Bhutan Chamber of Commerce and Industry, BCCI welcomed the move by the Royal Monetary Authority, RMA’s new monetary measures to support loan repayment. Many business owners said the new measures offer a better alternative to loan deferment.
Following the RMA’s announcement of seven loan restructuring measures, the BCCI convened a meeting with business representatives to advocate for the new interventions.
RMA’s loan restructuring options are payment moratorium, interest-only payment, capitalisation, extension of loan maturity term, enhancement of credit facilities with adequate collateral coverage, loan splitting and conversion to term loan.
BCCI members said the measures were timely and would ease loan repayment pressure.
BCCI President Tandin Wangchuk said, “Deferment is not a long-term solution. The seven options recommended by the RMA are more practical. We have reviewed them closely and believe they will help revive the economy. Even struggling businesses will have a chance to recover and continue operations.”
“With the deferment ending soon, the private sector has been anxious about what lies ahead. These seven measures from the RMA and banks are a timely and much-needed step to help the sector grow,” said Choeten Dorji, the executive director of the Handicraft Association of Bhutan.
“These measures will benefit all business owners. We thank the RMA, BCCI, and banks for this initiative,” said Thinley Dorji, the president of the Bhutan Hardware Association.
The loan deferment period ends this month. From July to September, business owners and private enterprises will have a three-month window to consult financial institutions and explore suitable restructuring options.
Namgay Wangdi
Edited by Sangay Chezom
