27°21′30″N 88°43′52″E / 27.35833°N 88.73111°E / 27.35833; 88.73111
31-810: The Royal Monetary Authority of Bhutan ( Dzongkha : འབྲུག་རྒྱལ་གཞུང་དངུལ་ལས་དབང་འཛིན་ ) is the central bank of Bhutan and is a member of the Asian Clearing Union . It is also the minting authority for the Bhutanese Ngultrum . The Royal Monetary Authority of Bhutan was established under the Royal Monetary Authority of Bhutan Act of 1982. Subsequently, the Act of 1982 was amended by the Financial Institutions Act of 1992 and replaced in its entirety by
62-628: A Monetary Authority. The Millar Report on the rationale and legal framework for the Monetary Authority was presented to the National Assembly during its 56th Session and on 4 August 1982 the Royal Monetary Authority of Bhutan Act, 1982 was enacted. Immediately after the enactment Her Royal Highness HRH Ashi Sonam Chhoden Wangchuck, Representative of His Majesty in the Ministry of Finance was appointed as its first chairman while
93-555: A close linguistic relationship to J'umowa, which is spoken in the Chumbi Valley of Southern Tibet . It has a much more distant relationship to Standard Tibetan . Spoken Dzongkha and Tibetan are around 50% to 80% mutually intelligible, with the literary forms of both highly influenced by the liturgical (clerical) Classical Tibetan language, known in Bhutan as Chöke, which has been used for centuries by Buddhist monks . Chöke
124-679: A distinct set of rules." The following is a sample vocabulary: The following is a sample text in Dzongkha of Article 1 of the Universal Declaration of Human Rights : འགྲོ་ ’Gro- བ་ ba- མི་ mi- རིགས་ rigs- ག་ ga- ར་ ra- དབང་ dbaṅ- ཆ་ cha- འདྲ་ ’dra- མཏམ་ mtam- འབད་ ’bad- སྒྱེཝ་ sgyew- ལས་ las- ག་ ga- ར་ ra- གིས་ gis- གཅིག་ Daw Tenzin Dasho Daw Tenzin (born 1956 )
155-447: A transcription system known as Roman Dzongkha , devised by the linguist George van Driem , as its standard in 1991. Dzongkha is a tonal language and has two register tones: high and low. The tone of a syllable determines the allophone of the onset and the phonation type of the nuclear vowel. All consonants may begin a syllable. In the onsets of low-tone syllables, consonants are voiced . Aspirated consonants (indicated by
186-462: Is Bhutanese civil servant. He was the governor of the central bank, Royal Monetary Authority of Bhutan (RMA), from 18 August 2010 to August 2015. The Central Bank Act in Bhutan was amended in 2010 so that the Minister of Finance of Bhutan was no longer also the governor of the central bank. Daw Tenzin was RMA's first central bank governor who did not hold the role of finance minister. Tenzin
217-585: Is a South Tibetic language . It is closely related to Laya and Lunana and partially intelligible with Sikkimese , and to some other Bhutanese languages such as Chocha Ngacha , Brokpa , Brokkat and Lakha . It has a more distant relationship to Standard Tibetan . Spoken Dzongkha and Tibetan are around 50 to 80 percent mutually intelligible . Dzongkha and its dialects are the native tongue of eight western districts of Bhutan ( viz. Wangdue Phodrang , Punakha , Thimphu , Gasa , Paro , Ha , Dagana and Chukha ). There are also some native speakers near
248-647: Is also active in promoting financial inclusion policy and a member of the Alliance for Financial Inclusion . Dzongkha language Dzongkha ( རྫོང་ཁ་ ; [d͡zòŋkʰɑ́] ) is a Tibeto-Burman language that is the official and national language of Bhutan . It is written using the Tibetan script . The word dzongkha means "the language of the fortress", from dzong "fortress" and kha "language". As of 2013 , Dzongkha had 171,080 native speakers and about 640,000 total speakers. Dzongkha
279-471: Is often elided and results in the preceding vowel nasalized and prolonged, especially word-finally. Syllable-final /k/ is most often omitted when word-final as well, unless in formal speech. In literary pronunciation, liquids /r/ and /l/ may also end a syllable. Though rare, /ɕ/ is also found in syllable-final positions. No other consonants are found in syllable-final positions. Many words in Dzongkha are monosyllabic . Syllables usually take
310-662: Is responsible to the Board for the implementation of the policy and the management of the Authority. The Act of 2010 further promulgates a code of professional and personal conduct, integrity and secrecy requirements, duties under conflict of interest, and a law of accountability for those employed in the Authority. The Act of 2010 also codifies the role of the Authority in currency, exchanges, official practices, and defines related penal offenses . The Act of 2010 streamlines regulations on external reserves and foreign exchange. It restates
