SELECTED ECONOMIC INDICATORS - RMA Publication/SEI/SEI JUNE2008.pdf · Indian rupee reserves. Based on provisional 2007/08 imports, the reserve cover of merchandise imports increased

ROYAL MONETARY AUTHORITY OF BHUTAN

SELECTED ECONOMIC INDICATORS

JUNE 2008

SELECTED ECONOMIC INDICATORS

ROYAL MONETARY AUTHORITY OF BHUTAN Vol.22. No.2 JUNE 2008

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

i RMA. Selected Economic Indicators, December 2007

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.......................................................... 51 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,

ii RMA. Selected Economic Indicators, December 2007

Convertible Currency and Rupee .................................................... 59 Table 27: Bhutan’s Outstanding External Debt – Fiscal Year Position............ 61 Table 28: External Debt Outstanding By Individual Creditor Categories ......... 63 Table 29: Bhutan’s Debt Service Payments by Creditor Categories ............... 64 Table 30: Exchange Rate, Ngultrum/US Dollar ............................................... 65 Table 31: Exchange Rate, Japanese Yen/US Dollar....................................... 66 Table 32: Exchange Rate, Euro/US Dollar ...................................................... 67 Table 33: Summary of Budgetary Operations ................................................. 69

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 ................................................................... 50 Chart 12: Gross Convertible Currency Reserves ............................................ 50 Chart 13: Tourism Contribution to GDP .......................................................... 56 Chart 14: Tourism Earnings as % of Domestic Revenue ................................ 56 Chart 15: External Debt Outstanding .............................................................. 58 Chart 16: Creditor-wise Loans Outstanding .................................................... 58 Chart 17: Total Debt Outstanding as % of GDP.............................................. 62 Chart 18: Debt Service Ratio .......................................................................... 62 Chart 19: Exchange Rate, Ngultrum/US Dollar ............................................... 65 Chart 20: Exchange Rate, Japanese Yen/US Dollar....................................... 66 Chart 21: Exchange Rate, Euro/US Dollar ...................................................... 67 Chart 22: Domestic Revenue.......................................................................... 68 Chart 23: Government Expenditure ................................................................ 68 Chart 24: Fiscal Balance (% of GDP).............................................................. 70 Chart 25: Summary of the Government Budget .............................................. 70

ANNEXURES........................................................................................................... 71

Annex I. Royal Monetary Authority of Bhutan - Balance Sheet ..................... 72 Annex II. Royal Monetary Authority of Bhutan - Income and Expenditure

Statement........................................................................................ 75

1

RMA. Selected Economic Indicators, June 2008

sw The Selected Economic Indicators (SEI) is 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 second quarter of 2008. We thank all those who have contributed to the information contained in this Report.

PREFACE

2


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

3


As per the national accounts statistics of the National Statistics Bureau, real GDP growth increased to 21.4 percent in 2007 from 6.3 percent in 2006. The annual growth rate of broad money (M2) declined from 7.7 percent as of the quarter ending March 2008 to 2.3 percent as of quarter ending June 2008. Inflation (year-to-year change of the consumer price index) was recorded at 8.85 percent in the second quarter of 2008, compared to 6.03 percent in the first quarter. Country’s exports decline by 26.26 percent, while imports fall by 5.38 percent, with a resulting of trade deficit of Nu.3,086.2 million from trade surplus of Nu.2,061.8 million in 2006/07. The decline in the services and income accounts, the current account surplus deteriorated from 15.9 percent of GDP in 2006/07 to a surplus of 4.1 percent in 2007/08. The continued net inflow of current transfers has resulted current account to be in surplus in 2007/08. The capital and financial account balances deteriorated in 2007/08. With the winding down of the Tala project, related grant and loan inflows have decreased and there was also decrease in the FDI related inflows during the review period. resulting

As of the quarter ending June 2008, continued increase in convertible currency reserve holdings contributed to a rise in the gross international reserves to USD 649 million. Out of this total amount, USD 624.3 million were convertible currency reserves, while the remaining, equivalent of USD 24.7 million (Rs.1057.9 million) were Indian rupee reserves. Based on provisional 2007/08 imports, the reserve cover of merchandise imports increased from 13.3 months at the end of 2006/07 to 15.1 months as of June 2008. As of June 2008, total outstanding external debt increased to an equivalent of USD 814.5 million, of which, USD 350.9 million were outstanding on convertible currency loans. The remaining equivalent of USD 463.6 million (INR 18.7 billion) were outstanding rupee loans. The government of India is the largest creditor, with total outstanding debt owed at Rs.18.7 billion as of June 2008. The GOI is followed by the ADB with USD 121.3 million and the World Bank with USD 95.1 million. Outstanding debt owed to the government of Austria stood at an equivalent of USD 73.6 million.

OVERALL ECONOMIC SITUATION

4


The total fiscal budget outlay for 2007/08, revised as of June 2008, was Nu. 22.2 billion, higher by Nu. 4.4 billion as compared to 2006/07 actual budget outlay. The increase was mainly due to incorporation of unbudgeted expenditures of new development activities.

