Bhutanese central bank warns of external imbalances


The Royal Monetary Authority of Bhutan's monetary policy statement, published in June, warned of growing external imbalances with India that threaten the peg of the Bhutanese currency, the ngultrum, to the rupee.

The statement, which is published annually, highlighted strong aggregate demand for rupees. "Corresponding to the growing dynamism of the economy… the propensity to consume versus our national capacity to earn has deepened our dependence on external development assistance and borrowing

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