The Royal Monetary Authority of Bhutan in collaboration with the Ministry of Finance, the Bank of Bhutan and the Bhutan National Bank launched the Foreign Currency Account Facility for the Non-resident Bhutanese on 9th October 2016 in New York, USA. The launch was graced by Hon’ble Finance Minister, Lyonpo Namgay Dorji.
The scheme is being introduced in recognition of the significant role that inward foreign currency remittances can play in boosting the country’s foreign exchange reserves and in promoting personal savings. The facility is being made available exclusively to the Non-resident Bhutanese who live, work or study overseas, to enable them to remit their earnings and savings to their personal foreign currency accounts or to their family members in Bhutan.
The RMA has developed a safe and secure web-based online system called RemitBhutan (www.remitbhutan.bt) to facilitate Non-resident Bhutanese to conveniently and safely apply for and open non-face-to-face foreign currency account online.
Speaking to about more than 200 Non-resident Bhutanese in New York, Lyonpo Namgay Dorji highlighted the importance of foreign currency remittances in boosting the country’s foreign exchange reserves and in inculcating savings culture. Lyonpo Namgay Dorji also handed over the International Debit Cards to those Non-resident Bhutanese who have already applied online and opened the Foreign Currency Account.
The facility comes with different schemes and has various attractive incentives, such as preferential interest on deposits, full repatriation of the principal amount and these accounts can act as security deposit to avail Ngultrum loan. Furthermore, the account holder can open the account with zero balance and will be provided with International Debit Cards and access to the Internet and Mobile banking facilities. The banks will maintain strict confidentiality of account holders and be able to enjoy other exclusive incentives on these accounts from time to time.
The event was facilitated by Permanent Mission of the Kingdom of Bhutan in New York.
The RemitBhutan was officially launched by His Excellency Lyonchhen Tshering Tobgay on 21st September 2016 in Thimphu.