5


A SUMMARY OF ECONOMIC INDICATORS

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 4.9 4.5 -190.0 28.9 127.9 - 0.6 2497.5 323.0 377.7 45.6 54.12006

Jan -176.2 32.0 71.1 - 0.4 5290.0 377.5 496.6 44.4 53.7Feb 3.1 4.1 -130.7 36.5 47.0 - 0.5 4546.3 380.1 482.7 44.3 52.9Mar -164.0 35.5 42.7 - 2.0 4008.8 388.1 478.2 44.5 53.5Apr -112.1 36.8 47.0 - 4.7 5732.6 338.5 466.1 44.9 55.2May 6.2 4.6 -191.0 36.9 42.7 - 1.4 3895.4 402.1 487.9 45.4 58.0Jun 6.1 34.4 821.1 - 0.4 3127.7 418.5 486.4 46.1 58.3Jul 104.0 35.4 264.3 - 0.5 2353.8 420.4 471.1 46.5 58.9Aug 5.4 5.1 105.6 32.3 444.6 0.0 0.8 2006.3 426.4 469.5 46.5 59.6Sep 94.4 34.4 1697.5 203.0 3.3 1802.8 430.2 469.3 46.1 58.7Oct 91.2 33.8 587.3 111.7 6.2 2225.0 439.6 488.6 45.5 57.3Nov 5.3 5.6 72.6 33.9 582.7 91.4 2.9 3308.1 455.5 529.2 44.9 57.8Dec 44.9 35.5 913.5 859.6 0.8 3768.5 460.9 545.4 44.6 59.0

2007Jan 5.3 32.3 172.2 245.8 0.5 3251.1 526.5 599.8 44.3 57.6Feb 4.3 6.4 34.7 28.8 104.9 166.7 1.0 2973.4 538.0 605.4 44.2 57.7Mar 87.2 28.4 373.0 618.6 3.7 1654.2 545.0 582.5 44.0 58.3Apr 31.9 31.9 104.9 166.7 4.1 1110.3 541.2 567.6 42.1 57.0May 5.9 5.4 41.0 33.4 148.4 262.0 1.4 1010.9 570.9 595.7 40.8 55.1Jun 209.9 35.0 845.8 1352.2 0.7 769.6 589.5 608.4 40.8 54.7July -1266.7 36.1 546.2 836.2 0.5 -380.2 598.5 589.1 40.4 55.4Aug 5.5 4.1 -1659.2 37.8 594.4 1095.9 1.0 373.4 584.1 593.3 40.8 56.0Sept 856.8 34.4 580.5 1072.4 4.3 1393.8 582.6 617.1 40.3 56.0Oct 500.1 35.8 473.4 752.2 7.3 2135.6 592.5 646.6 39.5 56.2Nov 4.8 3.4 136.5 35.3 239.6 348.4 4.0 3578.5 607.6 698.4 39.4 57.9Dec 97.6 33.6 155.0 214.4 1.4 3965.3 603.9 704.5 39.4 57.5

2008Jan -30.9 34.1 104.6 149.5 0.6 782.6 607.0 626.9 39.4 57.9Feb 6.0 5.8 -44.8 -20.6 78.2 110.6 1.5 943.6 588.1 611.9 39.7 58.6Mar -64.9 39.1 93.7 146.3 5.1 486.6 617.2 629.2 40.4 62.6Apr -66.7 34.8 161.2 275.7 4.4 -44.2 628.5 627.4 40 63May 8.8 9.6 -68.8 33.6 206.9 327.4 2.4 -418.1 635.1 625.1 42.1 65.3June 12.7 33.5 521 940.7 1.1 -885.6 634.2 613.5 42.8 68

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

Net International reserves3)5)

in millions of:

Tala power sales

Exchange rates6)

BTN/ BTN/

SECTORAL DEVELOPMENTS

7


DOMESTIC ECONOMY As per the national accounts statistics of the NSB, real GDP growth increased to 21.4 percent in 2007 as compared to 6.3 percent in 2006.

The Secondary sector was the main contributor to the real GDP growth followed by the tertiary sector (which includes Whole sale & Retail Trade;Hotel & Restaurant; Transport,storage & commuinication; Financing,insurance & real estate;Community,social & personal services and private social & recreational services).

In terms of sub-sector contribution, the electricity sub-sector contributed the highest, followed by construction sub-sector. The Secondary sector witnessed the fastest growth in 2007 (52.8 percent) while accounting for 43.3 percent of the nominal GDP. Within the secondary sector, electricity sub-sector had the highest growth(120.8 percent) followed by manufacturing at 5.8 percent and construction at 5.7 percent. Convertible currency paying tourist arrivals in 2nd quarter of 2008 increased by 37.6 percent over same quarter last year, while subsequent revenue earnings totalled USD 7.9 million, an annual increase of 24. percent. In the meanwhile, on the hydropower

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

02468

101214161820

2003 2004 2005 2006 2007

Real GDP Growth (By Sector)

0

10

20

30

40

50

60

2003 2004 2005 2006 2007

perc

ent

Primary Sector Secondary Sector Tertiary Sector

Quarter-wise Arrivals (Convertible Currency Paying Tourists)

02000400060008000

10000

Q2

Q2

Q2

Q2

2005 2006 2007 2008

Foreign Exchange Earnings from Tourism(USD million)

0.02.04.06.08.0

10.012.014.0

Q2

Q2

Q2

Q2

2006 2007 2008

8


In the meanwhile, on the hydropower front, total export earnings in the second quarter of 2008 amounted to Nu.2.5 billion, as compared to Nu. 2.1 billion in the same quarter of 2007. Export sales of Chukha increased by 4.8 percent, Kurichhu decreased by about 2.1 percent and Tala increased by 25.9 percent as compared to the second quarter of 2007. As you can clearly see in the chart, the export sales of electricity follows a cyclical trend, with exports earning reaching the highest in the third quarter and the lowest in the first quarter of every year. Total electricity sales (export and domestic) in the second quarter of 2008 amounted to Nu.2.7 billion. (Please refer to Table 3 for more details on hydropower sales).

