chart 16
Creditor-Wise Loans Outstanding(End of June 2008)
58.2
16.3
74.3
0.2
46.7
11.18.2
463.6
0
50
100
150
200
250
300
350
400
450
500
IDA IFAD ADB KFAED GoA GoI IFC GoD
US
D m
illio
ns
59
RMA. Selected Economic Indicators, June 2008
In millions of USD and Rupees
USD Rupee USD Rupee USD Rupee USD RupeeInterest Interest Interest Interest Interest Interest Interest Interest
Sector Principal Principal Principal Principal Principal Principal Principal PrincipalConcessional Loans
0.47 0.47 0.50 0.450.81 0.88 0.90 1.10
1 Small Farm Dev. Project 0.05 0.05 0.05 0.050.13 0.14 0.14 0.15
2 T/gang Mongar Dev. Project 0.04 0.04 0.04 0.030.09 0.09 0.10 0.10
3 Punakha Wangdi Valley Dev. Proj. 0.03 0.03 0.04 0.020.07 0.07 0.07 0.08
4 1st Eastern Zone Agricultural Proj. 0.06 0.05 0.06 0.040.10 0.10 0.11 0.17
5 2nd Eastern Zone Agricultural Proj. 0.08 0.09 0.11 0.120.00 0.00 0.00 0.00
6 Forestry I 0.06 0.06 0.05 0.040.17 0.18 0.19 0.20
7 Forestry II 0.01 0.01 0.01 0.010.02 0.02 0.02 0.02
8 Forestry III 0.06 0.06 0.06 0.040.11 0.11 0.12 0.13
9 Chirang Hill Irrigation Project 0.03 0.01 0.01 0.010.02 0.05 0.05 0.01
10 Highland Livestock Dev. Proj. 0.06 0.05 0.06 0.060.10 0.10 0.11 0.23
0.00 0.000.52 0.58 0.70 0.550.30 0.22 1.10 2.41
14 Rural Access Project 0.11 0.12 0.14 0.100.00 0.00 0.00 0.00
15 Urban Development Project 0.11 0.11 0.13 0.090.00 0.00 0.00 0.00
16 Road Works Mechanization Proj. 0.06 0.06 0.07 0.090.10 0.11 0.11 0.24
17 East West Highway Maintenance 0.07 0.07 0.07 0.050.10 0.11 0.11 0.12
18 Urban Infrastructures Improv. Proj. 0.06 0.08 0.09 0.070.00 0.00 0.00 0.00
19 Road Improvement Project 0.07 0.07 0.16 0.120.00 0.00 0.00 0.00
20 Rural Telecom Network Exp. Proj 0.04 0.06 0.05 0.000.00 0.00 0.88 2.05
21 Road Network Project 0.00 0.00 0.020.00 0.00 0.00
22 Urban Infrastructure Dev. Proj. 0.00 0.010.00 0.00
0.60 0.55 0.61 0.650.49 0.63 0.64 0.69
23 Primary Education Project 0.04 0.04 0.04 0.030.09 0.09 0.09 0.10
24 Second Education Project 0.15 0.15 0.16 0.180.00 0.00 0.00 0.00
25 Technical and Voc. Edn. Train. Proj. 0.06 0.06 0.06 0.050.09 0.10 0.10 0.11
26 Basic Skills Dev. Proj. 0.04 0.00 0.04 0.080.00 0.00 0.00 0.00
27 Multi Project II 0.11 0.12 0.12 0.090.31 0.44 0.45 0.49
28 Education Development Project 0.20 0.18 0.19 0.230.00 0.00 0.00 0.000.14 0.63 0.08 0.120.00 0.00 0.00 0.00
29 Health Care Reform Program 0.14 0.63 0.08 0.120.00 0.00 0.00 0.00
June '082004/2005
Health
Agriculture
Communications
Education
2005/2006
TABLE 26. DEBT SERVICING - YEAR-WISE EXPENDITURE ON EXTERNAL DEBT, CONVERTIBLE CURRENCY AND RUPEE (*)
2006/2007
60
RMA. Selected Economic Indicators, June 2008
In millions of USD and Rupees
USD Rupee USD Rupee USD Rupee USD RupeeInterest Interest Interest Interest Interest Interest Interest Interest
