selected economic indicators - rma publication/sei/sei march2007.pdf · selected economic...

ROYAL MONETARY AUTHORITY OF BHUTAN

SELECTED ECONOMIC INDICATORS

MARCH 2007

SELECTED ECONOMIC INDICATORS

ROYAL MONETARY AUTHORITY OF BHUTAN Vol.21. No.1 March 2007

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

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.......................................................... 50 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, Convertible Currency And Rupee.................................................... 60

Table 27: Bhutan’s Outstanding External Debt – Fiscal Year Position............ 63 Table 28: External Debt Outstanding By Individual Creditor Categories ......... 64 Table 29: Bhutan’s Debt Service Payments by Creditor Categories ............... 65 Table 30: Exchange Rate, Ngultrum/US Dollar ............................................... 66 Table 31: Exchange Rate, Japanese Yen/US Dollar....................................... 67 Table 32: Exchange Rate, Euro/US Dollar ...................................................... 68 Table 33: Summary of Budgetary Operations ................................................. 70

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 ................................................................... 51 Chart 12: Gross Convertible Currency Reserves ............................................ 51 Chart 13: Tourism Contribution to GDP .......................................................... 56 Chart 14: Tourism Earnings as % of Domestic Revenue ................................ 56 Chart 15: External Debt Outstanding .............................................................. 59 Chart 16: Creditor-wise Loans Outstanding .................................................... 59 Chart 17: Total Debt Outstanding as % of GDP.............................................. 62 Chart 18: Debt Service Ratio .......................................................................... 62 Chart 19: Exchange Rate, Ngultrum/US Dollar ............................................... 66 Chart 20: Exchange Rate, Japanese Yen/US Dollar....................................... 67 Chart 21: Exchange Rate, Euro/US Dollar ...................................................... 68 Chart 22: Domestic Revenue.......................................................................... 69 Chart 23: Government Expenditure ................................................................ 69 Chart 24: Fiscal Balance (% of GDP).............................................................. 71 Chart 25: Summary of the Government Budget .............................................. 71

ANNEXURES........................................................................................................... 72 Annex I. Royal Monetary Authority of Bhutan - Statement of Condition ........ 73 Annex II. Royal Monetary Authority of Bhutan - Income and Expenditure

Statement........................................................................................ 76

The Selected Economic Indicators (SEI) are 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 first quarter of the year 2007. We thank all those who have contributed to the information contained in this Report.

PREFACE

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

The India-Bhutan friendship treaty of 1949 was reviewed and updated to reflect the contemporary nature of the relationship between the two countries and provide a strong foundation for the continued growth of the relationship in the 21st century. The revised treaty was signed on February 8, 2007, during His Majesty Jigme Khesar Namgyel Wangchuck’s first visit to India after taking over the responsibilities of monarch on December 9, 2006. The governments of Bhutan and India exchanged the Instruments of Ratification of the India-Bhutan Friendship Treaty in Thimphu on March 3. Among economic developments, real GDP growth, as per the national accounts statistics, decreased marginally to 6.5 percent in 2005, from 6.8 percent in 2004. The annual growth of broad money (M2) declined from 13 percent in the quarter ending December 2006 to 6.5 percent in the quarter ending March 2007 (Nu. 21.4 billion). Inflation (year-to-year change of the consumer price index) in the first quarter of 2007 was lower at 4.3 percent as compared to 5.3 percent in the last quarter of 2006. In the external sector, exports grew by 61.5 percent in fiscal year 2005/06 while imports fell by 3.2 percent, which was however, expected, given the huge surge last

fiscal year on account of the purchase of 2 new aircraft by the Druk Air Corporation Limited. As a result, the trade deficit narrowed by 53 percent, while coupled with decreases in the services and income accounts as well as a huge net current transfers inflow, the current account deficit improved to 2.4 percent of GDP. In the capital and financial account, with the winding down of the Tala project, related grant and loan inflows have decreased. However, there has been a slight increase in the net loans inflow for countries other than India. As a result of these developments, the overall balance was recorded at Nu. 5,209.1 million for the fiscal year 2005/06. Correspondingly, there was an increase in the gross international reserves by 30.7 percent to USD 478.8 million at the end of 2005/06. And, as of the quarter ending March 2007, increased convertible currency reserve holdings contributed to a further rise in the gross international reserves to USD 590.5 million, by 23.3 percent over the end of 2005/06. Out of this total amount, USD 537 million were convertible currency reserves, while the remaining, equivalent of USD 53.5 million (Rs.2.4 billion), were Indian rupee reserves.

OVERALL ECONOMIC SITUATION

The reserve cover of merchandise imports increased from 14.3 months at the end of 2005/06 to 16.9 months as of March 2007. Total outstanding external debt as of March 2007 increased to an equivalent of USD 715.1 million, of which, USD 294.7 million were outstanding on convertible currency loans. The remaining equivalent of USD 420.4 million (INR 18.4 billion) were outstanding rupee loans. The government of India continues to be Bhutan’s largest creditor, with total outstanding debt owed at an

equivalent of USD 420.4 million as of March 2007. The GOI is followed by the ADB with USD 104.8 million, and the World Bank with USD 78.1 million. Outstanding debt owed to the government of Austria stood at an equivalent of USD 63.4 million. The total budget outlay for 2006/07, revised as of March 2007 was Nu. 18.3 billion, higher by Nu. 4.5 billion over the 2005/06 actual budget outlay. The increase was mainly due to the incorporation of unbudgeted new development activities into the budget.

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 -

Jan 46.1 26.2 58.2 - 0.2 5281.2 267.0 387.7 43.8 58.0Feb 5.4 5.3 50.2 25.8 43.5 - 0.6 5622.3 318.0 446.7 43.7 56.8Mar 60.2 24.5 69.4 - 2.9 4515.0 319.5 422.9 43.7 57.6Apr 22.9 25.1 89.2 - 2.2 4404.9 322.0 422.7 43.7 56.6May 5.5 5.2 46.8 24.1 209.4 - 0.9 3599.9 270.6 353.4 43.5 55.2Jun 62.0 24.7 208.9 - 0.4 3648.5 292.9 376.6 43.6 53.0Jul -25.3 24.1 519.1 - 0.3 3022.8 331.6 401.1 43.5 52.4Aug 5.5 4.0 -26.3 25.0 534.0 - 0.6 2790.3 350.2 414.2 43.6 53.6Sep -23.0 23.7 501.4 - 2.3 3091.6 346.9 417.3 43.9 53.8Oct -87.6 25.7 294.9 - 5.6 3438.0 354.5 431.2 44.8 53.8Nov 4.9 4.5 -112.2 27.2 252.0 - 1.9 4815.3 356.9 462.2 45.7 53.9Dec -190.0 28.9 127.9 - 0.6 2497.5 323.0 377.7 45.6 54.1

2006Jan -176.2 32.0 71.1 - 0.4 5304.3 377.3 496.7 44.4 53.7Feb 3.1 4.1 -130.7 36.5 47.0 - 0.5 4520.5 380.1 482.0 44.3 52.9Mar -164.0 35.5 42.7 - 2.0 4019.4 387.9 478.3 44.5 53.5Apr -112.1 36.8 112.2 - 4.7 5724.4 338.1 465.5 44.9 55.2May 6.2 4.6 -191.0 36.9 264.3 - 1.4 3913.2 402.7 488.9 45.4 58.0Jun -387.9 34.4 444.6 - 0.4 3115.6 418.3 485.9 46.1 58.3Jul -3.4 35.4 527.5 - 0.5 2363.3 420.5 471.4 46.5 58.9Aug 5.4 5.1 -18.3 32.3 587.3 111.7 0.8 2015.9 426.2 469.5 46.5 59.6Sep -11.1 34.4 582.7 91.4 3.3 1795.0 430.4 469.4 46.1 58.7Oct 22.9 33.8 484.2 255.1 6.2 2231.7 439.6 488.7 45.5 57.3Nov 5.3 5.6 -43.2 33.9 257.0 358.8 2.9 3312.5 455.8 529.7 44.9 57.8Dec -90.9 35.5 172.2 245.8 0.8 3758.4 460.8 545.0 44.6 59.0

2007Jan -5.3 32.3 119.8 189.9 0.5 3246.5 526.7 599.9 44.3 57.6Feb 4.3 6.4 -34.7 28.8 104.9 166.7 1.0 2997.9 538.9 606.8 44.2 57.7Mar -87.2 28.4 148.4 262.0 3.7 1686.4 546.3 584.6 44.0 58.3

Net International reserves3)5)Exchange

rates6)

BTN/ BTN/in millions of:

Tala power sales

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

A SUMMARY OF ECONOMIC INDICATORS

SECTORAL DEVELOPMENTS

DOMESTIC ECONOMY

Within the tertiary sector, total convertible currency paying tourist arrivals numbered 3,794 in the first quarter of 2007, with subsequent gross revenue earnings at USD 5.2 million. Arrivals and revenue have both increased by over 60 percent compared to the same quarter of 2006.