Power Sales

0100020003000400050006000

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

2006 2007 2008

Millions of Nu.

Exports Domestic Sales

9


MONEY & BANKING *) The annual growth rate of broad money (M2) declined from 7.7 percent as of the quarter ending March 2008 to 2.3 percent as of quarter ending June 2008. Decline in Net Foreign Assets (NFA) on the assets side and narrow money (M1)

on the liability side led to this decline in the M2. (Details of the monetary survey are in Table 9) The M1 recorded a negative annual growth rate of 17.6 percent in the review quarter, from 28.5 percent in quarter ending March 2008. This is mainly due to decrease in demand deposits. As of end-June 2008, demand deposits recorded negative growth of 24.5 percent and currency in circulation outside banks recorded 12.7 percent. *) 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.

Growth in quasi money (QM) improved to 11.7 percent as of end-June, 2008 against negative 12.6 percent as of end-March 2008. This was mainly due to increase in the growth rate of the foreign currency deposits. On the counterpart side, annual growth of NFA, which is the major counterpart of the money supply, increased to 6 percent as of end-June 2008 from negative 0.1 percent as of end-march 2008. In the review month convertible foreign currency assets witnessed higher growth (12.3 percent versus 3.8 percent), while growth in Indian Rupee asset further deteriorated to negative 205 percent as compared to negative 55.8 percent in the previous quarter ending. As of end-June 2008, NFA amounted to Nu.26,365.6 million, out of which, convertible foreign currency amounted to Nu.27,200.1 million and the Indian rupee to Nu.-834.5 million. Domestic credit, the other counterpart of M2, decelerated from 36.9 percent in March 2008 to 13.2 percent in June 2008. This is mainly due to decrease in claims on the government. Credit to the private sector increased slightly from 38.5 percent as of March 2008 to 39.6 percent in the review month. Growth of Other Items Net (OIN) increased significantly to 28 percent in June 2008 from negative 3.6 percent in March 2008.

Money Supply(Millions of Nu.)

040008000

120001600020000240002800032000

Q1 Q2 Q3 Q4 Q1 Q2

2007 2008

Broad money Narrow moneyQuasi money

10


Annual inflation, as measured by the consumer price index (CPI), was recorded at 8.85 percent in the second quarter of 2008 from 6.03 percent in the first quarter of 2008. The increase in the general prices of food items rose from 10.99 to 12.32 percent and the non-food increased to 7.19 percent from 3.78 percent. Activities of Commercial Banks The total assets and liabilities of commercial banks increased to Nu 27,279.9 million as of June 2008 from Nu.26,508 million in the same period last year, recording lower annual growth of 2.9 percent (Please refer to Tables 6-8 for details).

Total reserves with the RMA amounted to Nu.9,873.2 million as of June 2008, which works out to roughly 40 percent of their total assets. Of the total reserves, 38 percent were absorbed through

CRR, 6 percent were held in cash, 4 percent were held in RMA bills while 52 percent were held as other deposits. In addition to reserves held with the RMA, excluding cash in hand, the banks held Nu.1,718.7 million worth of foreign assets (both in Indian rupee and convertible foreign currency) as of end-June 2008. Commercial banks’ credit to the private sector increased to Nu.13, 875.9 million as of end-June 2008, representing an annual growth of 39.8 percent. Meanwhile, the commercial banks credit to asset and credit to deposit ratios remained at an average of 55.1 percent and 68.0, respectively in the first quarter of 2008.

Of the total deposit liabilities of the commercial banks (Nu.22,139.8 million in June 2008), 48.8 percent by Individuals, 30.2 percent were held by government corporations, and the remaining were held by the other sectors.

Financial Institutions' Contribution to Credit-Q2 2008

BOBL33%

RICBL11%

BDFCL12%

BNBL44%

Composition of Commercial Banks' Reserves (June 2008)

RMA Bills4%

Cash6%

Other Deposits

52%

CRR38%

11


Activities of Non-Bank Financial Institutions (NBFIs) The total assets and liabilities of the NBFIs increased to Nu.5, 000 million in June 2008 from Nu.3,950.1 million in the same period last year, recording an annual growth of 27.3 percent. This increase was mainly on account of the rise in their claims on the private sector which increased by 27.5 percent, to Nu. 4,452.9 million in June 2008. Meanwhile credit accounted for about 89.2 percent of their total assets. (Please refer to Tables 10 and 11 for details) .