Sector Principal Principal Principal Principal Principal Principal Principal Principal0.27 0.26 0.32 0.300.77 0.86 0.82 0.98
30 Technical Assistance 0.03 0.03 0.04 0.030.09 0.17 0.11 0.12
31 Multi Project I 0.05 0.05 0.05 0.060.21 0.22 0.22 0.24
32 Bhutan Dev. Finance Corporation 0.03 0.03 0.03 0.020.05 0.05 0.05 0.05
33 Financial Sector Dev. Program (a) 0.05 0.06 0.06 0.090.00 0.00 0.00 0.05
34 Financial Sector Dev. Program (b) 0.00 0.030.00 0.00
35 Dev. Finance Loan Project 0.05 0.06 0.06 0.050.00 0.00 0.00 0.05
36 Bhutan Dev. Finance Corporation 0.05 0.04 0.08 0.010.43 0.43 0.43 0.470.09 0.09 0.10 0.150.30 0.26 0.27 0.52
37 Bhutan Calcium Carbide Ltd. 0.08 0.08 0.09 0.060.08 0.25 0.25 0.27
38 Industrial Estates Dev. Project 0.01 0.01 0.01 0.010.02 0.02 0.02 0.02
39 Gedu Wood Mgf. Corporation 0.00 0.00 0.00 0.030.00 0.00 0.00 0.10
40 Tala Particle Board Factory Proj. 0.00 0.00 0.00 0.040.00 0.00 0.00 0.13
41 Bhutan Calcium Carbide Ltd. 0.00 0.00 0.00 0.000.21 0.00 0.00 0.000.93 218.10 1.59 213.72 3.66 209.58 2.31 1500.830.00 274.22 0.07 274.22 0.14 274.22 1.80 1669.39
42 Rural Electrification Project 0.09 0.10 0.10 0.080.00 0.07 0.14 0.16
43 Sustainable Rural Elect. Proj. 0.13 0.13 0.15 0.110.00 0.00 0.00 0.24
44 Rural Electrification & Network Exp Proj 0.01 0.00 0.13 0.380.00 0.00 0.00 0.05
45 Basochhu Hydropower Project (lower) 0.70 1.36 3.28 1.730.00 0.00 0.00 0.00
46 Basochhu Hydropower Project (upper) 0.00 0.000.00 1.35
47 Chukha Hydropower Proj. 16.41 12.03 7.89 3.2787.55 87.55 87.55 87.55
48 Kurichhu Hydropower Proj. 201.69 201.69 201.69 201.69186.67 186.67 186.67 186.67
49 Tala Hydroelectric Proj. 0.00 0.00 0.00 1295.860.00 0.00 0.00 1395.17
50 Punatsangchhu-I Hydroelectric Proj. 0.000.00
0.00 0.02 0.03 0.030.00 0.00 0.00 0.00
51 Decentralized Rural Dev. Project 0.00 0.02 0.03 0.030.00 0.00 0.00 0.00
Total ( for Concessional Loans) 3.03 218.10 4.20 213.72 5.99 209.58 4.55 1500.832.67 274.22 2.93 274.22 3.87 274.22 7.50 1669.39
Commercial Loans0.25 0.77 1.28 1.010.00 0.59 0.85 1.76
Total (Con. + Comm. Loans) 3.27 218.10 4.98 213.72 7.27 209.58 5.56 1500.832.67 274.22 3.52 274.22 4.73 274.22 9.26 1669.39
GRAND TOTAL (I+P) 5.94 492.32 8.49 487.94 12.00 483.80 14.83 3170.22
Source: Department of Public Accounts and private sector companies. (*) Totals may not add up due to rounding.
June '082004/2005
Commercial Loans
Financial Sector
Industry
Power
Other
2005/2006
TABLE 26. CONTINUEDDEBT SERVICING - YEAR-WISE EXPENDITURE ON EXTERNAL DEBT, CONVERTIBLE CURRENCY AND RUPEE
2006/2007
61
RMA. Selected Economic Indicators, June 2008
Item
2004
/200
520
05/2
006
2006
/200
7Ju
ne '0
820
04/2
005
2005
/200
620
06/2
007
June
'08
1. G
over
nmen
t Bor
row
ing
C
once
ssio
nal
1006
0.7
1163
4.9
1290
5.4
1351
8.5
225.
526
0.1
292.
033
4.9
a
. Wor
ld B
ank
2623
.231
18.9
3510
.138
39.2
58.8
69.7
79.4
95.1
b
. IFA
D87
8.3
953.