There are no updates in GDP data since the publication of the December 2006 Selected Economic Indicators. As per the national accounts statistics of the National Statistical Bureau, real GDP grew by 6.5 percent in 2005, down from 6.8 percent in 2004. The fall in GDP growth was mainly on account of slowdown in the construction sector. Growth performance in other important sectors such as tourism and the financial sector, on the other hand, were particularly impressive.

Real GDP Growth (By Sector)

0

2

4

6

8

10

12

14

16

18

20

2001 2002 2003 2004 2005

perc

ent

Primary Sector Secondary Sector Tertiary Sector

Real GDP Growth (year-to-year, %)

0

2

4

6

8

10

12

2001 2002 2003 2004 2005

perc

ent

Quarter-wise Arrivals (Convertible Currency Paying Tourists)

010002000300040005000600070008000

Q1

Q1

Q1

Q1

2004 2005 2006 2007

Foreign Exchange Earnings from Tourism

(USD million)

0.0

2.0

4.0

6.0

8.0

10.0

12.0

Q1

Q1

Q1

Q1

2004 2005 2006 2007

Power Sales

0

5001000

15002000

2500

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

2005 2006 2007

Millions of Nu.

Exports Domestic Sales

On the hydropower front, total export earnings in the first quarter of 2007 amounted to Nu.885.3 million. This represented a five-fold increase over the same quarter in 2006, owing to additional Tala sales as well as increased Chukha sales. Of the total, Tala exports amounted to Nu.480.9 million, Chukha exports to Nu.354.5 million, with the remaining Nu.49.9 million being Kurichhu exports. Domestic sales increased to Nu.219.4 million, by 125 percent compared to the first quarter of 2006, because of highly increased sales of Kurichhu and the addition of Tala.

Total electricity sales (export and domestic) in the first quarter of 2007 amounted to Nu.1,104.6 million. (Please refer to Table 3 for more details on hydropower sales)

MONEY & BANKING *) The annual growth of broad money (M2) declined from 13 percent in the quarter ending December 2006 to 6.5 percent in the quarter ending March 2007 (Nu. 21.4 billion). All major monetary aggregates experience lower growths in the review quarter. (Details of the monetary survey are in Table 9)

The annual growth of M1 decelerated from 15.3 percent in the previous quarter to 11.6 percent in the review quarter, mainly on account of lower growth in demand deposits, which grew at 7.6 percent, as compared to 15.4 percent in the fourth quarter of 2006.

*) 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.

Quasi money (QM), the other component of M2, also grew at a lower rate of 2.2 percent as compared to 10.9 percent in the previous quarter. This was mainly due to the slower growth in time deposits in the quarter under review. On the counterpart side, annual growth of net foreign assets (NFA) of the monetary sector increased to 20.3 percent in the review quarter as compared to 14.3 percent in the previous quarter. Domestic credit, the other counterpart of M2, had a negative growth of 4 percent as compared to a growth of 0.4 percent in the previous quarter. The annual growth in credit to private sector declined to 31.3 percent in the review quarter from 34 percent in the previous quarter. Annual inflation, as measured by the consumer price index (CPI)1, was lower at 4.3 percent in the first quarter of 2007 as compared to 5.3 percent in the last quarter of 2006. The general prices of food items increased slightly from 5.2 to 5.4 percent while that of the non-food items fell from 5.3 to 3.8 percent between the last quarter of 2006 and the first quarter of 2007.

1 The CPI was revised by the NSB and now features quarterly updates, with the third quarter of 2003 as the new base period. Rent has been added to the commodity basket, while the weight of food items has been reduced from 72.31 to 31.67 in the new index. The new CPI cannot be directly compared with the old CPI, because there is a substantial break in continuity and the old CPI is based on half yearly averages.

Money Supply(Millions of Nu.)

040008000

12000160002000024000

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

2005 2006 2007

Broad money Narrow moneyQuasi money

Activities of Commercial Banks The total assets and liabilities of commercial banks grew at a slower rate of 10 percent (y-o-y) to Nu.25.6 billion, compared to the 21 percent growth at the end of the previous quarter. (Please refer to Tables 6-8 for details) Total reserves with the RMA, consisting of cash in hand, the cash reserve ratio (CRR), RMA bills, and other deposits grew by 9.3 percent (y-o-y) as of March 2007, to Nu. 10.1 billion, representing 39.6 percent of their total assets. Of the total reserves, 30 percent were absorbed by the RMA through the CRR, and 1 percent through RMA bills, while the rest were held as cash and other deposits. In addition to the reserves held with the RMA, banks are allowed to maintain foreign assets over and above stipulated limits. By the end of March 2007, the two banks held foreign assets (time deposits maintained with banks abroad)

totaling Nu. 2.7 billion (Nu. 0.6 billion in rupees and Nu. 2.1 billion in convertible currencies). Commercial banks’ credit to the private sector increased to Nu. 9.1 billion at the end of the first quarter of 2007, representing an annual growth of 31 percent. Between the quarter ending December 2006 and March 2007, the commercial banks’ credit to asset ratio increased from 38 percent to 41 percent, and the credit to deposit ratio from 45.9 percent to 47.7 percent. Of the banks’ total deposit liabilities of Nu.22.1 billion, 19.7 percent were held by individuals as demand deposits, and 14.3 percent as time deposits. Government corporations held 10.8 percent as demand deposits and 23 percent as time deposits, with the rest going to the other sectors.

Composition of Reserves of Commercial BanksEnd of March 2007

RMA Bills1%

Cash2%

Other Deposits

67%

CRR30%

Commercial Banks' Contribution to Credit - Q1 2007

BNBL55%

BOBL45%

Activities of Non-Bank Financial Institutions (NBFIs)

The combined assets/liabilities of the RICBL and the BDFCL amounted to Nu.3.6 billion as of February 2007, an increase of 6.5 percent from February 2006. This increase was mainly on account of the rise in their claims on the private sector, which increased by 10.1 percent, to Nu. 3.3 billion. Credit accounted for about 93 percent of their total assets (Please refer to Tables 10 and 11 for details)

Financial Institutions' (FI) Sectoral Credit Activity

Sectoral investment of the two commercial banks increased by 47.7 percent (y-o-y) in the quarter ending March 2007, from Nu.6 billion in March 2006 to Nu.8.9 billion. The largest share was invested in the building and construction sector (39.6%), followed by manufacturing (21.2 %), trade and commerce (16.7%), and service and tourism (13.8%), with the remainder going to the other sectors.

BDFCL and RICBL data for March 2007 are not yet available and thefollowing write-up is based on February 2007 data.

0

1,000

2,000

3,000

4,000

5,000

Nu.

in M

illio

n

Q3 Q4 Q1 Q2 Q3 Q4 Q1

2006 2007

Credit Activity (Quarter end)

Agriculture Service & Tourism Manufacturing

Building & Construction Trade & Commerce Transport

Personal & Other Loans

Since RICBL and BDFCL data for the quarter ending March 2007 are not yet available, the following write-up pertains only to the two commercial banks.

EXTERNAL SECTOR ____________________________

(Please see Tables 17-19 for details) There was a huge increase in Bhutan’s exports in fiscal year 2005/06, by 61.5 percent over 2004/05. In particular, exports to countries other than India increased by more than four-fold. On the other hand, overall imports fell by 3.2 percent, which however, was expected given the big surge in 2004/05 on account of the purchase of 2 new aircraft by the Druk Air Corporation Limited. The trade deficit, as a result, halved to Nu. 5.1 billion, from Nu. 10.8 billion in 2004/05. In terms of the composition of trade, hydropower remains Bhutan’s dominant export, while other major exports include base metal and base metal products, mineral products, and textiles. Major imports cover machinery, mechanical appliances and electronics, mineral products, base metal and base metal products and prepared foodstuff. The deficits in the services and income accounts also narrowed in 2005/06, while there was a substantial increase in the net current transfer inflows, by 80.9 percent over 2004/05.

As a result of these positive developments in the current account, Bhutan’s current account deficit improved to 2.4 percent of GDP from 29.3 percent in 2004/05. As in the past, grants for hydropower development and loans to the royal government for hydropower and other development activities on concessional terms have driven the inflows in the capital and financial account. In 2005/06 there was a capital and financial account balance of Nu. 6.4 billion, a decrease from Nu. 9.6 billion in 2004/05, primarily because of the winding down of the Tala project and decline in related flows. Nonetheless, coupled with the much improved current account performance, the overall balance was positive for 2005/06 at Nu.5.2 billion.

Corresponding to these developments, gross international reserves increased to USD 478.8 million at the end of 2005/06, by 30.7 percent over 2004/05.

There are no updates in the balance of payments statistics since the December 2006 Selected Economic Indicators.

Bhutan: Overall BOP

-15000

-10000

-5000

0

5000

10000

15000

2003/04 2004/05 2005/06 (p)

Nu. Millions

Trade BalanceCurrent Account BalanceOverall BalanceCapital & Financial Account Balance

Further, as of the quarter ending March 2007, increased convertible currency reserve holdings contributed to a further rise in the gross international reserves to USD 590.5 million, by 23.3 percent over the end of 2005/06. Out of this total amount, USD 537 million were convertible currency reserves, while the remaining, equivalent of USD 53.5 million (Rs.2.4 billion), were Indian rupee reserves.