Financial Institutions' (FI) Sectoral Credit Activity The growth (y-on-y) in the total credit of financial institutions increased to 30.6 percent in June 2008 from 28.2 percent in June 2007. The total credit as of June 2008 stood at Nu.18,924 million. Of the total, 29.1 percent were invested in building and construction, followed by trade and commerce (17.4 %), manufacturing (16.8%), and service and tourism (13.7%), with the remaining invested in other sectors

0

1,000

2,000

3,000

4,000

5,000

6,000

Nu.

in M

illio

n

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

2006 2007 2008

Credit Activity (Quarter end)

Agriculture Service & Tourism Manufacturing

Building & Construction Trade & Commerce Transport

Personal & Other Loans

12


EXTERNAL SECTOR ____________________________ (Please see Tables 17-19 for details) During the fiscal year 2007/08, Bhutan experienced decrease in exports, by 26.3 percent over 2006/07. Exports to India decreased by 23.3 percent compared to rise in imports by 2.6 percent. Exports to countries other than India decreased by 34.5 percent compared to a 24.6 percent decrease in imports. As a result, the economy experienced an overall trade deficit of Nu.3086.2 million from trade surplus of Nu.2,061.8 million in 2006/07. In terms of the composition of trade, hydropower continues to remain Bhutan’s dominant export, accounting for 53 percent of the total export in 2007. Other major exports were unrecorded media (discs, tapes, solid-state non-volatile storage device, smart card and media), copper products, ferro-alloys and cement. Major imports during 2007 were copper wire, high-speed diesel, crude palm oil, base metals and article of base metal. In the invisibles account, both the services and income accounts deteriorated to negative Nu.54.7 million and Nu.1,367.1 million respectively. The current transfers still recorded a net inflow of Nu.6,597 million, an increase by Nu.2,369 million in 2007/08 over 2006/07.

As a result of the decrease in the current account balance, Bhutan’s current account surplus of 15.9 percent of GDP in 2006/07 deteriorated to 4.1 percent of GDP in 2007/08. The capital and financial account of Nu.1.90 billion in 2007/08, a decrease from Nu.5.09 billion in 2006/07, was primarily because of the decline in Tala related grants and loan inflows; and decrease in FDI related inflows. The overall balance decreased by 59.7 percent, from Nu.5,054.7 million to Nu.2,035.3 million during the period under review.

Bhutan: Overall BOP

-10000

-5000

0

5000

10000

2005/06 2006/07 2007/08(p)

Nu.

Mill

ions

Trade BalanceCurrent Account BalanceOverall BalanceCapital & Financial Account Balance

13


As of the quarter ending June 2008, continued increase in convertible currency reserve holdings has contributed to a rise in the gross international reserves to USD 649.0 million, an increase of 8.09 percent over the end of 2006/07. Out of this total amount, USD 624.3 million were convertible currency reserves, while the remaining, equivalent of USD 24.71 million (Rs.1057.9 million), were Indian rupee reserves. The reserve cover of merchandise imports increased from 13.3 months at the end of 2006/07 to 15.1 months as of June 2008. (Please see Table 20 for details)

Import Cover of Reserves (in Months)

13.28

0.56

49.35

020406080

100120140160180200

2002/03 2003/04 2004/05 2005/06 2006/07

Total Rupee Convertible Currency

External Debt Indicators 2003/04 2004/05 2005/06 2006/07 June '08Debt Outstanding (in millions)

Total (USD) 529.2 595.9 689.1 724.7 814.5 Convertible Currency (USD) 216.0 235.5 277.8 309.0 350.9 Indian Rupee (INR) 14,222.3 16,075.4 18,400.2 18,369.9 18,715.4

Debt/GDP ratio *Total 81.8 82.2 84.3 77.3 63.8Convertible Currency loan 33.4 32.5 34.0 33.0 27.5Indian Rupee loan 48.4 49.7 50.3 44.3 36.3

Debt servicing ratio **Total 6.8 11.9 7.6 3.6 17.9Convertible Currency loan 22.8 23.5 15.6 8.0 12.9Indian Rupee loan 2.4 9.4 5.5 2.3 19.3

* 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.

14


As of June 2008, total outstanding external debt increased to an equivalent of USD 814.5 million, of which, USD 350.9 million were outstanding on convertible currency loans. The remaining equivalent of USD 463.6 million (INR 18.7 billion) were outstanding rupee loans. Debt servicing as of June 2008, amounted to USD 14.8 million on convertible currency debt and Rs. 3,170.2 million on INR debt. The government of India is the leading creditor, followed by the ADB with USD 121.3 million, and the World Bank with USD 95.1 million as of June 2008. Outstanding debt owed to the government of Austria stood at an equivalent of USD 73.6 million. In exchange rate developments, the Ngultrum averaged around Nu.41.66 per US dollar in the second quarter of 2008, depreciation by 4.41 percent over the previous quarter (March-08). Among other major currencies, the Euro appreciated against the USD by 4.79 percent, and the Yen by 0.65 percent, from the fourth quarter of 2007. (Please refer to tables 30-32 for details)