110
44.0
1072
.519
.721
.323
.626
.6
c. A
DB
3917
.744
36.0
4698
.248
96.8
87.8
99.1
106.
312
1.3
d
. KFA
ED66
.748
.199
.635
.81.
51.
12.
30.
9
f. G
ovt.
of A
ustri
a25
74.8
2679
.228
37.1
2970
.657
.759
.964
.273
.6
g. G
ovt.
of D
enm
ark
399.
771
6.4
703.
68.
916
.217
.4
2. C
omm
erci
al B
orro
win
g44
6.1
794.
475
2.4
644.
310
.017
.817
.016
.0
3. R
upee
Deb
t 16
075.
418
400.
218
369.
918
715.
436
0.4
411.
341
5.7
463.
6
a. C
hukh
a H
ydro
pow
er P
roje
ct26
2.7
175.
187
.60.
05.
93.
92.
00.
0
b. K
uric
hhu
Hyd
ropo
wer
Pro
ject
2053
.318
66.7
1680
.014
93.3
46.0
41.7
38.0
37.0
c.
Tal
a H
ydro
elec
tric
Proj
ect
1375
9.4
1635
8.5
1660
2.4
1674
2.1
308.
536
5.6
375.
741
4.8
d.
Pun
atsa
ngch
hu -
I Hyd
roel
ectri
c Pr
ojec
t48
0.0
11.9
4. G
ross
Tot
al26
582.
230
829.
532
027.
732
878.
259
5.9
689.
172
4.7
814.
5
Con
verti
ble
Cur
renc
y D
ebt
235.
527
7.8
309.
035
0.9
As
a %
of T
otal
Deb
t39
.540
.342
.643
.1
Rup
ee D
ebt
1607
5.4
1840
0.2
1836
9.9
1871
5.4
As
a %
of T
otal
Deb
t60
.559
.757
.456
.9
Exc
hang
e R
ate
Ngu
ltrum
to 1
USD
44.6
44.7
44.2
40.4
Sour
ce: D
epar
tmen
t of P
ublic
Acc
ount
s &
priv
ate
sect
or c
ompa
nies
1. D
ebt o
utst
andi
ng a
t the
end
of e
ach
fisca
l yea
r 2.
Out
stan
ding
Deb
t = (T
otal
Dis
burs
emen
t - P
rinci
pal R
epay
men
t).3.
Exc
hang
e ra
te u
sed
for c
onve
rsio
n: fi
scal
yea
r ave
rage
use
d in
the
past
; for
the
two
rece
nt fi
scal
yea
rs, t
he J
une
aver
age
rate
in e
ach
year
use
d
TAB
LE 2
7. B
HUTA
N'S
OUT
STAN
DIN
G E
XTER
NAL
DEB
T - F
ISCA
L YE
AR P
OSI
TIO
N
Rup
ee/N
gultr
um M
illion
US
$ M
illion
E
nd o
f Per
iod
62
RMA. Selected Economic Indicators, June 2008
Chart 17
Total Debt Outstanding as % of GDP(End of Fiscal Year)
0
10
20
30
40
50
60
70
80
90
1999/00 2000/01 2001/02 2002/03 2003/04 2004/05 2005/06 2006/07
Per
cent
Chart 18
Debt Service Ratio 1)(End of Fiscal Year)
0
5
10
15
20
25
30
35
2000/01 2001/02 2002/03 2003/04 2004/05 2005/06 2006/07
Per
cent
Convertible currency Rupee
1) (Principal+Interest)/(Export of Goods & Services)
63
RMA. Selected Economic Indicators, June 2008
End
of P
erio
dC
redi
tor C
ateg
ory
1998
/99
1999
/00
2000
/01
2001
/02
2002
/03
2003
/04
2004
/05
2005
/06
2006
/07
June
'08
A. C
onve
rtib
le C
urre
ncy
Deb
t98
.798
.710
6.9
129.
917
6.8
216.
023
5.5
277.
830
9.0
350.
9
I. M
ultil
ater
al88
.388
.394
.410
7.7
142.
015
7.5
167.
819
1.2
211.
624
3.9
Asi
an D
evel
opm
ent B
ank
43.2
43.2
47.4
55.4
75.8
82.4
87.8
99.1
106.