The reserve cover of merchandise imports increased from 14.3 months at the end of 2005/06 to 16.9 months as of March 2007. (Please see Table 20 for details) Total outstanding external debt as of March 2007 increased to an equivalent of USD 715.1 million, of which, USD 294.7 million were outstanding on convertible currency loans. The remaining equivalent of USD 420.4 million (INR 18.4 billion) were outstanding rupee loans. Debt servicing for fiscal year 2006/07 upto the quarter ending March 2007 amounted to USD 6 million on convertible currency debt and Rs. 483.6 million on INR debt. The government of India continues to be Bhutan’s largest creditor, with total outstanding debt owed at an equivalent of USD 420.4 million as of March 2007. The GOI is followed by

Import Cover of Reserves (in Months)

14.32.8

44.0

020406080

100120140160180200

2001

/02

2002

/03

2003

/04

2004

/05

2005

/06

Total Rupee Convertible Currency

External Debt Indicators 2002/03 2003/04 2004/05 2005/06 Mar '07Debt Outstanding (in millions)

Total (USD) 405.5 529.2 607.8 680.7 715.1 Convertible Currency (USD) 176.8 216.0 235.5 269.5 294.7 Indian Rupee (INR) 10,963.7 14,222.3 16,603.8 18,400.2 18,369.9

Debt/GDP ratio *Total 74.0 82.1 84.3 82.5 84.6Convertible Currency loan 32.3 33.5 32.7 32.7 34.9Indian Rupee loan 41.8 48.6 51.6 49.8 49.8

Debt servicing ratio **Total 5.0 4.2 7.2 5.4 4.2Convertible Currency loan 23.9 24.2 13.2 8.3 4.1Indian Rupee loan 2.0 1.4 5.8 4.2 4.2

* 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.

the ADB with USD 104.8 million, and the World Bank with USD 78.1 miliion. Outstanding debt owed to the government of Austria stood at an equivalent of USD 63.4 million. In exchange rate developments, the Ngultrum averaged around Nu.44.2 per US dollar in the first quarter of 2007, appreciating by 1.8 percent over the previous quarter. Among other major currencies, the Euro appreciated against the USD by 1.6 percent while the Yen depreciated against the USD by 1.4 percent, from the last quarter of 2006. (Please refer to tables 30-32 for details)

BTN vis-à-vis the USD

44.48

46.06 46.12

44.64 44.03

42.543.043.544.044.545.045.546.046.5

Mar '06 Jun '06 Sep '06 Dec '06 Mar '07

Ngultrum

Euro vis-a-vis the USD

0.7550.757

0.7860.791

0.832

0.7000.7200.7400.760

0.7800.8000.8200.840

Mar'06

Jun'06

Sep'06

Dec'06

Mar'07

Euro

per

USD

Yen vis-a-vis the USD

117.31

114.53

117.28117.13

117.01

113.00113.50114.00114.50115.00115.50116.00116.50117.00117.50118.00

Mar '06 Jun '06 Sep '06 Dec '06 Mar '07

Yen

per

US

D

GOVERNMENT FINANCE ____________________________

(Please see Table 33 for details) According to the budget estimates for 2006/07, total outlay increased to Nu.18.3 billion, by 33 percent over the outlay in the 2005/06. Of the total, current expenditure increased by 22.7 percent and capital expenditure by 42.7 percent. On the resource front, total revenue including grants increased by Nu.3.2 billion, or 23.9 percent over that of 2005/06. The percentage share of tax revenue and non-tax revenue to the total revenue pool were 24.4 percent and 33.3 percent, respectively. Grants constitute 40.3 percent of the total resources.

According to the revised budget for the year, 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 the increase in total outlay, the overall budget deficit in the revised budget is estimated at Nu. 1.6 billion, higher by Nu. 1.3 billion from the previous year. Of that, 58.3 percent will be financed through external borrowings and the rest through domestic borrowings.

Budget estimates for 2006/07, revised as of March 2007 is compared here with the 2005/06 actual budget.

Financing the Deficit

-500.0

0.0

500.0

1000.0

1500.0

2000.0

2002/03 2003/04 2004/05 2005/06 2006/07 ( r )

Nu.

in m

illio

ns

-12.0

-10.0

-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

Year

Sector 1996 1997 1998 1999 2000 2001 2002 2003 2004

1. Agriculture, livestock, and forestry 3540 4230 4702 5048 5569 6037 6884 7292 7864 8256 22.4

1.1 Agriculture proper 1753 1896 2123 2291 2516 2682 3000 3192 3481 3685 10.0 1.2 Livestock 975 1351 1486 1607 1747 1930 2007 2163 2331 2557 6.9 1.3 Forestry and logging 812 983 1094 1150 1305 1425 1877 1938 2052 2014 5.5

2. Mining and quarrying 268 307 312 360 301 344 440 581 440 538 1.53. Manufacturing 1259 1307 1433 1557 1627 1855 1945 2042 2384 2688 7.34. Electricity and water 1123 1594 1789 2313 2255 2279 2658 3352 3085 3661 9.95. Construction 1001 1099 1397 1968 2761 3818 4711 5020 5630 6353 17.26. Wholesale and retail trade 495 565 647 708 882 1045 1283 1447 1726 2089 5.77. Hotel and restaurant 62 66 76 88 88 113 120 135 169 212 0.6

849 1016 1233 1637 1800 2083 2452 2626 3295 3838 10.49. Financing, insurance & real estate 756 888 1210 1206 1375 1596 1434 1924 2234 2976 8.1 9.1. Finance & Insurance 291 395 668 621 743 950 717 1002 1233 1564 4.2 9.2. Real estate & dwelings 466 493 542 584 631 645 716 922 1001 1412 3.8

10. Community, social services 1673 2066 2613 3016 2814 3037 3342 3664 3823 4472 12.1 10.1. Public Administration 1219 1505 1903 2197 2050 2262 2556 2778 2867 3463 9.4 10.2. Education and health 454 561 710 819 764 775 786 886 956 1009 2.711. Private social, personal & recreational services - - - - 96 99 108 119 136 164 0.412. Plus: taxes net of subsidies 359 506 546 621 491 551 878 1068 1393 1668 4.5

Gross Domestic Product 11357 13518 15814 18327 20060 22858 26254 29269 32178 36915 100.0

Millions of Ngultrum

TABLE 1. GROSS DOMESTIC PRODUCT BY KIND OF ACTIVITY AT CURRENT PRICES

Share of GDP in 2005

(%)

Source: National Accounts Statistics, 2006, National Statistical Bureau.

8. Transport, storage, and communication

2005

Year

Sector 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005

1. Agriculture, livestock and forestry 4932 5124 5244 5323 5569 5849 6009 6138 6266 6292 0.4

1.1 Agriculture proper 2239 2274 2319 2403 2516 2617 2689 2766 2824 2861 1.3 1.2 Livestock 1584 1617 1643 1663 1747 1888 1919 1927 1933 1976 2.2 1.3 Forestry and logging 1110 1233 1283 1257 1305 1345 1401 1446 1509 1455 -3.6

2. Mining and quarrying 325 322 309 310 301 352 389 402 381 433 13.53. Manufacturing 1403 1503 1503 1576 1627 1656 1733 1770 1868 1951 4.44. Electricity & water 2451 2284 2293 2501 2255 2185 2561 3030 2980 3284 10.25. Construction 1001 1099 1397 1968 2761 3461 4329 4448 4819 4679 -2.96. Wholesale and retail trade 592 661 670 713 882 1029 1234 1378 1633 1878 15.07. Hotel and restaurant 74 73 78 89 88 112 115 129 157 186 18.5

1304 1480 1658 1775 1800 1844 2000 2007 2448 2627 7.39. Financing, insurance & real estate 749 864 1177 1159 1375 1534 1296 1745 1944 2305 18.6 9.1. Finance & Insurance 329 437 722 632 743 937 747 1054 1245 1597 28.3 9.2. Real estate & dwellings 420 428 455 527 631 597 549 691 699 708 1.2

10.Community, social services 2087 2379 2484 2770 2814 2847 3051 3288 3308 3743 13.2 10.1. Public Administration 1520 1733 1809 2017 2050 2188 2412 2568 2534 2906 14.7 10.2. Education and health 567 646 675 752 764 660 639 720 774 838 8.211. Private social, personal & recreational services - - - - 96 97 100 110 120 142 18.8

12. Plus taxes net of subsidies 479 617 607 647 491 533 829 987 1231 1401 13.8

Gross Domestic Product 15365 16267 17264 18635 20060 21498 23646 25432 27155 28921 6.5

GDP Growth rate (%) 2.9 5.9 6.1 7.9 7.6 7.2 10.0 7.6 6.8 6.5


TABLE 2. GROSS DOMESTIC PRODUCT BY KIND OF ACTIVITY IN 2000 PRICES

8. Transport, storage, and communication

Source: National Accounts Statistics, 2006, National Statistical Bureau.