BTN vis-à-vis the USD

37.038.039.040.041.042.043.044.0

Jun'07 Sep '07 Dec `07 Mar '08 Jun '08

Ngultrum

Yen vis-a-vis the USD

0.0020.0040.0060.0080.00

100.00120.00140.00

Jun '07 Sep '07 Dec '07 Mar '08 Jun '08

Yen

per

US

D

Euro vis-a-vis the USD

0.5600.5800.6000.6200.6400.6600.6800.7000.7200.7400.760

Jun'07

Sept'07

Dec'07

Mar'08

Jun'08

Eur

o pe

r USD

15


GOVERNMENT FINANCE

(Please see Table 33 for details) According to the budget estimates for 2007/08, total outlay increased to Nu.22.2 billion, by 40.7 percent over the total outlay of 2006/07. The current expenditure increased by 38.7 percent and the capital expenditure by 42.6 percent in the review period. On the resource front, total revenue including grants increased by 27.4 percent to Nu. 20.5 billion. The percentage share of tax revenue and non-tax revenue to the total resources were 23.6 percent and 33 percent, respectively. Grants constitute 40.7 percent of the total resources.

According to the revised budget for 2007/08, 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 significant increase in both current and capital expenditure, the overall budget is estimated to be in deficit of Nu.1.7 billion as compared to a surplus of Nu.287.7 million in the previous year. The resource gap during the period is estimated at Nu.2.2 billion, which will be financed through internal borrowings.

Budget estimates for 2007/08, revised as of June 2008 are compared here with the 2006/07 actual budget.

Financing the Deficit

-500.0

0.0

500.0

1000.0

1500.0

2000.0

2003/04 2004/05 2003/06 2005/06 2006/07 2007/08 (r)

Nu.

in m

illio

ns

-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

17


Sect

or20

0020

0120

0220

0320

0420

0520

06

2007

1. A

gric

ultu

re, l

ives

tock

,

and

fore

stry

55

6960

3768

8472

9278

6482

5688

58.9

9577

.818

.6

1.1

Agric

ultu

re p

rope

r25

1626

8230

0031

9234

8136

8539

27.9

4384

.48.

5

1.2

Live

stoc

k 17

4719

3020

0721

6323

3125

5727

30.4

3010

.55.

8

1.3

Fore

stry

and

logg

ing

1305

1425

1877

1938

2052

2014

2200

.621

82.9

4.2

2. M

inin

g an

d qu

arry

ing

315

422

457

581

440

550

877.

888

9.8

1.7

3. M

anuf

actu

ring

1627

1855

1945

2127

2361

2564

2812

.932

83.0

6.4

4. E

lect

ricity

and

wat

er22

5522

7926

5833

5230

8536

3550

63.9

1207

9.1

23.4

5. C

onst

ruct

ion

2761

3818

4711

5022

5741

6219

6019

.769

36.8

13.5

6. W

hole

sale

and

reta

il tra

de88

210

4512

8314

4717

2620

8923

74.2

2648

.15.

17.

Hot

el a

nd re

stau

rant

8811

312

013

516

921

230

1.0

366.

80.

78.

Tra

nspo

rt, s

tora

ge, a

nd c

omm

unic

atio

n18

0020

8324

5226

2632

9538

9140

95.1

4649

.09.

09.

Fin

anci

n g, i

nsur

ance

& re

al e

stat

e14

1315

5415

8119

4922

8028

7333

72.4

3884

.47.

5

9.1

. Fi

nanc

e &

Insu

ranc

e78

290

886

510

2712

7917

6521

94.2

2540

.44.

9

9.2

. R

eal e

stat

e &

dwel

ings

631

645

716

922

1001

1109

1178

.213

44.0

2.6

10. C

omm

unit y

, soc

ial s

ervi

ces

2814

3037

3342

3664

3823

4472

4895

.053

11.8

10.3

1

0.1.

Pub

lic A

dmin

istra

tion

2050

2262

2556

2778

2867

3463

3658

.138

75.4

7.5

1

0.2.

Edu

catio

n an

d he

alth

764

775

786

886

956

1009

1236

.914

36.4

2.8

11. P

rivat

e so

cial

, per

sona

l & re

crea

tiona

l ser

vice

s96

101

111

124

144

172

212.

624

1.9

0.5

12. P

lus:

taxe

s ne

t of s

ubsi

dies

491

551

878

1068

1393

1532

1564

.616

53.0

3.2

G

ross

Dom

estic

Pro

duct

2011

1.7

2289

5.0

2642

2.2

2938

5.6

3232

0.0

3646

2.6

4044

8.1

5152

1.5

100.

0

G

DP

Gro

wth

rate

(%)

9.7

13.8

15.4

11.2

10.0

12.8

10.9

27.4

Dis

crep

anci

es in

the

figur

es a

re d

ue to

roun

ding

TAB

LE 1

. GR

OSS

DO

MES

TIC

PR

OD

UC

T B

Y K

IND

OF

AC

TIVI

TY A

T C

UR

REN

T PR

ICES

Year

Shar

e of

G

DP

in

2007

(%)

Sou

rce:

Nat

iona

l Acc

ount

s S

tatis

tics,

200

8, N

atio

nal S

tatis

tics

Bur

eau.

Mill

ions

of N

gultr

um

18


Sect

or20

0020

0120

0220

0320

0420

0520

0620

07

1. A

gric

ultu

re, l

ives

tock

,

and

fore

stry

55

68.5

5849

.260

09.3

6138

.462

50.1

6273

.863

95.9

6421

.70.