341-774: The Authority assumed the role of government banker, holding bulk of government deposits and providing finance through ways and means advance to the Government. The Agreement governing the grant of ways and means advance to the Government by the RMA was executed on 29 February 1988. With the passage of the Financial Institution Act of Bhutan1992, the Royal Monetary Authority Act 1982 was amended to include licensure, regulation and supervision of financial institutions of Bhutan. After Bhutan made
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#1732791936246372-524: The Board itself. The Board, in addition to its rulemaking authority, is also authorized to establish divisions and delegate functions as it sees fit. The executive committee also has seven members: the Governor; the two Deputy Governors; and four others appointed from the among heads of Authority Divisions by the Governor in consultation with the Deputy Governors. The Governor, as the executive,
403-755: The Classroom (2019) are in Dzongkha. The Tibetan script used to write Dzongkha has thirty basic letters , sometimes known as "radicals", for consonants . Dzongkha is usually written in Bhutanese forms of the Uchen script , forms of the Tibetan script known as Jôyi "cursive longhand" and Jôtshum "formal longhand". The print form is known simply as Tshûm . There are various systems of romanization and transliteration for Dzongkha, but none accurately represents its phonetic sound. The Bhutanese government adopted
434-512: The Government its unissued stock of notes and coins. Thereafter, the Authority took on the responsibility of consolidating, managing and operating foreign exchange reserve. In 1985, the IMF appointed Mr. Klaus Dornseif, Bundes Bank Germany, as an advisor in setting up Research and Statics Department and was instrumental in bringing out the first Annual Report in the same year besides other publications such as Quarterly Economic Indicator in 1986. In 1988,
465-485: The Government; financed other Government organizations against Government guarantees, and was the conduit through which Ngultrum notes and coins were issued to the public. Implementation of Five Years Plans resulted in robust growth, and accordingly complexity and dynamism of the economy increased. With these rapid developments, the Government, toward the end of the fourth plan, felt the need for an organization, capable of centralizing dispersed central banking functions. With
496-565: The Indian town of Kalimpong , once part of Bhutan but now in North Bengal , and in Sikkim . Dzongkha was declared the national language of Bhutan in 1971. Dzongkha study is mandatory in all schools, and the language is the lingua franca in the districts to the south and east where it is not the mother tongue. The Bhutanese films Travellers and Magicians (2003) and Lunana: A Yak in
527-640: The Royal Audit Authority, and for publication of statistics. The board of directors is a rulemaking authority consisting of seven people: a royally appointed Governor, as chair; two Deputy Governors, one of whom serves as Secretary; and four others appointed by the government including one member of the Ministry of Finance. The appointed members hold office for five years, may be reappointed once, and are forbidden to hold political affiliations or substantial interests – including any shares – in financial institutions. The Deputy Governors are appointed by
558-430: The Royal Monetary Authority Act of 2010. The Royal Monetary Authority was established in 1982. The following year, it took on the responsibilities of issuing Bhutanese currency , managing external reserves, and operating foreign exchanges. In 1988, the Authority assumed the role of government banker, holding the bulk of government deposits and providing financing. With the passage of the Financial Institutions Act of 1992,
589-531: The appointment of Mr Rabenath Mitra, a retired executive director of RBI in August 1983 as General Advisor under the IMF Technical Assistance, these responsibilities were gradually shifted to the RMA in a phase manner. On November 1, 1983, the RMA started its actual operation by taking over the liability of notes and coins previously issued by the Ministry of Finance. The RMA also took over from
620-420: The central banks in other countries. The Royal Monetary Authority Act of 2010, the latest legislation on the Royal Monetary Authority, streamlined the codification of its functions. The Act of 2010 refines the framework of the board of directors and executive committee, which comprise the administration of the Authority. It also establishes an Audit Committee for internal auditing confirmed by external audits by
651-626: The coronation of the Fourth Druk Gyalpo, His Majesty Jigme Singye Wangchuck. The Ministry also functioned as the custodian of foreign exchange balances received, essentially, as aid, which were kept with correspondent banks abroad in the name of the Ministry. The State Trading Corporation of Bhutan (which handled exports to countries other than India and ensured the repatriation of foreign exchange receipts) also held foreign exchange in its own name. The Bank of Bhutan which handled all commercial banking business in Bhutan also extended credit to