Growth from

2004 to 2005 (%)


Total Basochu Chukha Kurichhu Tala Total Basochu Chukha Kurichhu Tala Total Chukha Kurichhu Tala

2003 2,875.0 107.3 2,337.3 430.4 - 271.4 107.3 151.3 12.8 - 2,603.5 2,186.0 417.5 -2004 3,077.4 192.2 2,361.8 523.5 - 365.7 192.2 158.4 15.1 - 2,711.7 2,203.3 508.4 -2005 3,780.5 325.4 2,908.2 546.9 - 586.5 325.4 243.1 18.0 - 3,194.0 2,665.0 529.0 -Q1 261.8 20.5 171.1 70.2 - 66.1 20.5 42.4 3.2 - 195.7 128.7 67.0 -Q2 696.5 37.0 507.6 151.9 - 110.1 37.0 68.7 4.4 - 586.4 438.9 147.5 -Q3 1,915.1 159.4 1,554.6 201.1 - 210.5 159.4 45.2 5.9 - 1,704.6 1,509.4 195.2 -Q4 907.0 108.4 674.9 123.7 - 199.7 108.4 86.8 4.5 - 707.3 588.0 119.3 -2006 5,581.8 388.7 3,592.9 537.5 1,062.6 603.0 388.7 133.4 19.6 61.3 4,978.8 3,459.5 518.0 1,001.3 Q1 266.8 45.3 160.8 60.7 - 97.7 45.3 49.1 3.3 - 169.2 111.8 57.4 - Q2 1,059.3 81.3 821.1 156.9 - 130.7 81.3 44.3 5.0 - 928.7 776.8 151.9 - Q3 2,258.8 163.7 1,697.5 194.5 203.0 216.4 163.7 23.0 6.3 23.3 2,042.4 1,674.5 188.2 179.7 Q4 1,996.8 98.4 913.5 125.4 859.6 158.2 98.4 17.0 4.9 38.0 1,838.6 896.5 120.5 821.6

Oct 847.9 46.9 484.2 61.7 255.1 65.5 46.9 4.6 2.0 11.9 782.4 479.6 59.7 243.2 Nov 681.5 29.6 257.0 36.1 358.8 49.1 29.6 6.1 1.5 11.9 632.4 250.9 34.6 346.9 Dec 467.4 21.8 172.2 27.6 245.8 43.6 21.8 6.2 1.4 14.2 423.7 166.0 26.2 231.6

2007Q1 1,104.6 49.7 373.0 63.2 618.6 219.4 49.7 18.5 13.4 137.7 885.3 354.5 49.9 480.9

Jan 347.0 16.8 119.8 20.5 189.9 67.4 16.8 6.5 1.2 42.9 279.6 113.3 19.2 147.0 Feb 304.9 15.4 104.9 17.9 166.7 65.5 15.4 5.7 4.3 40.1 239.4 99.1 13.6 126.6 Mar 452.8 17.6 148.4 24.8 262.0 86.4 17.6 6.3 7.8 54.8 366.3 142.1 17.0 207.2

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 - - -Q1 1.9 121.2 (6.0) (13.6) - 47.8 121.2 15.7 3.0 - (13.6) (13.2) (14.4) -Q2 52.1 119.5 61.8 3.3 - 18.6 119.5 (35.5) 14.5 - 58.4 77.0 3.0 -Q3 17.9 2.7 9.2 (3.3) - 2.8 2.7 (49.0) 7.1 - 19.8 10.9 (3.6) -Q4 120.1 (9.3) 35.3 1.4 - (20.8) (9.3) (80.4) 10.1 - 159.9 52.5 1.0 -

Oct 110.7 (10.1) 64.2 11.7 - (38.8) (10.1) (91.2) 19.5 - 164.8 98.2 11.5 -Nov 109.3 (10.0) 2.0 (11.3) - (3.3) (10.0) (62.7) 3.5 - 130.1 6.5 (11.9) -Dec 161.1 (6.4) 34.6 (0.7) - 3.7 (6.4) (64.3) 5.1 - 209.4 50.2 (1.0) -

2007Q1 314.0 9.8 131.9 4.2 - 124.6 9.8 (62.3) 304.3 - 423.3 217.2 (13.1) -

Jan 216.3 (6.2) 68.4 (0.7) - 85.1 (6.2) (62.5) 5.4 - 281.6 110.5 (1.0) -Feb 287.4 10.8 123.0 0.7 - 118.4 10.8 (62.2) 347.4 - 391.5 211.1 (19.2) -Mar 477.2 30.1 247.8 11.5 - 176.6 30.1 (62.1) 574.8 - 676.2 444.6 (19.3) -

Source: BHPCL, CHPCL, KHPCL, THPA. (1) Power tariff for domestic sales: Nu. 0.3 per unit for CHPCL & KHPCL; Since Feb. 2007 KHPCL has also started selling power for industrial use at Nu.1.2 per unit; Tala sales are at Nu.0.3 per unit for 15% of energy sold with the remaining 85% at Nu.1.2 per unit; Nu. 1.2 per unit for BHPCL sales to Chukha effective from July 2005 (2) Power tariff for export to India: Nu. 2 per unit for CHPCL - revised from Nu. 1.5 per unit with effect from Jan. 2005; Nu. 1.75 per unit for KHPCL; Nu. 1.8 per unit for THPA

Exports (2)

Percentage change on the previous year

TABLE 3. SALES FROM POWER PROJECT OPERATIONS

PeriodTotal Sales Domestic Sales (1 )

Chart 2

Sales of Major Industries

0

500

1000

1500

2000

2500

3000

3500

4000

2001 2002 2003 2004 2005 2006 (p)

Nu.

mill

ions

Exports to India Exports to Countries other than India Domestic Sales

Chart 1

Sales from Hydropower Project Operations

0

1000

2000

3000

4000

5000

6000

2001 2002 2003 2004 2005 2006

Nu.

mill

ions

Total Sales Exports Domestic Sales


2005 2007

Industry I II III IV Total I II III IV Total I II III IV Total I

(1) Army Welfare Project 58.9 48.9 51.7 74.4 233.8 68.4 52.3 54.3 65.0 240.0 67.7 58.7 69.9 83.1 279.4 86.3 Exports to India 4.5 3.9 4.5 7.8 20.8 6.4 4.2 2.1 1.0 13.7 2.7 5.1 9.1 8.9 25.8 9.9 Exports to Countries other than India - - - - 0.0 - - - - 0.0 - - - - 0.0 - Sales within Bhutan 54.4 44.9 47.1 66.7 213.1 62.0 48.1 52.2 64.0 226.3 65.0 53.6 60.8 74.2 253.6 76.4

(2) Bhutan Board Products Limited - 142.4 101.3 302.5 546.2 - 158.3 - - 158.30 74.2 177.6 - - 251.8 - Exports to India - 131.9 286.8 418.7 - 139.0 - - 139.00 64.4 171.1 - - 235.5 - Exports to Countries other than India - - - 0.0 - 1.1 - - 1.10 - - - - 0.0 - Sales within Bhutan - 10.5 15.7 26.2 - 18.2 - - 18.20 9.8 6.5 - - 16.2 -

(3) Bhutan Carbide & Chemicals Ltd. 169.9 179.8 186.9 194.9 731.6 191.0 192.2 193.3 183.7 760.2 - - - - 0.0 - Exports to India 157.9 178.0 186.5 192.3 714.7 190.1 189.9 174.3 158.5 712.8 - - - - 0.0 - Exports to Countries other than India - - - - 0.0 - - - - 0.0 - - - - 0.0 - Sales within Bhutan 12.0 1.8 0.5 2.6 16.9 1.0 2.3 19.0 25.2 47.4 - - - - 0.0 -

(4) Bhutan Fruit Products Limited 32.3 77.2 29.5 35.1 174.1 29.9 39.5 - - 69.4 32.6 45.5 29.7 26.9 134.7 - Exports to India 27.9 69.4 22.1 25.6 145.0 25.8 29.1 - - 54.9 27.5 36.7 22.8 21.4 108.3 - Exports to Countries other than India 1.1 0.7 2.7 4.0 8.5 1.4 1.4 - - 2.8 1.4 0.9 0.5 1.3 4.0 - Sales within Bhutan 3.2 7.1 4.8 5.5 20.5 2.7 9.0 - - 11.7 3.7 7.9 6.5 4.2 22.3 -

(5) Bhutan Polythene Company 10.9 15.7 5.4 27.2 59.2 12.9 16.0 15.5 12.2 56.5 19.6 21.8 11.1 14.2 66.7 16.8 Exports to India 0.0 1.5 3.8 0.0 5.3 0.1 0.0 0.0 0.5 0.7 4.1 - 2.0 3.8 9.9 1.2 Exports to Countries other than India(* - - - - 0.0 - - - - 0.0 - - - - 0.0 - Sales within Bhutan 10.9 14.2 1.7 27.1 53.8 12.8 16.0 15.5 12.2 56.4 15.5 21.8 9.1 10.4 56.8 15.6

(6) Penden Cement Authority Ltd. 234.3 222.3 190.3 204.9 851.8 251.2 338.2 217.6 - 807.0 383.3 382.4 275.9 - 1041.6 - Exports to India 68.8 58.2 56.4 81.7 265.1 66.5 140.8 71.1 - 278.5 237.9 214.4 126.2 - 578.5 - Exports to Countries other than India - - - - 0.0 - - - - 0.0 - - - - 0.0 - Sales within Bhutan 165.5 164.1 133.9 123.2 586.7 184.7 197.4 146.5 - 528.5 145.4 168.0 149.8 - 463.1 -