4

1.1

Agric

ultu

re p

rope

r25

16.0

2616

.926

89.4

2765

.628

08.2

2860

.928

98.1

2948

.51.

7

1.2

Live

stoc

k 17

47.4

1887

.719

19.1

1926

.519

33.1

1976

.419

94.2

2013

.31.

0

1.3

Fore

stry

and

logg

ing

1305

.113

44.6

1400

.814

46.3

1508

.814

36.5

1503

.614

59.9

-2.9

2. M

inin

g an

d qu

arry

ing

314.

937

0.4

406.

840

2.4

381.

344

6.6

531.

565

4.5

23.1

3. M

anuf

actu

ring

1627

.316

55.9

1732

.818

44.1

1943

.820

11.0

2088

.022

09.9

5.8

4. E

lect

ricity

& w

ater

2255

.321

84.6

2560

.730

30.3

2980

.232

60.5

4387

.796

86.0

120.

85.

Con

stru

ctio

n27

61.4

3460

.943

28.7

4448

.748

19.8

4701

.242

47.5

4490

.35.

76.

Who

lesa

le a

nd re

tail

trade

882.

110

28.7

1233

.813

78.0

1633

.118

78.1

1948

.220

94.4

7.5

7. H

otel

s an

d re

stau

rant

s88

.111

1.5

115.

112

8.8

157.

018

6.0

246.

126

2.7

6.7

8. T

rans

port,

sto

rage

, and

com

mun

icat

ion

1799

.718

43.7

2000

.320

07.4

2447

.926

60.6

2856

.531

78.6

11.3

9. F

inan

cin g

, ins

uran

ce &

real

est

ate

1413

.014

92.8

1449

.717

70.9

1991

.125

07.8

2905

.530

57.4

5.2

9

.1.

Fina

nce

& In

sura

nce

781.

989

5.6

900.

810

80.1

1291

.718

00.1

2185

.822

84.6

4.5

9

.2.

Rea

l est

ate

& dw

ellin

gs63

1.1

597.

254

8.9

690.

869

9.4

707.

771

9.7

772.

87.

410

.Com

mun

ity, s

ocia

l ser

vice

s 28

13.9

2847

.430

50.7

3287

.833

07.9

3743

.439

07.7

4033

.73.

2

10.

1. P

ublic

Adm

inis

tratio

n20

49.7

2187

.724

12.1

2567

.825

33.6

2905

.629

19.4

2943

.70.

8

10.

2. E

duca

tion

and

heal

th76

4.2

659.

763

8.6

720.

077

4.3

837.

898

8.3

1090

.010

.311

. Priv

ate

soci

al, p

erso

nal &

recr

eatio

nal s

ervi

ces

96.2

98.6

103.

311

4.2

126.

814

4.3

166.

517

8.0

6.9

12. P

lus

taxe

s on

pro

duct

s le

ss s

ubsi

dies

491.

453

2.5

828.

698

7.1

1230

.712

29.7

1200

.612

17.3

1.4

G

ross

Dom

estic

Pro

duct

2011

1.8

2147

6.2

2381

9.8

2553

8.1

2726

9.7

2904

3.0

3088

1.7

3748

4.5

21.4

G

DP

Gro

wth

rate

(%)

7.2

6.8

10.9

7.2

6.8

6.5

6.3

21.4

Dis

crep

anci

es in

the

figur

es a

re d

ue to

roun

ding

TAB

LE 2

. GR

OSS

DO

MES

TIC

PR

OD

UC

T B

Y K

IND

OF

AC

TIVI

TY IN

200

0 PR

ICES

Year

Sou

rce:

Nat

iona

l Acc

ount

s S

tatis

tics,

200

8, N

atio

nal S

tatis

tics

Bur

eau.

Gro

wth

fro

m

2006

to

2007

(%)

Mill

ions

of N

gultr

um

19


Milli

ons

of N

gultr

um Tota

lBa

soch

uCh

ukha

Kuric

hhu

Tala

Tota

lBa

soch

uCh

ukha

Kuric

hhu

Tala

Tota

lC

hukh

aKu

richh

uTa

la20

065,

581.

8

38

8.7

3,

592.

9

537.

5

1,

062.

6

603.

0

38

8.7

133.

4

19.6

61.3

4,97

8.8

3,45

9.5

51

8.0

1,00

1.3

Q

126

6.8

45

.3

16

0.8

60.7

-

97

.7

45

.3

49.1

3.3

-

16

9.2

11

1.8

57.4

-

Q

21,

059.

3

81

.3

82

1.1

156.

9

-

130.

7

81

.3

44.3

5.0

-

92

8.7

77

6.8

151.

9

-

Q3

2,25

8.8

163.

7

1,69

7.5

19

4.5

203.

0

21

6.4

163.

7

23

.0

6.

3

23.3

2,04

2.4

1,67

4.5

18

8.2

179.

7

Q

41,

996.

8

98

.4

91

3.5

125.

4

85

9.6

158.

2

98

.4

17.0

4.9

38

.0

1,

838.

6

89

6.5

120.

5

82

1.6

2007

10,9

94.4

372.

9

3,80

7.9

52

3.3

6,29

0.4

96

0.0

372.

9

58

.7

13

1.1

39

7.3

10

,034

.3

3,

749.

1

392.