312
1.3
IFA
D12
.712
.712
.513
.719
.620
.319
.721
.323
.626
.6 K
FAED
7.9
7.9
6.5
5.1
3.6
2.1
1.5
1.1
2.3
0.9
Wor
ld B
ank
(IDA)
24.0
24.0
27.6
33.2
42.9
52.5
58.8
69.7
79.4
95.1
II. B
ilate
ral
10.4
10.4
12.6
22.2
34.7
50.5
57.7
68.8
80.4
91.0
Gov
ernm
ent o
f Aus
tria
10.4
10.4
12.6
22.2
34.7
50.5
57.7
59.9
64.2
73.6
Gov
ernm
ent o
f Den
mar
k8.
916
.217
.4
III. C
omm
erci
al D
ebt f
rom
M
ultil
ater
al C
redi
tors
0.0
0.0
0.0
0.0
0.0
8.0
10.0
17.8
17.0
16.0
B. R
upee
Deb
t2,
704.
14,
276.
55,
984.
47,
847.
610
,963
.714
,222
.316
,075
.418
,400
.218
,369
.918
,715
.4
Gov
ernm
ent o
f Ind
ia2,
704.
14,
276.
55,
984.
47,
847.
610
,963
.714
,222
.316
,075
.418
,400
.218
,369
.918
,715
.4
Con
vert
ible
Cur
renc
y C
redi
tors
AD
B43
.843
.844
.342
.642
.938
.237
.335
.734
.434
.6 G
over
nmen
t of A
ustri
a10
.510
.511
.817
.119
.623
.424
.521
.620
.821
.0 G
over
nmen
t of D
enm
ark
3.2
5.2
5.0
IFAD
12.9
12.9
11.7
10.5
11.1
9.4
8.4
7.7
7.6
7.6
KFA
ED8.
08.
06.
13.
92.
11.
00.
60.
40.
70.
3 W
orld
Ban
k24
.324
.325
.925
.524
.324
.325
.025
.125
.727
.1 O
ther
s3.
74.
26.
45.
54.
5
Rup
ee C
redi
tors
Gov
ernm
ent o
f Ind
ia10
0.0
100.
010
0.0
100.
010
0.0
100.
010
0.0
100.
010
0.0
100.
0
Sour
ce: D
epar
tmen
t of P
ublic
Acc
ount
s &
priv
ate
sect
or c
ompa
nies
TAB
LE 2
8. E
XTER
NAL
DEB
T O
UTS
TAN
DIN
G B
Y IN
DIV
IDU
AL C
RED
ITO
R C
ATEG
OR
IES
64
RMA. Selected Economic Indicators, June 2008
1998
/99
1999
/00
2000
/01
2001
/02
2002
/03
2003
/04
2004
/05
2005
/06
2006
/07
June
'08
Inte
rest
Inte
rest
Inte
rest
Inte
rest
Inte
rest
Inte
rest
Inte
rest
Inte
rest
Inte
rest
Inte
rest
Prin
cipal
Prin
cipal
Prin
cipal
Prin
cipal
Prin
cipal
Prin
cipal
Prin
cipal
Prin
cipal
Prin
cipal
Prin
cipal
I. M
ultila
tera
l (Co
nver
tible
Cur
renc
y)0.
890.
890.
951.
301.
612.
422.
292.
782.
672.
741.
361.
382.
632.
712.
952.
902.
672.
933.
003.
87II.
Bila
tera
l Con
verti
ble
Curre
ncy
0.00
0.00
0.00
0.03
0.52
0.75
0.74
1.42
3.32
1.73
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.88
3.40
III. C
onve
rtibl
e Cu
rrenc
y Co
mm
ercia
l De
0.04
0.00
0.00
0.00
0.00
0.16
0.25
0.77
1.28
1.01
1.13
0.00
0.00
0.00
0.00
0.00
0.00
0.59
0.85
1.76
IV. R
upee
Deb
t1.
340.
880.
730.
610.
520.
464.
894.
784.
7437
.18
7.93
2.01
1.89
1.82
1.83
1.93
6.15
6.13
6.21
41.3
5To
tal I
nter
est P
aym
ents
2.27
1.76
1.68
1.94
2.65
3.78
8.16
9.75
12.0
142
.66
Tota
l Prin
cipal
Rep
aym
ents
10.4
13.
384.
524.
524.
