Tens of thousands of Bhutanese living abroad have already invested in the Gelephu International Airport Fixed-Term Deposit. In an exclusive interview with BBS, Oro Bank CEO Mike Kayamori said that the nation-building campaign has raised millions of US dollars to fund the Gelephu International Airport. The bank extended the deadline to purchase the fixed-term deposit until the end of March, citing growing interest from Bhutanese overseas.
The Fixed-Term Deposit programme offers two investment options: a one-time deposit starting at USD 1,000 with a 10-year tenure or a monthly plan starting from USD 250 with a two-year subscription.
Oro Bank provides an annual interest rate of four per cent for investors opting to receive interest in US dollars and 10 per cent for those choosing to be paid in Ngultrum.
CEO Mike Kayamori said that the deadline was extended because the previous timeline, originally set to end today, was insufficient for opening accounts, purchasing the fixed-term deposit, and resolving related issues.
“Most come from Australia but it comes from global. That said, at Oro Bank, we still restrict certain countries. It’s not like all Bhutanese living abroad can participate. Also, there’s wire transfer challenges as well. Certain countries, certain banks, do not allow wire transfers. So we are trying to iron all of these technical issues.”
Bhutanese in Canada and certain countries in the Middle East and Africa are currently unable to invest in the Gelephu International Airport.
“Right now, due to regulatory constraints, Bhutanese living in Canada cannot open an account. But we are working with our compliance team, to make sure that they can sign up. Similarly, in certain countries in Africa, it’s very difficult to open an account or, or make international wire,” said the CEO.
According to the CEO, the bank is collaborating with third-party remittance partners, in addition to SWIFT, to lower international transfer charges within the next three months.
The bank, in partnership with the GMC, is exploring measures to reduce international transfer fees to ensure that those interested in investing are not discouraged by high charges.
The CEO added, “The sending bank, the intermediary bank, the correspondent bank, they all take a small fee. And from our perspective and also from GMC’s perspective, we don’t want this fee to be something that’s prohibitive. So, we are in discussion. If this is something we can subsidise or there are ways we can make it simpler and easier, and alleviate the headache of that. Hopefully, we can make an announcement soon on this, but there’s nothing official yet.”
He added that Oro Bank will not charge any fees.
During the National Day celebrations, His Majesty said that the Gelephu International Airport is vital for the success of the GMC as a business hub and serves as a critical lifeline for Bhutan’s national security.
Construction of the airport will commence next year and is scheduled for completion by the end of 2029.
All subscribers to the Fixed-Term Deposit programme will receive a certificate of appreciation and recognition at the new Gelephu airport terminal.
Sherub Dorji