1

5,

363.

2

Q1

1,10

4.6

49.7

373.

0

63

.2

61

8.6

219.

4

49

.7

18.5

13.4

137.

7

885.

3

354.

5

49

.9

48

0.9

Q2

2,41

0.9

61.1

845.

8

15

1.9

1,35

2.2

27

3.4

61.1

11

.9

37

.1

16

3.3

2,

137.

6

83

3.9

114.

7

1,

188.

9

Apr

630.

7

15.2

211.

2

41

.5

36

2.7

72

.6

15

.2

4.3

7.9

45

.1

55

8.1

20

6.9

33.5

317.

6

M

ay74

9.0

14

.3

26

1.8

51.1

421.

8

86.7

14.3

3.

8

15

.3

53

.3

66

2.2

25

7.9

35.8

368.

5

Ju

n1,

031.

2

31

.5

37

2.7

59.3

567.

7

114.

0

31

.5

3.7

13.9

64.8

917.

2

369.

0

45

.4

50

2.8

2008

3,45

0.8

125.

5

1,16

5.5

20

9.6

1,95

0.2

339.

2

12

5.5

35.8

84.7

93.2

3,11

1.6

1,12

9.7

12

4.9

1,85

7.0

Q

178

1.4

47

.3

27

6.5

51.2

406.

5

152.

5

47

.3

20.2

38.6

46.4

628.

9

256.

2

12

.5

36

0.1

Jan

288.

5

18.0

104.

6

16

.3

14

9.5

55

.1

18

.0

7.4

13.5

16.2

233.

3

97.2

2.8

13

3.3

Feb

216.

4

14.4

78.2

13.2

110.

6

46.8

14.4

6.

7

10

.2

15

.5

16

9.6

71

.5

3.

0

95.1

Mar

276.

6

14.9

93.7

21.7

146.

3

50.6

14.9

6.

1

14

.9

14

.7

22

5.9

87

.5

6.

8

131.

6

Q

22,

669.

4

78

.2

88

9.0

158.

4

1,

543.

7

18

6.6

78.2

15

.5

46

.1

46

.8

2,

482.

7

87

3.5

112.

4

1,

496.

9

Apr

488.

2

14.1

161.

2

37

.3

27

5.7

47

.4

14

.15.

113

.115

.144

0.7

15

6.1

24.1

260.

5M

ay60

9.2

16

.0

20

6.9

58.9

327.

4

54.3

16.0

5.2

16.7

16.4

554.

9

201.

742

.231

0.9

Jun

1,57

2.0

48.1

521.

0

62

.3

94

0.7

84

.9

48

.15.

316

.215

.21,

487.

1

51

5.7

46.0

925.

4

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

47.6

19.4

23.5

(1.7

)

-2.

8

19.4

(4

5.1)

8.

9

-55

.9

29

.8

(2

.1)

-

Q1

1.9

12

1.2

(6

.0)

(1

3.6)

-47

.8

12

1.2

15.7

3.0

-

(13.

6)

(1

3.2)

(14.

4)

-

Q2

52.1

119.

5

61.8

3.3

-

18.6

119.

5

(3

5.5)

14

.5

-

58.4

77.0

3.0

-

Q3

17.9

2.7

9.

2

(3.3

)

-2.

8

2.7

(4

9.0)

7.

1

-19

.8

10

.9

(3

.6)

-

Q4

120.

1

(9.3

)

35

.3

1.

4

-(2

0.8)

(9.3

)

(80.

4)

10.1

-15

9.9

52

.5

1.

0

-20

0797

.0

(4

.1)

6.0

(2

.7)

49

2.0

59

.2

(4

.1)

(5

6.0)

57

0.7

54

7.8

10

1.5

8.

4

(24.

3)

43

5.6

Q

131

4.0

9.

8

131.

9

4.

2

-12

4.6

9.8

(6

2.3)

30

4.3

-

423.

3

217.

2

(1

3.1)

-Q

212

7.6

(2

4.9)

3.

0

(3.2

)

-10

9.2

(24.

9)

(7

3.2)

63

8.2

-

130.

2

7.4

(2

4.5)

-Ap

r29

3.5

6.

0

88.3

23.0

-14

0.6

6.0

(7

0.4)

53

7.5

-

329.

0

112.

0

3.

3

-M

ay11

6.8

(4

1.8)

(0

.9)

(9

.7)

-

109.

0

(4

1.8)

(74.

8)

770.

2

-11

7.9

3.

5

(34.

7)

-

Jun

86.3

(25.

5)

(16.

2)

(1

1.0)

-93

.3

(2

5.5)

(74.

4)

585.

4

-85

.5

(1

4.2)

(29.

7)

-

2008

(68.

6)

(6

6.3)

(6

9.4)

(59.

9)

(6

9.0)

(64.

7)

(6

6.3)

(39.

1)

(35.

4)

(7

6.5)

(69.

0)

(6

9.9)

(68.

1)

(6

5.4)

Q1

(29.

3)

(4

.9)

(25.

9)

(1

9.1)

(34.

3)

(3

0.5)

(4.9

)

9.3

188.

8

(66.

3)

(2

9.0)

(27.

7)

(7

4.8)

(25.

1)

Q

210

.7

28

.1

5.