TABLE 4. SALES OF MAJOR INDUSTRIES

2006 2004

TABLE 4. SALES OF MAJOR INDUSTRIES, CONTINUED


2005 2006 2007

Industry I II III IV Total I II III IV Total I ll III IV Total I(7) Bhutan Ferro Alloys Limited 172.1 197.7 185.8 192.7 748.3 184.9 159.5 142.2 164.7 651.2 165.5 183.2 166.2 163.5 678.3 224.6 Exports to India 168.2 183.5 169.9 191.3 712.9 182.4 157.7 141.3 161.6 643.0 162.7 178.9 155.5 161.4 658.3 222.4 Exports to Countries other than India - 12.1 11.6 0.5 24.2 1.7 1.2 0.6 1.5 5.0 0.8 2.9 9.5 1.8 15.0 1.8 Sales within Bhutan 3.9 2.1 4.3 0.8 11.2 0.7 0.6 0.3 1.6 3.3 2.0 1.4 1.3 0.3 5.0 0.4

(8) Bhutan Agro Industries Limited 7.7 11.7 9.9 5.5 34.9 6.6 9.7 10.5 7.9 34.6 8.6 12.4 12.1 12.1 45.2 7.6 Exports to India 2.4 5.6 2.4 1.0 11.5 1.4 1.7 2.1 2.4 7.6 2.3 2.6 3.0 3.0 10.9 0.9 Exports to Countries other than India 0.2 - 2.4 0.2 2.8 - 0.2 0.2 0.0 0.5 0.0 0.2 - - 0.2 - Sales within Bhutan 5.0 6.1 5.1 4.3 20.6 5.2 7.8 8.2 5.4 26.6 6.3 9.5 9.0 9.0 34.0 6.7

(9) S.D. Eastern Bhutan Coal Company Lt - - - 26.0 26.0 54.8 51.5 22.4 51.3 180.0 46.3 72.4 41.9 42.4 203.0 82.2 Exports to India - - - 8.5 8.5 8.6 14.3 15.7 0.1 38.7 0.0 19.9 31.5 24.6 76.0 34.3 Exports to Countries other than India - - - - 0.0 8.0 13.8 4.7 20.6 47.2 16.4 13.5 0.3 9.6 39.8 12.7 Sales within Bhutan - - - 17.6 17.6 38.1 23.4 2.0 30.6 94.1 29.9 39.0 10.1 8.2 87.2 35.1

(10)Druk Satair Corporation Limited 32.4 39.9 25.7 42.5 140.4 41.0 50.6 33.5 47.8 172.9 70.6 76.8 59.6 51.3 258.4 60.1 Exports to India 27.1 31.1 20.5 33.6 112.3 31.0 38.1 25.8 35.6 130.5 60.2 66.7 53.9 43.2 223.9 45.3 Exports to Countries other than India 0.4 0.6 0.6 0.5 2.1 1.8 2.4 2.6 1.3 8.2 1.7 2.0 1.2 1.2 6.1 2.3 Sales within Bhutan 4.9 8.2 4.6 8.4 26.0 8.1 10.1 5.1 10.9 34.2 8.8 8.2 4.5 6.9 28.4 12.6

(11) Druk Plaster & Chemicals Limited 5.0 10.0 8.6 7.7 31.3 8.2 8.5 10.0 13.8 40.5 11.7 9.2 11.4 16.9 49.2 10.5 Exports to India 5.0 10.0 8.6 7.7 31.3 8.1 8.5 10.0 13.7 40.2 11.7 9.2 11.3 16.8 49.0 10.3 Exports to Countries other than India - - - 0.0 0.1 0.0 - - 0.1 - - - - 0.0 0.1 Sales within Bhutan - - - 0.0 0.0 0.0 0.0 0.1 0.1 0.2 0.0 0.0 0.1 0.1 0.2 0.1

TOTAL 723.5 945.6 693.8 1113.4 3476.3 848.8 1076.3 699.2 546.7 3171.1 880.1 1039.9 677.8 410.3 3008.1 488.2 Exports to India 461.8 673.2 474.7 836.3 2446.0 520.4 723.5 442.3 373.2 2059.4 573.5 704.5 415.2 283.1 1976.3 324.3 Exports to Countries other than India 1.8 13.4 17.3 5.2 37.7 13.1 20.1 8.1 23.4 64.8 20.3 19.5 11.4 13.9 65.1 17.0 Sales within Bhutan 259.9 259.0 201.8 271.9 992.6 315.3 332.8 248.8 150.0 1046.9 286.3 315.9 251.1 113.3 966.7 146.9Source : Respective Industry. - (-) data not available -(1) Alcoholic beverages. -(2) Particle boards. -(3) Calcium carbide. -(4) Processed vegetables and fruits. -(5) High Density Polythene (HDPEPipe. (*) Deemed export.-(6)Cement.-(7) Ferro Silicon.-(8) Processed vegetables and fruits -(9) Coal . -(10) Gypsum dust & Gypsum boulders. Note: Data for several industries are currently unavailable as of December 2006.

2004


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 5.01998 9218.6 8022.4 26.9 7995.5 1193.0 0.0 3.1 0.01999 10030.6 8840.5 82.3 8758.2 1187.5 0.0 2.6 0.02000 11253.8 10357.6 87.8 10269.8 892.7 0.0 3.5 0.02001 11011.2 10716.1 1215.5 9500.6 293.2 0.0 1.9 0.02002 12321.9 11998.7 913.4 11085.3 194.3 127.0 1.9 0.0

……………. …………….…………… …………….…………….………………………… …………….2003*) 12260.2 11899.0 987.3 10911.7 303.5 56.0 1.8 0.02004

Jul 12584.2 12370.3 833.8 11536.5 176.1 37.0 0.8 0.0Aug 12751.6 12571.9 810.0 11761.9 141.9 37.0 0.8 0.0Sep 12747.7 12572.5 765.3 11807.3 137.4 37.0 0.8 0.0Oct 13462.6 12879.0 1998.2 10880.8 545.8 37.0 0.8 0.0Nov 13993.1 13060.4 2715.4 10345.0 894.9 37.0 0.7 0.0Dec 13933.6 13000.5 2709.6 10290.9 895.4 37.0 0.7 0.0

2005Jan 14333.4 12859.7 2578.7 10281.0 1435.9 37.0 0.7 0.0Feb 16410.6 15022.3 2615.1 12407.2 1350.7 37.0 0.7 0.0Mar 15988.9 15026.7 2421.2 12605.5 924.6 37.0 0.7 0.0Apr 16088.6 14660.2 1909.1 12751.1 1427.7 0.0 0.6 0.0May 13297.6 12560.7 2086.4 10474.3 736.3 0.0 0.6 0.0Jun 14317.9 13507.7 2069.7 11438.0 709.5 100.0 0.6 0.0Jul 15338.5 14505.7 1411.6 13094.2 732.2 100.0 0.6 0.0Aug 14605.4 14310.4 891.3 13419.1 194.4 100.0 0.6 0.0Sep 14950.1 14265.6 612.9 13652.8 583.9 100.0 0.5 0.0Oct 15995.3 14843.1 605.2 14237.9 1051.7 100.0 0.5 0.0Nov 18374.1 17220.8 2601.2 14619.6 1052.9 100.0 0.5 0.0Dec 18220.4 17351.6 2539.7 14811.9 768.3 100.0 0.5 0.0

2006Jan 19098.8 17647.5 3000.2 14647.2 1350.9 100.0 0.5 0.0Feb 18624.7 17335.9 2587.4 14748.5 1288.4 0.0 0.4 0.0Mar 16872.7 16359.0 1368.5 14990.5 513.3 0.0 0.4 0.0Apr 16701.6 15597.1 2513.4 13083.7 1104.1 0.0 0.4 0.0May 18642.9 18595.0 2338.0 16257.0 47.5 0.0 0.4 0.0Jun 19296.8 18702.4 1507.4 17195.0 591.2 0.0 3.1 0.0Jul 19074.4 18762.3 1302.3 17460.0 306.9 0.0 5.2 0.0Aug 18560.7 18271.9 632.6 17639.3 282.1 0.0 6.7 0.0Sep 17790.7 17748.9 241.6 17507.3 35.2 0.0 6.6 0.0Oct 17666.6 17617.3 222.4 17394.9 39.9 0.0 9.4 0.0Nov 18045.6 17986.4 252.6 17733.8 47.3 0.0 11.9 0.0Dec 18510.7 18397.7 200.8 18197.0 103.1 0.0 9.9 0.0

2007Jan 22325.1 22267.4 1664.2 20603.2 47.5 0.0 10.3 0.0Feb 22443.5 22400.2 1563.7 20836.4 32.7 0.0 10.6 0.0Mar 22131.5 22048.4 1080.2 20968.2 72.2 0.0 10.9 0.0