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#1732791936246682-430: The current Minister of Work and Housing Lyonpo Yeshey Zimba became the founder managing director of the RMA. However, due to lack of appropriate and adequate manpower, it took about a year for the RMA to finally emerge as an organization. During the initial stages of RMA's development, various central banking functions continued to remain with the Ministry of Finance. As organizational capacities developed, particularly after
713-418: The establishment of the RMA in 1982, functions relating to central banking were conducted principally by three agencies viz., the Ministry of Finance, State Trading Corporation of Bhutan and Bank of Bhutan. The Ministry of Finance was the currency issuer of Ngultrum (the Bhutanese currency) and had printed and issued the first Ngultrum notes in denomination of Nu 1, Nu 5, Nu 10 and Nu 100 in 1974 coinciding with
744-486: The form of CVC, CV, or VC. Syllables with complex onsets are also found, but such an onset must be a combination of an unaspirated bilabial stop and a palatal affricate. The bilabial stops in complex onsets are often omitted in colloquial speech. Dzongkha is considered a South Tibetic language . It is closely related to and partially intelligible with Sikkimese , and to some other Bhutanese languages such as Chocha Ngacha , Brokpa , Brokkat and Lakha . Dzongkha bears
775-437: The historic enactment of the Royal Monetary Authority Act of Bhutan 2010, and the appointment of Bhutan's first Central Bank Governor, Dasho Daw Tenzin by the 5th Druk Gyalpo on August 18, 2010, the status of the RMA has been elevated to that of an autonomous Central Bank with greater powers in terms of its mode of functioning and decision-making process. It now performs all central bank's functions that are generally performed by
806-643: The momentous transition to a Democratic Constitutional Monarchy in 2008, the Royal Monetary Authority of Bhutan, Act, 1982 was revised in entirety to meet the current needs. Accordingly, the Royal Monetary Authority Act of Bhutan 2010 was enacted by the Parliament of the Kingdom of Bhutan in June 2010 at its 5th Session of the First Parliament replacing the Royal Monetary Authority of Bhutan Act, 1982. With
837-499: The objective of setting up an institution capable of performing a minimum of central banking functions and one that could generate information adequate for monetary management, the Government requested the IMF for technical assistance in July 1981. Subsequently, Mr. Rechards H. Miller, Advisor, Central Banking Department IMF was appointed to study feasibility and recommend legal frame to set up
868-893: The relationship between the Authority and financial institutions and formally enables the Authority to act as the fiscal agent, adviser, and bank to the government of Bhutan . Under the law, government credit and solvency are substantively and procedurally regulated, restricting government loans and advising the government on its budget to prevent indebtedness. Department of Internal Audit Department of Administration & Finance Department of Foreign Exchange & Reserve Management Department of Banking Financial Intelligence Department Department of Technology and Innovation Macroeconomic Research & Statistics Department Department of Financial Regulation & Supervision Department of Payment & Settlement Systems Department of Currency Management Regional Office, Phuntsholing Regional Office, Mongar The Royal Monetary Authority of Bhutan
899-536: The substantive framework of the Authority was expanded to include licensure, regulation, and inspection of financial institutions in Bhutan. The Constitution of 2008 specifically authorizes the government to manage public finance and the monetary system, affirming previous law. Public finance is backed by the Consolidated Fund, while the monetary system is the purview of the Central Bank. Prior to
930-494: The superscript h ), /ɬ/ , and /h/ are not found in low-tone syllables. The rhotic /r/ is usually a trill [ r ] or a fricative trill [ r̝ ] , and is voiceless in the onsets of high-tone syllables. /t, tʰ, ts, tsʰ, s/ are dental . Descriptions of the palatal affricates and fricatives vary from alveolo-palatal to plain palatal. Only a few consonants are found in syllable-final positions. Most common among them are /m, n, p/ . Syllable-final /ŋ/
961-439: Was used as the language of education in Bhutan until the early 1960s when it was replaced by Dzongkha in public schools. Although descended from Classical Tibetan, Dzongkha shows a great many irregularities in sound changes that make the official spelling and standard pronunciation more distant from each other than is the case with Standard Tibetan. "Traditional orthography and modern phonology are two distinct systems operating by