784.
838.
829.
6410
.93
50.3
9To
tal D
ebt S
ervi
ce12
.69
5.14
6.19
6.46
7.43
8.61
16.9
819
.40
22.9
493
.05
Debt
Ser
vice
Ratio
*10
.93.
94.
74.
96.
86.
811
.97.
63.
618
.0
Debt
Ser
vice/
Curre
nt R
ecei
pts*
*9.
19.
010
.319
.0-3
9.8
20.8
16.8
8.4
4.9
18.3
Inte
rest
Pay
men
ts/C
urre
nt R
ecei
pts
1.6
3.1
5.7
5.7
-14.
29.
18.
14.
22.
68.
4
Debt
Ser
vice/
Gro
ss R
eser
ves
4.9
1.8
2.1
2.0
2.0
2.2
4.0
4.1
3.8
14.3
Sour
ce: D
epar
tmen
t of P
ublic
Acc
ount
s &
priva
te s
ecto
r com
pani
es*:
Debt
ser
vice
paym
ents
as
a pe
rcen
tage
of t
otal
exp
orts
of g
oods
and
ser
vices
.
Inco
nsist
encie
s m
ay o
ccur
due
to ro
undi
ng.
TABL
E 29
. BHU
TAN'
S DE
BT S
ERVI
CE P
AYM
ENTS
BY
CRED
ITOR
CAT
EGOR
Y
**: C
urre
nt re
ceip
ts in
clude
rece
ipts
from
exp
ort o
f goo
ds a
nd s
ervic
es, i
ncom
e an
d tra
nsfe
rs e
xclu
ding
offi
cial g
rant
s an
d re
ceip
ts
of IN
GO
s &
inte
rnat
iona
l or g
aniza
tions
.
Cred
itor C
ateg
ory
(Rat
ios)
(In M
illion
s of
USD
)
65
RMA. Selected Economic Indicators, June 2008
Period Average
Year
Period 2002 2003 2004 2005 2006 2007 2008
Jan 48.34 47.93 45.46 43.76 44.40 44.33 39.374Feb 48.69 47.74 45.27 43.68 44.33 44.16 39.733Mar 48.74 47.65 45.02 43.69 44.48 44.03 40.356Apr 48.92 47.38 43.93 43.74 44.95 42.15 40.031May 49.00 47.08 45.25 43.49 45.41 40.78 42.125Jun 48.96 46.72 45.51 43.58 46.06 40.77 42.820Jul 48.76 46.23 46.04 43.54 46.46 40.41Aug 48.59 45.93 46.34 43.63 46.54 40.82Sep 48.44 45.85 46.10 43.92 46.12 40.34Oct 48.37 45.39 45.78 44.82 45.47 39.51Nov 48.38 45.52 45.13 45.73 44.85 39.44Dec 48.14 45.59 43.98 45.64 44.64 39.44
48.61 46.58 45.32 44.10 45.31 41.35
2001/02 2002/03 2003/04 2004/05 2005/06 2006/07 2007/08
Source : International Financial Statistics, IMF.
44.19 40.37
TABLE 30. EXCHANGE RATE, NGULTRUM/US DOLLAR
Calendar year average
Fiscal year average 48.21 47.93 45.41 44.61 44.74
Chart 19Exchange Rate (Ngultrum/US Dollar)
(Fiscal year average)
1
6
1116
21
26
31
3641
46
51
2001/02 2002/03 2003/04 2004/05 2005/06 2006/07 2007/08
Nu.
per
US
Dol
lar
66
RMA. Selected Economic Indicators, June 2008
Period Average
Period 2002 2003 2004 2005 2006 2007 2008
Jan 132.66 118.65 106.51 103.94 115.45 120.58 107.66 Feb 133.52 119.27 106.55 104.88 117.89 120.45 107.16 Mar 131.20 118.54 108.62 105.31 117.31 117.28 100.79 Apr 131.07 119.79 107.25 107.36 117.11 118.87 102.54 May 126.48 117.26 112.52 106.91 111.61 120.73 104.14 Jun 123.60 118.26 109.47 108.63 114.53 122.62 106.90 Jul 118.07 118.69 109.36 111.94 115.67 121.59 Aug 119.01 118.83 110.36 110.72 115.88 116.72 Sep 120.37 115.19 110.01 111.06 117.01 115.02 Oct 123.86 109.58 108.92 114.82 118.66 115.74 Nov 122.55 109.20 104.90 118.41 117.35 111.21 Dec 122.27 107.94 103.84 118.64 117.13 112.25
Calendar year average 125.39 115.93 108.19 110.22 116.30 117.76
2001/02 2002/03 2003/04 2004/05 2005/06 2006/07 2007/08
126.23 119.83 110.86 107.04 114.96 118.52 110.14
Source : International Financial Statistics, IMF.Additional Source: Bank of Japan Website.
