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International Monetary Fund. Monetary and Capital Markets Department

with a view, down the road, to support RMA’s plan to establish a liquidity forecasting and management framework. The mission comprised Bernard J. Laurens (Consultant, mission chief), and Stéphane Couderc (Consultant). The mission held discussions with RMA Governor Dasho Penjore, RMA Deputy Governor Tshogyel Yangchen, several RMA Directors, a number of RMA staff, as well as the Director from the Department of Public Accounts (DPA), and representative from several commercial banks operating in Bhutan. The mission expresses its gratitude to Mr. Gopal Giri, Director

International Monetary Fund. Monetary and Capital Markets Department

. Liquidity is a key transversal topic that requires close interdepartmental cooperation. A Liquidity Team, functioning as “matrix” with experts from relevant RMA Departments (Research and Statistics, Banking, Regulation and Supervision, Payment Systems) should be set up. Liquidity Committee. The Liquidity Team should report weekly/biweekly on liquidity conditions (and possibly policy proposals) to a Liquidity Committee. Before initiating efforts to forecast liquidity and operate a set of discretionary monetary policy instruments, RMA staff should gain an expertise

International Monetary Fund. Statistics Dept.
This paper discusses Bhutan’s Technical Assistance Evaluation report. Participation in the statistical projects financed by the Japanese government in national accounts, prices, government finance, and balance-of-payments statistics is having a major effect on Bhutan’s statistical development. The statistical compilers were well informed about the donor as the source of funding. The method of combining regional workshops and multiple missions was considered to be particularly suitable. Cross-sectoral data consistency and coordination are increasingly recognized as important. Computerized accounting systems for the budgetary central government have been introduced, namely the Multi-Year Rolling Budget and the Public Expenditure Management System.
International Monetary Fund. Monetary and Capital Markets Department
This Technical Assistance report highlights that setting up a liquidity forecasting framework would go a long way in establishing a key building block allowing the Royal Monetary Authority of Bhutan (RMA) to fulfil its legal mandate to formulate and implement monetary policy in ways better aligned with current central bank practices. The structural liquidity surplus, mainly due to foreign reserves accumulation, has been broadly stable in the absence of RMA intervention. The paper discusses that the volatility of autonomous factors and the fragmentation of the money market justify ambitious steps by the RMA towards setting up a liquidity management framework. The mission identified several constraints and gaps that need to be addressed to support the effectiveness of a liquidity forecasting framework. The mission’s recommendations presented in the report aim at streamlining the processing of the Government’s financial transactions and cash balances. Looking ahead, monetary policy transmission would benefit from developing RMA’s liquidity forecasting and management capacity.
International Monetary Fund. Monetary and Capital Markets Department
International Monetary Fund. Statistics Dept.

found the following issues based on discussions with RMA staff: (i) for the central bank balance sheet, RMA staff was compiling the IMF report form (SRF-1SR) manually by entering the data from the RMA balance sheet to the SRF; (ii) for the ODCs aggregated balance sheet, semi-automation had been implemented; however, due to the introduction of several new categories in the balance sheet of ODCs, vertical-check errors were found; and (iii) misclassifications of financial instruments and institutional units in the SRFs. The mission together with RMA staff corrected the

International Monetary Fund

,345 Memorandum item: Reserve money (12-month percent change) 35.3 17.0 -0.3 44.3 -1.2 -3.4 14.2 Source: Data provided by the Bhutanese authorities. 1/ Includes other financial institutions. 2/ Includes advances to RMA staff. 3/ Rupee overdraft facilities. Table 12. Bhutan: Assets and Liabilities of the Bank of Bhutan, 2003–2009 (In millions of ngultrum) 2003 Jun. 2004 Jun. 2005 Jun. 2006 Jun. 2007 Jun. 2008 Jun. 2009 Jun. Assets Reserves

International Monetary Fund

by the Bhutanese authorities. 1 / Includes other financial institutions. 2 / Includes advances to RMA staff. 3 / Rupee overdraft facilities. Table 20. Bhutan: Assets and Liabilities of the Bank of Bhutan, 1994-98 (In millions of ngultrum) 1994 June 1995 June 1996 June 1997 June 1998 June 1998 Sept. Reserves 809.7 1,033.3 1,901.1 1,412.7 2,336.4 1,660.5 Required reserves 13.5 315.5 405.4 420.3 201.0 212.6 Cash 25.5 23.1 27.0 36.2 50.3 26

International Monetary Fund
In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country.
International Monetary Fund

,093.9 1,482.1 Source: Data provided by the Bhutanese authorities. 1/ End-June figures. 2/ Includes other financial institutions. 3/ Includes advances to RMA staff, 4/ Rupee overdraft facilities. Increase in 1994 reflects transfer of these liabilities from the Bank of Bhutan to the RMA. 5/ Includes foreign exchange valuation account. Table 20. Bhutan: Assets and Liabilities of the Bank of Bhutan, 1992–96 1/ (In millions of ngultrum) 1992 1993 1994 1995 1996 Reserves 1,295.7 1