Foreign Assets

TABLE 5. ROYAL MONETARY AUTHORITY OF BHUTAN - MONEY AND BANKING STATISTICS

TABLE 5. CONTINUEDRoyal Monetary Authority of Bhutan


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

Jul 12584.2 8554.3 1898.3 0.0 0.0 0.0 356.1 100.0 167.7 3406.3Aug 12751.6 8642.4 1877.1 0.0 0.0 0.0 335.0 200.0 151.4 3422.8Sep 12747.7 8665.3 1877.2 0.0 0.0 0.0 342.4 200.0 155.4 3384.6Oct 13462.6 8948.9 1930.0 0.0 0.0 0.0 762.5 200.0 166.3 3384.8Nov 13993.1 9161.9 2000.3 0.0 0.0 0.0 1086.7 200.0 202.8 3341.7Dec 13933.6 9222.6 2070.7 0.0 0.0 0.0 1087.6 200.0 205.8 3217.6

2005Jan 14333.3 9152.9 2019.5 0.0 0.0 0.0 1617.7 200.0 239.5 3123.3Feb 16410.6 9249.6 2171.3 0.0 0.0 0.0 1577.7 200.0 246.8 5136.6Mar 15988.9 9043.0 2177.5 152.2 152.2 0.0 1078.3 200.0 265.5 5249.9Apr 16088.6 8944.7 2074.2 0.0 0.0 0.0 1597.8 100.0 246.5 5199.6May 13297.6 9144.0 2099.9 0.0 0.0 0.0 909.1 100.0 278.5 2866.1Jun 14317.9 9340.1 2303.4 0.0 0.0 0.0 779.0 200.0 879.0 3119.9Jul 15338.5 10548.4 2118.1 303.5 303.5 0.0 300.8 200.0 896.2 3089.7Aug 14605.4 10043.5 2193.1 0.0 0.0 0.0 310.8 100.0 918.7 3232.3Sep 14950.1 10003.9 2168.0 0.0 0.0 0.0 723.0 100.0 932.9 3190.3Oct 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

2007Jan 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 5707.2

Reserve Money Foreign Liabilities

*) Starting from January 2003 onwards, major reclassifications have 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.


Assets

Claims Claims Claims Claims on on on Claims

End of Reserves on Govt. Joint Private onPeriod Total with RMA 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 3709.9 356.22004Jul 17171.4 6664.1 4078.7 2483.1 1595.5 380.5 1186.5 174.7 4419.4 267.7Aug 17532.2 6866.0 3801.5 2185.6 1615.9 661.8 1187.0 188.7 4559.0 268.2Sep 16559.1 6225.6 3620.2 2138.9 1481.2 320.0 1201.6 174.4 4746.4 271.0Oct 18515.5 6750.8 4283.5 2705.8 1577.7 921.1 1344.3 158.7 4787.9 269.3Nov 20907.0 7796.7 5064.1 3406.2 1657.9 1436.3 1344.9 146.1 4849.2 269.8Dec 19532.3 6608.1 4326.8 2737.0 1589.8 1943.8 1308.8 135.8 4962.7 246.32005Jan 19199.1 6049.8 4475.4 2967.3 1508.1 1936.7 1309.1 199.8 4981.5 246.8Feb 19014.2 6084.4 4178.1 2719.8 1458.3 1939.0 1309.5 166.0 5089.9 247.3Mar 19953.3 6351.8 4686.9 3143.3 1543.6 1951.1 1314.2 138.3 5236.0 274.8Apr 18307.5 5654.6 3669.7 2254.4 1415.3 1936.7 1291.8 124.9 5356.4 273.4May 19562.7 6584.8 3918.8 2506.9 1412.0 1939.0 1312.2 145.9 5368.1 293.9Jun 18738.5 6655.5 2889.5 1525.3 1364.1 1949.5 1276.0 139.5 5505.3 323.2Jul 19277.4 8452.1 2979.9 1595.6 1384.3 534.4 1276.3 163.4 5547.5 323.7Aug 18539.6 7342.4 3330.2 1928.0 1402.2 320.0 1276.8 166.2 5769.8 334.2Sep 19236.3 7367.0 3847.4 1919.1 1928.3 320.0 1280.9 152.2 5930.6 338.2Oct 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 9106.2 541.1

(#) Bank of Bhutan Limited and Bhutan National Bank Limited.

Foreign Assets

TABLE 6. DEPOSIT MONEY BANKS - MONEY AND BANKING STATISTICS (#)


TABLE 6. CONTINUEDDeposit Money Banks


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 1465.720012001 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 1331.72004Jul 17171.4 4989.0 6840.4 577.7 1052.7 1052.7 0.0 1928.7 0.0 1741.2 41.8Aug 17532.2 4783.9 7029.1 693.8 568.5 568.5 0.0 1950.3 0.0 1739.5 767.1Sep 16559.1 4311.5 6720.1 567.7 0.0 0.0 0.0 1914.3 0.0 1779.0 1266.5Oct 18515.5 5612.8 7958.7 507.9 0.0 0.0 0.0 1985.1 0.0 1783.8 667.1Nov 20907.0 7078.3 8021.5 558.1 0.0 0.0 0.0 1951.8 0.0 1798.7 1498.6Dec 19532.3 5983.1 7957.0 588.7 0.0 0.0 0.0 1829.5 0.0 1823.7 1350.42005Jan 19199.1 5900.6 8012.1 582.6 0.0 0.0 0.0 1630.5 0.0 1837.0 1236.2Feb 19014.2 5544.4 8071.3 487.2 0.0 0.0 0.0 1967.2 0.0 1841.3 1102.8Mar 19953.3 6574.5 7146.0 461.4 0.0 0.0 0.0 1939.2 0.0 1870.2 1962.1Apr 18307.5 5438.2 7209.6 455.5 0.0 0.0 0.0 2197.9 0.0 1870.2 1136.1May 19562.7 5987.9 8268.1 492.2 0.0 0.0 0.0 2150.2 0.0 1880.6 783.8Jun 18738.5 6141.4 7485.5 485.2 0.0 0.0 0.0 1961.4 0.0 1942.2 722.7Jul 19277.4 5435.5 7716.4 509.3 0.0 0.0 0.0 2672.6 0.0 1934.5 1009.1Aug 18539.6 5593.2 7348.3 434.6 0.0 0.0 0.0 2113.4 0.0 1950.0 1099.9Sep 19236.3 5615.3 7606.7 613.4 0.0 0.0 0.0 2033.8 0.0 1981.3 1385.7Oct 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 6458.3 10736.0 676.8 0.0 0.0 0.0 2722.2 0.0 2148.9 1146.5Jul 23905.5 6658.5 10654.2 702.6 0.0 0.0 0.0 2513.2 0.0 2158.3 1218.6Aug 24015.0 6615.2 10721.6 751.3 0.0 0.0 0.0 2482.0 0.0 2171.8 1273.1Sep 23995.4 6809.9 10864.1 788.4 0.0 0.0 0.0 2466.5 0.0 2217.2 849.2Oct 25065.9 7524.9 10746.8 826.3 0.0 0.0 0.0 2291.8 0.0 2205.9 1470.3Nov 25865.2 6801.3 10361.8 752.4 0.0 0.0 0.0 3847.0 0.0 2207.3 1895.4Dec 26484.0 7575.6 9913.7 731.9 0.0 0.0 0.0 3688.1 0.0 2272.7 2302.12007Jan 25974.0 7307.8 10296.1 1266.7 0.0 0.0 0.0 3315.2 0.0 2285.3 1502.8Feb 25903.5 7138.0 10450.3 1182.4 0.0 0.0 0.0 2974.2 0.0 2277.8 1880.7Mar 25590.6 7487.5 9899.8 1173.5 0.0 0.0 0.0 3545.2 0.0 2269.8 1214.7

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.


Assets


End of Reserves on Govt. Joint Private onPeriod Total with RMA Total Rupee Others Govt. Corps. Corps. Sector NMFIs

1997 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 1530.9 248.02004Jul 11033.7 4665.2 3336.5 1995.0 1341.6 260.5 665.8 158.5 1777.4 169.8Aug 10938.4 4385.3 3142.3 1781.6 1360.7 541.8 665.9 177.5 1855.7 169.8Sep 10205.3 4127.6 2908.4 1699.7 1208.7 200.0 680.1 163.2 1953.9 172.0Oct 11878.2 5070.5 3242.1 2119.4 1122.7 560.0 744.9 147.5 1943.4 169.8Nov 14234.1 6130.5 4036.9 2826.1 1210.8 1074.5 745.1 138.5 1938.9 169.8Dec 13013.2 5386.2 3552.9 2196.5 1356.4 1079.4 718.1 128.2 1996.0 152.52005Jan 12757.4 4893.4 3744.2 2503.9 1240.4 1074.5 718.1 192.2 1982.4 152.5Feb 12439.8 4925.9 3408.7 2308.0 1100.7 1074.5 718.1 158.5 2001.7 152.5Mar 13290.3 5376.6 3748.4 2640.1 1108.3 1084.3 722.4 130.7 2048.4 179.5Apr 11561.7 4644.7 2732.2 1687.0 1045.2 1074.5 699.7 117.3 2115.8 177.5May 12628.3 5389.3 2989.4 1991.8 997.6 1074.5 719.7 138.3 2119.7 197.5Jun 11901.7 5562.7 2008.9 1087.3 921.6 1082.6 692.6 131.9 2189.8 233.1Jul 12709.8 7019.2 2034.1 1161.0 873.1 414.4 692.6 155.8 2160.6 233.1Aug 11875.5 5943.3 2344.3 1555.0 789.3 200.0 692.8 158.6 2293.4 243.0Sep 12357.7 6027.2 2661.1 1512.0 1149.1 200.0 696.5 144.6 2381.8 246.6Oct 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 3748.1 537.4