Fiscal year average (+)
Year
TABLE 31. EXCHANGE RATE, JAPANESE YEN / US DOLLAR
Chart 20
Exchange Rate (Japanese Yen/US Dollar) (Fiscal year average)
100
105
110
115
120
125
2002/03 2003/04 2004/05 2005/06 2006/07 2007/08
Yen
per
US
Dol
lar
67
RMA. Selected Economic Indicators, June 2008
Period Average
Year Period 2002 2003 2004 2005 2006 2007 2008
Jan 1.1324 0.9417 0.7929 0.7550 0.8263 0.7694 0.6795Feb 1.1494 0.9283 0.7908 0.7685 0.8377 0.7649 0.6782Mar 1.1419 0.9256 0.8156 0.7582 0.8320 0.7552 0.6442Apr 1.1290 0.9220 0.8341 0.7730 0.8150 0.7399 0.6352May 1.0906 0.8645 0.8336 0.7879 0.7831 0.7401 0.6450Jun 1.0470 0.8575 0.8239 0.8221 0.7906 0.7453 0.6300Jul 1.0080 0.8794 0.8154 0.8308 0.7885 0.7291Aug 1.0227 0.8980 0.8214 0.8135 0.7806 0.7341Sep 1.0196 0.8915 0.8185 0.8161 0.7857 0.7197Oct 1.0196 0.8553 0.8008 0.8324 0.7930 0.7029Nov 1.0082 0.8548 0.7699 0.8486 0.7764 0.6811Dec 0.9823 0.8138 0.7476 0.8435 0.7569 0.6859
1.0626 0.8860 0.8054 0.8041 0.7971 0.7306
2001/02 2002/03 2003/04 2004/05 2005/06 2006/07 2007/081.1176 0.9583 0.8403 0.7865 0.8225 0.7663 0.6804
Source : International Financial Statistics, IMF. Additional Source: European Central Bank Website.
Calendar year average
Fiscal year average (+)
TABLE 32. EXCHANGE RATE, EURO/US DOLLAR
Chart 21
Exchange Rate (Euro/US Dollar)(Fiscal year average)
0.00
0.20
0.40
0.60
0.80
1.00
1.20
2002
/03
2003
/04
2004
/05
2005
/06
2006
/07
2007
/08
Eur
o pe
r US
Dol
lar
68
RMA. Selected Economic Indicators, June 2008
Chart 22
Domestic Revenue
0
2000
4000
6000
8000
10000
12000
14000
2004/05 2005/06 2006/07 2007/08 (r)
Nu.
mill
ions
Total revenue Tax Non-tax
Chart 23
Government Expenditure
0
5000
10000
15000
20000
25000
2004/05 2005/06 2006/07 2007/08 (r)
Nu.
