English | Dzongkha Friday, December 15, 2017

Rupee rush continues


Mar 28, 2012

The rush for Rupee continues in Thimphu particularly in the Bank of Bhutan, BoB. People rushing for Rupee are mainly the construction owners.  This is because Indian workers are demanding their payment to be made in Indian Rupee. While others are small time businessmen and parents who want to remit money to India.

Some of them have been coming to banks every day to get Indian Rupees. “I am constructing a house and it is very difficult to get Indian Labourers and they are not willing to come here because they are aware of Rupee situation in Bhutan,” said Dorji, a local resident.

Some of the businessmen said with the amount limited to Rs. 5000, they cannot get anything.

The rush for Rupee in the banks has been continuing for a while now.  The bank officials are not sure when the rush will come to an end. As of now banks are following the order given by the Royal Monetary Authority.

The BoB is the only bank, which has been trying to meet the demand for Rupee to all its customers. The other banks release only limited amount per day. On an overage the BoB has been giving out more than three million Rupees every day.  To exchange or withdraw more than Rs. 10,000, the customers have to produce supporting documents.

Scene in Gelephu

The situation is no different in Gelephu. Our reporter, Pema Samdrup, said a long queue of people are seen rushing at the Bank of Bhutan for rupee exchange almost every day.

Meanwhile, the people complain that their businesses have been hampered ever since the RMA issued the circular on Rupee exchange. Some also said there is a general confusion in the bank.

Some of them said, the Rupee exchange rush is delaying other works in the bank.

“It would be better if they could come up with a token system,” suggested Leko, a businessman.

Another local resident, Jambay Tshering, said there should be separate counters to ease the problem for both the clients looking for Rupee.

In the meantime, to ease the inconveniences, the bank in Gelephu made it mandatory for people to register the forms a day ahead, and exchange Rupee the next day.

3 Comments for “Rupee rush continues”

  1. The way RMA is handling situation is really worry-some. I hope they have consulted economist and experts. If they have not then it is high time. I hope they are not implementing their point of views.

  2. how long will it take to solve the problem.

  3. kezang dorji

    what could be the reason of bhutan facing financial crisis? as it worries me about our coming future and our country’s economy in present and future.so what actions is government taking to over come such huddle.

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