Foreign Assets

TABLE 7. BANK OF BHUTAN LIMITED - MONEY AND BANKING STATISTICS


TABLE 7. CONTINUEDBank of Bhutan Limited


Liabilities

Foreign Credit OtherEnd of Demand Time Currency Govt. from Capital ItemsPeriod Total Deposits 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 1124.12004Jul 11033.7 4043.3 3262.9 524.3 1052.7 1052.7 0.0 1068.4 0.0 1016.3 65.9Aug 10938.4 3813.9 3257.0 634.6 568.5 568.5 0.0 1029.5 0.0 1000.4 634.4Sep 10205.3 3084.3 3235.5 514.6 0.0 0.0 0.0 967.3 0.0 1034.0 1369.5Oct 11878.2 4633.6 4315.8 378.3 0.0 0.0 0.0 986.3 0.0 1031.6 532.7Nov 14234.1 6078.2 4339.7 453.6 0.0 0.0 0.0 986.9 0.0 1037.2 1338.5Dec 13013.2 4974.7 4226.1 507.6 0.0 0.0 0.0 988.7 0.0 1081.1 1234.92005Jan 12757.4 4905.1 4298.6 496.8 0.0 0.0 0.0 726.6 0.0 1088.1 1242.2Feb 12439.8 4563.8 4275.9 392.4 0.0 0.0 0.0 1119.0 0.0 1082.8 1005.8Mar 13290.3 5533.8 3316.9 346.7 0.0 0.0 0.0 1027.3 0.0 1110.1 1955.5Apr 11561.7 4395.4 3468.0 340.0 0.0 0.0 0.0 1245.6 0.0 1108.0 1004.6May 12628.3 4951.1 4410.0 368.3 0.0 0.0 0.0 1178.9 0.0 1112.5 607.5Jun 11901.7 4925.7 4299.9 336.6 0.0 0.0 0.0 1111.2 0.0 1150.6 77.7Jul 12709.8 4399.5 4342.9 341.3 0.0 0.0 0.0 1824.4 0.0 1140.7 661.1Aug 11875.5 4520.5 3881.9 289.5 0.0 0.0 0.0 1239.5 0.0 1143.2 800.9Sep 12357.7 4539.6 3942.5 445.4 0.0 0.0 0.0 1063.7 0.0 1165.6 1201.0Oct 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 5080.5 6073.5 457.5 0.0 0.0 0.0 1867.1 0.0 1224.5 963.8Jul 15670.0 5274.6 5642.6 482.1 0.0 0.0 0.0 1656.8 0.0 1227.5 1386.5Aug 15564.7 5224.3 5349.0 450.8 0.0 0.0 0.0 1416.9 0.0 1226.9 1896.7Sep 15439.2 5368.4 5434.3 505.8 0.0 0.0 0.0 966.2 0.0 1277.5 1886.8Oct 15621.1 6018.1 5655.4 522.1 0.0 0.0 0.0 649.5 0.0 1281.2 1494.8Nov 16343.4 5231.3 5246.8 460.8 0.0 0.0 0.0 2190.1 0.0 1290.1 1924.4Dec 16930.9 5818.9 5132.0 411.4 0.0 0.0 0.0 2086.7 0.0 1353.6 2128.32007Jan 16374.4 5754.5 5207.8 923.5 0.0 0.0 0.0 1698.7 0.0 1357.9 1432.0Feb 16070.9 5562.7 5252.3 823.7 0.0 0.0 0.0 1291.8 0.0 1350.9 1789.6Mar 15555.3 5680.5 4780.6 791.1 0.0 0.0 0.0 1862.6 0.0 1368.7 1071.8

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.


Assets


End of Reserves on Govt. Joint Private onPeriod Total with RMA Total Rupee Others Govt. Corps. Corps. Sector NMFIs1997 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 2179.0 108.22004Jul 6137.7 1998.8 742.1 488.2 253.9 120.0 520.7 16.2 2642.0 97.9Aug 6593.9 2480.7 659.2 404.0 255.2 120.0 521.1 11.2 2703.2 98.4Sep 6353.9 2097.9 711.7 439.2 272.5 120.0 521.5 11.3 2792.5 99.0Oct 6637.3 1680.3 1041.3 586.4 455.0 361.1 599.4 11.3 2844.4 99.5Nov 6672.9 1666.2 1027.2 580.1 447.1 361.8 599.8 7.6 2910.3 100.1Dec 6519.1 1221.9 773.9 540.4 233.4 864.4 590.7 7.6 2966.8 93.82005Jan 6441.7 1156.4 731.1 463.4 267.7 862.2 591.1 7.6 2999.1 94.3Feb 6574.4 1158.4 769.4 411.8 357.6 864.5 591.4 7.6 3088.2 94.8Mar 6663.0 975.3 938.5 503.2 435.3 866.9 591.8 7.6 3187.6 95.4Apr 6745.9 1009.9 937.5 567.4 370.1 862.2 592.1 7.6 3240.6 95.9May 6934.4 1195.5 929.5 515.1 414.4 864.6 592.5 7.6 3248.4 96.4Jun 6836.8 1092.8 880.6 438.1 442.5 866.9 583.4 7.6 3315.5 90.1Jul 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 3.7

Foreign Assets

TABLE 8. BHUTAN NATIONAL BANK LIMITED - MONEY AND BANKING STATISTICS

*) Starting from January 2003 onwards, major reclassifications have been carried out in the accounts of all the economic sectors. Data prior to 2003 cannot always be directly comapred with the subsequent data, because of break in continuity.

TABLE 8. CONTINUEDBhutan National Bank Limited


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 0.0 700.0 207.62004Jul 6137.7 945.8 3577.5 53.4 0.0 0.0 0.0 860.2 0.0 724.9 -24.1Aug 6593.9 970.0 3772.1 59.2 0.0 0.0 0.0 920.8 0.0 739.1 132.7Sep 6353.9 1227.2 3484.6 53.2 0.0 0.0 0.0 946.9 0.0 744.9 -103.0Oct 6637.3 979.2 3642.9 129.6 0.0 0.0 0.0 998.8 0.0 752.3 134.4Nov 6672.9 1000.1 3681.8 104.5 0.0 0.0 0.0 964.8 0.0 761.5 160.1Dec 6519.1 1008.3 3730.9 81.1 0.0 0.0 0.0 840.7 0.0 742.6 115.52005Jan 6441.7 995.5 3713.5 85.8 0.0 0.0 0.0 903.9 0.0 748.9 -5.9Feb 6574.4 980.6 3795.4 94.8 0.0 0.0 0.0 848.2 0.0 758.5 97.0Mar 6663.0 1040.7 3829.1 114.7 0.0 0.0 0.0 911.9 0.0 760.1 6.5Apr 6745.9 1042.8 3741.7 115.5 0.0 0.0 0.0 952.3 0.0 762.2 131.5May 6934.4 1036.9 3858.1 123.9 0.0 0.0 0.0 971.3 0.0 768.0 176.2Jun 6836.8 1215.9 3185.6 148.6 0.0 0.0 0.0 850.2 0.0 791.7 644.8Jul 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 -16.7Jun 8221.8 1381.3 4662.5 219.3 0.0 0.0 0.0 855.1 0.0 924.4 179.2Jul 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 -623.5Sep 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 0.0 901.1 140.8

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).


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

Jul 19578.1 15396.3 2264.2 13132.0 4181.8 -1867.3 1186.5 174.7 4420.3 267.7Aug 20422.1 15804.8 2427.0 13377.8 4617.2 -1586.5 1187.0 188.7 4559.8 268.2Sep 20687.2 16192.7 2904.2 13288.5 4494.5 -1899.7 1201.6 174.4 4747.2 271.0Oct 21933.9 17162.5 4704.0 12458.5 4771.3 -1789.6 1344.3 158.7 4788.6 269.3Nov 23170.0 18124.5 6121.6 12002.9 5045.5 -1565.2 1344.9 146.1 4849.9 269.8Dec 23045.3 17327.3 5446.6 11880.8 5718.0 -936.3 1308.8 135.8 4963.4 246.3