mill
ions
Total expenditure Current Capital
69
RMA. Selected Economic Indicators, June 2008
Millions of NgultrumPeriod
Item 2001/02 2002/03 2003/04 2004/05 2005/06 2006/07 2007/08 (r) (June)
Total Revenue 5,078.2 4,785.3 5,746.6 6,128.0 7,027.4 10,082.2 12,148.4
Tax 2,675.6 2,928.3 2,689.9 3,382.4 4,124.7 4,266.9 4,843.5
Non-tax 2,376.1 1,833.6 2,365.3 2,683.7 2,778.2 5,815.3 6,764.5
Other receipts 26.5 23.4 691.4 61.9 124.5 0.0 540.4
Grants 3,748.5 2,269.1 5,367.4 4,373.1 6,424.7 6,000.9 8,332.5
GoI 2,531.8 929.3 3,534.7 2,625.0 3,417.2 4,024.3 5,688.7
Others 1,216.7 1,339.7 1,832.7 1,748.1 3,007.5 1,976.6 2,643.8
Total Revenue and Grants 8,826.7 7,054.3 11,113.9 10,501.1 13,452.2 16,083.1 20,481.0
Expenditure (1) 10,052.1 9,945.3 10,534.1 12,893.7 13,770.9 15,795.4 22,222.7
Current 4,467.9 4,580.9 5,149.2 6,170.6 6,672.4 7,691.4 10,591.0
Capital (1) 5,584.2 5,364.4 5,384.9 6,723.0 7,098.5 8,104.0 11,631.7
Budget surplus or Deficit (-) -1,225.4 -2,891.0 579.8 -2,392.6 -318.7 287.7 -1,741.7 Financing Transactions (2) 1,225.4 2,891.0 -579.8 2,392.6 318.8 -287.8 1,741.7
External borrowings (Net of Principal repayments) 1,396.7 1,537.3 932.1 739.4 715.5 530.1 -313.1
Internal borrowings (Net of principal repayments 500.0 250.0 -250.0 1,772.8 -374.2 -175.3 -175.3
Cash and bank balances (3) -671.3 1,103.6 -1,261.9 31.3 33.0 -642.6 2,230.1
Others - - - -150.9 -55.5 - -
Others: other receipts and recoveries.
TABLE 33. SUMMARY OF BUDGETARY OPERATIONS
Source- Dept. of National Budget (Figures may not add due to rounding). (1) Includes lending to public and joint sector corporations, net of principal repayment (2) Financing transactions by definition must equal the budget deficit or surplus on revenue/grant/expenditure which they finance. Negative financing transactions depicts net repayment of borrowings or increase in cash or bank balances. (3) Includes use + or repayment - of overdraft.
70
RMA. Selected Economic Indicators, June 2008
ANNEXURES
Chart 25
Summary of the Government Budget
-5000
0
5000
10000
15000
20000
25000
2004/05 2005/06 2006/07 2007/08 (r) (p)
Nu.
mill
ions
Total revenue Expenditure Fiscal balance
Chart 24
Fiscal Deficit (% of GDP)
-2.0
-1.0
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
2004/05 2005/06 2006/07 2007/08 (r) (p)
Per
cent
ANNEXURES
72
RMA. Selected Economic Indicators, June 2008
ANNEX I
( Amount in Nu.)ASSETS AS AT JUNE 30,2008 AS AT JUNE 30, 2007
Foreign Financial AssetsCash in hand 262,901,265.15 130,021,419.30 Balances with Banks 4,828,681,287.02 12,571,398,444.73 Time Deposits with Banks 20,809,638,734.62 7,840,997,899.57 Balances with IMF 437,859,687.35 417,151,406.26 Interest accrued on Foreign Investments 49,304,578.03 46,494,446.07 Royalty receiveable 2,567,400.00 Total Foreign Financial Assets 26,390,952,952.17 21,006,063,615.93
Non-monetary gold and silver 31,951,361.09 28,343,215.71 Total Foreign Assets 26,422,904,313.26 21,034,406,831.64
Local Currency Financial AssetsCash in hand 844,949.00 330,415.60 Balances with Banks 146,637,261.41 21,570,765.95 Government Securities - 1,157,484,735.63 Interest accrued 4,277.86 420,860.03 Other Financial Assets 14,462,124.89 11,569,950.62 Total Local Currency Financial Assets 161,948,613.16 1,191,376,727.83
Local Currency Non Financial AssetsFixed Assets (net) (including Capital Work in progress) 105,051,480.19 104,672,556.78 Inventories 21,933,344.74 22,579,063.65 Other Assets 87,675,241.36 10,247,729.42 Miscellaneous Expenditure 57,210,826.04 85,816,238.97 Total Local Currency Non Financial Assets 271,870,892.33 223,315,588.82
Total Local Currency Assets 433,819,505.49 1,414,692,316.65
TOTAL ASSETS 26,856,723,818.75 22,449,099,148.29
ROYAL MONETARY AUTHORITY OF BHUTANBALANCE SHEET
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RMA. Selected Economic Indicators, June 2008
ANNEX I
( Amount in Nu.)LIABILITIES AND CAPITAL AS AT JUNE 30, 2008 AS AT JUNE 30, 2007
Foreign LiabilitiesDue to the IMF 344,485,572.98 330,518,467.91 Due to Government 86,244,036.64 95,656,853.60 Deposits by Financial Instituitons 2,587,444,117.69 2,464,195,704.28
Total Foreign Liabilities 4,818,173,727.31 2,890,371,025.78
Local Currency Financial LiabilitiesNotes and Coins in Circulation 4,186,108,381.00 3,337,244,401.00 Due to Banks 8,685,696,454.27 9,982,343,566.19 Due to Government 2,178,284,543.99 1,913,945,658.20 Debt Securities Issued 2,000,000,000.00 199,960,000.00
Total Local Currency Financial Liabilities 17,070,315,982.64 15,452,425,079.06
Local Currency Non Financial LiabilitiesOther Liabilities 3,274,455,929.78 3,033,488,604.09 Total Local Currency Non Financial Liabilities 3,274,455,929.78 3,033,488,604.09
Total Local Currency Liabilities 20,344,771,912.42 18,485,913,683.15
Total Liabilities 25,162,945,639.73 21,376,284,708.93
CAPITAL AND RESERVESCapital 21,400,000.00 21,400,000.00 General Reserve (As per Last Account) 659,906,521.92 659,906,521.92 Surplus as per annexed account 575,944,942.90 342,122,265.14 Revaluation Reserve 306,339,588.07 - Other Reserves 53,288.10 53,288.10 Youth Employment Fund 130,133,838.03 49,332,364.19
Total Capital and Reserves 1,693,778,179.02 1,072,814,439.35
TOTAL LIABILITIES AND CAPITAL 26,856,723,818.75 22,449,099,148.28
ROYAL MONETARY AUTHORITY OF BHUTANBALANCE SHEET
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RMA. Selected Economic Indicators, June 2008
ANNEX I
( Amount in Nu. )ASSETS June 30,2008 June 30, 2007
1. Short term deposits held outside 4,022,998,111.00 3,252,053,211.00 Bhutan in Foreign Currencies
2. Indian Rupees held in Bhutan 163,110,270.00 85,191,190.00
TOTAL 4,186,108,381.00 3,337,244,401.00
LIABILITIES June 30,2008 June 30, 2007
1. Notes in Circulation 4185263432 3,336,968,955.00 2. Notes held in Banking Division 844,949.00 275,446.00
TOTAL 844,949.00 3,337,244,401.00
ROYAL MONETARY AUTHORITY OF BHUTANBALANCE SHEETISSUE DIVISION
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RMA. Selected Economic Indicators, June 2008
ANNEX II
(Amount in Nu.)PARTICULARS AS AT JUNE 30, 2008 AS AT JUNE 30, 2007
INCOME Interest Income 913,022,424.24 951,025,462.89 Interest Expense 164,051,354.52 71,301,789.83 Net Interest Income 748,971,069.72 879,723,673.06 Royalty, Remuneration, Exchange & Commission 14,691,901.62 12,683,284.10 Total Operating Income 763,662,971.34 892,406,957.16
Income pertaining to previous year - - Total Income 763,662,971.34 892,406,957.16
EXPENSES Currency Expenses 29,405,159.91 31,990,950.92 Establishment 49,706,802.53 43,734,628.35 Remmittance of Treasure 1,987,993.00 1,854,522.00 Agency and Contracual Services 1,500,000.00 1,727,250.00 Commission and fees paid 1,123,245.70 973,468.79 Stationary and Supplies 1,413,518.45 2,055,896.30 Printing and Publications 209,260.00 279,877.50 Postage and Telecommunications 4,276,149.17 3,592,467.65 Rent and Insurance 708,415.79 368,311.00 Power, Water etc. 474,963.00 403,842.00 Auditors Fees and Expenses 260,043.00 314,179.00 Directors Fees and Expenses 65,068.00 257,480.50 Repairs to Assets 2,238,194.74 993,442.35 Other Expenses 3,070,036.50 3,347,481.59
Expenses pertaining to previous year - 226,457.78 Depreciation 10,477,704.81 8,832,072.10 Total Operating Expenses 106,916,554.60 100,952,327.83
Net Surplus 656,746,416.74 791,454,629.33 (Less)/Add: Transfer to Youth Employment Fund (80,801,473.84) (49,332,364.19) Transfer of operating surplus to Government - (400,000,000.00)
Surplus payable to Government 575,944,942.90 342,122,265.14
ROYAL MONETARY AUTHORITY OF BHUTANINCOME AND EXPENDITURE STATEMENT
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