2005Jan 22798.4 17335.1 5546.0 11789.1 5463.4 -1274.6 1309.1 199.8 4982.2 246.8Feb 24444.9 19200.4 5334.9 13865.5 5244.5 -1568.9 1309.5 166.0 5090.5 247.3Mar 25496.1 19561.4 5412.3 14149.1 5934.7 -1029.4 1314.2 138.3 5236.7 274.8Apr 23518.1 18330.0 4163.5 14166.4 5188.1 -1859.0 1291.8 124.9 5357.0 273.4May 22480.0 16479.5 4593.3 11886.3 6000.5 -1120.2 1312.2 145.9 5368.7 293.9Jun 22950.9 16397.2 3595.0 12802.2 6553.7 -690.9 1276.0 139.5 5505.9 323.2Jul 22154.8 17182.2 2703.7 14478.5 4972.6 -2339.0 1276.3 163.4 5548.1 323.7Aug 23183.9 17640.7 2819.3 14821.4 5543.3 -2004.3 1276.8 166.2 5770.4 334.2Sep 23478.6 18113.0 2531.9 15581.1 5365.6 -2336.8 1280.9 152.2 5931.1 338.2Oct 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 28434.8 22505.0 3155.5 19349.5 5929.7 -3370.6 1278.4 120.5 7342.0 559.4Jul 29034.0 22010.4 2393.7 19616.7 7023.6 -2418.7 1273.1 362.7 7250.9 555.7Aug 29156.4 21958.4 2036.7 19921.7 7198.0 -2370.5 1273.7 348.0 7391.0 555.7Sep 29061.1 21751.9 1823.6 19928.3 7309.2 -2596.7 1276.6 243.9 8129.8 255.7Oct 29786.7 22320.4 2253.6 20066.8 7466.3 -2587.2 1275.8 344.4 8177.7 255.7Nov 29323.6 23837.9 3330.0 20507.9 5485.7 -4758.4 1276.6 355.8 8039.8 571.9Dec 29849.4 24425.4 3786.0 20639.4 5424.0 -5183.9 1268.8 142.8 8658.3 537.9

2007Jan 33694.9 26688.1 3278.8 23409.3 7006.8 -3709.0 1233.7 407.9 8540.1 534.1Feb 32866.7 26826.7 2997.9 23828.8 6040.0 -4875.1 1234.3 402.5 8744.1 534.1Mar 31741.8 25738.0 1686.4 24051.5 6003.8 -5086.9 1261.4 171.1 9117.1 541.1

Foreign Assets(Net)

TABLE 9. MONETARY SURVEY

TABLE 9. CONTINUEDMonetary Survey


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

Jul 19578.1 14305.4 6887.3 1898.3 4989.0 0.0 7418.0 0.9 5271.8Aug 20422.1 14383.9 6661.0 1877.1 4783.9 0.0 7722.9 1.8 6036.4Sep 20687.2 13476.6 6188.7 1877.2 4311.5 0.0 7287.9 1.8 7208.9Oct 21933.9 16009.5 7542.8 1930.0 5612.8 0.0 8466.6 1.8 5922.6Nov 23170.0 17658.3 9078.7 2000.3 7078.3 0.0 8579.6 1.8 5510.0Dec 23045.3 16599.5 8053.7 2070.7 5983.1 0.0 8545.7 1.8 6444.1

2005Jan 22798.4 16514.8 7920.1 2019.5 5900.6 0.0 8594.7 1.8 6281.8Feb 24444.9 16274.2 7715.7 2171.3 5544.4 0.0 8558.5 1.8 8168.9Mar 25496.1 16359.4 8752.0 2177.5 6574.5 0.0 7607.4 1.8 9135.0Apr 23518.1 15177.6 7512.5 2074.2 5438.2 0.0 7665.1 0.9 8339.6May 22480.0 16848.1 8087.8 2099.9 5987.9 0.0 8760.3 0.9 5631.0Jun 22950.9 16415.5 8444.8 2303.4 6141.4 0.0 7970.7 -48.7 6584.1Jul 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 7613.8Sep 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 28434.8 20486.1 9073.2 2614.9 6458.3 0.0 11412.8 34.8 7913.9Jul 29034.0 20454.7 9097.9 2439.4 6658.5 0.0 11356.8 0.9 8578.4Aug 29156.4 20551.9 9079.0 2463.8 6615.2 0.0 11472.9 51.3 8553.1Sep 29061.1 21009.4 9356.9 2547.0 6809.9 0.0 11652.5 100.9 7950.8Oct 29786.7 21641.9 10068.9 2544.0 7524.9 0.0 11573.0 34.8 8110.0Nov 29323.6 20487.2 9373.0 2571.7 6801.3 0.0 11114.2 33.9 8802.5Dec 29849.4 20983.7 10338.2 2762.5 7575.6 0.0 10645.5 33.9 8831.8

2007Jan 33694.9 21652.7 10089.9 2782.1 7307.8 0.0 11562.8 0.0 12042.1Feb 32866.7 21541.2 9908.5 2770.4 7138.0 0.0 11632.7 33.9 11291.6Mar 31741.8 21373.3 10299.9 2812.5 7487.5 0.0 11073.4 33.9 10334.6

NMFI Deposits

*) Starting from January 2003 onwards, major reclassifications have been carried out in the accounts of all the economic sectors. Data priorto 2003 cannot always be directly compared with the subsequent data, because of a break in continuity.

Chart 3

Net Domestic Credit (End of period)

-6000-4000-2000

02000400060008000

1000012000

2002 2003 2004 2005 2006

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

2002 2003 2004 2005 2006

Nu.

milli

ons


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

Jul 1427.3 74.6 3.6 0.1 3.5 0.0 0.0 22.6 1295.4 28.1 3.0Aug 1438.2 41.1 42.2 40.1 2.1 0.0 0.0 84.2 1259.6 8.1 3.0Sep 1447.2 47.9 2.6 0.1 2.5 0.0 0.0 22.8 1342.9 28.1 3.0Oct 1452.8 29.9 2.6 0.1 2.5 0.0 0.0 7.8 1372.6 40.0 0.0Nov 1481.0 38.7 16.4 0.1 16.3 0.0 0.0 7.9 1387.9 30.0 0.0Dec 1428.4 47.6 3.6 0.1 3.5 0.0 0.0 20.8 1345.2 8.1 3.0

2005Jan 1442.2 42.1 3.4 0.1 3.3 0.0 0.0 19.6 1366.0 8.1 3.0Feb 1441.2 15.2 3.7 0.1 3.6 0.0 0.0 19.7 1391.6 8.1 3.0Mar 1483.5 42.8 3.8 0.1 3.7 0.0 0.0 19.7 1406.0 8.1 3.0Apr 1515.2 39.8 5.5 0.1 5.5 0.0 0.0 19.6 1439.1 8.1 3.0May 1525.3 19.6 7.2 0.1 7.1 0.0 0.0 19.7 1467.7 8.1 3.0Jun 1565.3 41.6 6.8 0.1 6.7 0.0 0.0 18.7 1487.1 8.1 3.0Jul 1581.2 38.0 8.6 0.1 8.5 0.0 0.0 14.0 1509.5 8.1 3.0Aug 1613.1 35.0 8.0 0.1 7.9 0.0 0.0 15.0 1544.0 8.1 3.0Sep 2212.4 44.6 8.0 0.1 7.9 0.0 1.0 72.7 2075.0 8.1 3.0Oct 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 3.02006Jan 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 3.0

Note: Major reclassification on claims on government, government corporation, joint corporation, private sector and non-mnonetary 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, cannot be compared to data after 2003 mainly on the account of the considerable break in continuity. However, important aggregates like broad money, narrow money, foreign assets (net), and domestic credit did not change.

Foreign Assets

TABLE 10. ROYAL INSURANCE CORPORATION OF BHUTAN LIMITED - FINANCIAL STATISTICS

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 65.9 188.6 186.3 450.0 269.4 236.92004Jul 1427.3 0.0 82.8 69.6 201.6 111.8 400.0 294.9 266.7Aug 1438.2 0.0 83.3 70.7 203.9 111.8 400.0 302.7 265.9Sep 1447.2 0.0 82.8 70.9 205.7 111.8 400.0 298.6 277.5Oct 1452.8 0.0 86.1 71.7 206.4 111.8 450.0 319.4 207.5Nov 1481.0 0.0 87.3 73.4 207.2 111.8 400.0 331.5 269.9Dec 1428.4 0.0 87.2 73.8 210.7 94.5 400.0 306.4 255.72005Jan 1442.2 0.0 92.3 78.1 210.2 94.5 400.0 319.8 247.3Feb 1441.2 0.0 86.2 79.9 209.3 94.5 400.0 330.6 240.7Mar 1483.5 0.0 99.2 82.2 213.4 119.5 400.0 321.2 248.1Apr 1515.2 0.0 98.8 83.1 216.6 119.5 400.0 316.0 281.2May 1525.3 0.0 100.6 84.1 220.3 139.5 400.0 329.9 250.9Jun 1565.3 0.0 102.1 84.6 221.2 160.1 400.0 350.5 246.9Jul 1581.2 0.0 107.5 86.6 224.0 175.1 400.0 342.0 245.9Aug 1613.1 0.0 109.7 89.3 225.3 185.1 400.0 373.7 230.1Sep 2212.4 0.0 237.1 84.2 472.2 185.1 400.0 348.2 485.7Oct 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 96.0 814.4Feb 1809.6 0.0 161.6 126.1 118.8 172.4 300.0 96.0 834.7

Royal Insurance Corporation of Bhutan Limited



AssetsClaims Claims Claims Claims Claims

End Claims on on on on onof on Govt. Joint Private DMBs other

Period Total Reserves Total Rupees Others Govt. Corps. Corps. Sector (1) 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

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