1

4.3

14

.2

(3

1.7)

28.1

30

.8

24

.0

(7

1.3)

16.1

4.8

(2

.1)

25

.9

Ap

r(2

2.6)

(7.4

)

(2

3.7)

(10.

1)

(2

4.0)

(34.

6)

(7

.4)

17

.2

66

.0

(6

6.4)

(21.

0)

(2

4.6)

(28.

1)

(1

8.0)

May

(18.

7)

11

.7

(2

1.0)

15.2

(22.

4)

(3

7.4)

11.7

36

.0

8.

9

(69.

2)

(1

6.2)

(21.

8)

17

.9

(1

5.6)

Jun

52.4

52.7

39.8

5.0

65

.7

(2

5.5)

52.7

41

.2

16

.7

(7

6.5)

62.1

39.8

1.4

84

.0

So

urce

: BH

PCL,

CHP

CL, K

HPC

L, T

HPA

. (1)

Pow

er ta

riff f

or d

omes

tic s

ales

: Nu.

0.3

per

uni

t for

CHP

CL &

KH

PCL;

Sin

ce F

eb. 2

007

KHPC

L ha

s al

so s

tarte

d se

lling

powe

r for

indu

stria

l use

at N

u.1.

2 pe

r uni

t (Do

mes

tic

sale

s of

KH

PCL

are

exclu

sive

of d

eman

d ch

arge

s); T

ala

sale

s ar

e at

Nu.

0.3

per u

nit f

or 1

5% o

f ene

rgy

sold

with

the

rem

aini

ng 8

5% a

t Nu.

1.2

per u

nit;

Nu.

1.2

per

uni

t for

BH

PCL

sale

s to

Chu

kha

effe

ctive

from

Jul

y 20

05 (2

) Pow

er ta

riff f

or e

xpor

t to

Indi

a: N

u. 2

per

uni

t for

CH

PCL

- rev

ised

from

Nu.

1.5

per

uni

t with

effe

ct fr

om J

an. 2

005;

Nu.

1.7

5 pe

r uni

t for

KHP

CL; N

u. 1

.8 p

er u

nit f

or T

HPA

Expo

rts (2

)

Per

cent

age

chan

ge o

n th

e pr

evio

us y

ear

TABL

E 3.

SAL

ES O

F M

AJO

R PO

WER

PRO

JECT

S

Perio

dTo

tal S

ales

Dom

estic

Sal

es (1

)

20


Chart 2

Sales of Major Industries

0500

1000150020002500300035004000450050005500600065007000

2001 2002 2003 2004 2005 2006 2007

Nu.

mill

ions

Exports to India Exports to Countries other than India Domestic Sales

Chart 1

Sales from Hydropower Project Operations

0

2000

4000

6000

8000

10000

12000

2002 2003 2004 2005 2006 2007

Nu.

mill

ions

Total Sales Exports Domestic Sales

21


Millio

ns of

Ngu

ltrum

2005

2007

2008

Indus

tryI

IIIII

IVTo

talI

IIIII

IVTo

talI

IIIII

IVTo

tal

I

II

(1) A

rmy W

elfar

e Pro

ject

68.4

52.3

54.3

65.0

240.0

67.7

58.7

69.9

83.1

279.4

86.3

67.0

73.7

88.0

315.0

684

.1464

.95

Exp

orts

to Ind

ia6.4

4.22.1

1.013

.72.7

5.19.1

8.925

.89.9

6.910

.510

.537

.915.2

06.5

9

Exp

orts

to Co

untrie

s othe

r tha

n Ind

ia-

--

-0.0

--

--

0.0-

--

-0.0

0

-0.0

0

Sale

s with

in Bh

utan

62.0

48.1

52.2

64.0

226.3

65.0

53.6

60.8

74.2

253.6

76.4

60.1

63.2

77.5

277.1

578

.9458

.36

(2) B

hutan

Boa

rd P

rodu

cts Li

mited

91.5

96.9

100.6

105.6

394.6

293

.491

.296

.310

0.738

1.794

.310

2.210

0.6-

-

-

-

Exp

orts

to Ind

ia80

.480

.986

.984

.533

2.66

65.6

74.7

76.9

80.1

297.3

82.7

80.7

81.8

-

-

-

-

Exp

orts

to Co

untrie

s othe

r tha

n Ind

ia-

1.1-

-1.1

0-

--

-0.0

--

--

-

-

-

S

ales w

ithin

Bhuta

n11

.114

.913

.721

.160

.8627

.816

.519

.420

.684

.411

.621

.518

.8-

-

-

-

(3) B

hutan

Car

bide &

Che

mica

ls Ltd

.19

1.019

2.219

3.318

3.776

0.213

6.20

154.0

817

3.71

301.2

776

5.331

4.332

9.637

2.738

9.114

05.69

452.6

7 52

2.94

E

xpor

ts to

India

190.1

189.9

174.3

158.5

712.8

136.2

015

4.08

173.7

295.5

759.5

311.7

325.7

369.4

385.6

1392

.4643

8.67

497.1

2

Exp

orts

to Co

untrie

s othe

r tha

n Ind

ia-

--

-0.0

--

--

0.0-

--

0.00.0

00.0

0 0.0

0

Sale

s with

in Bh

utan

1.02.3

19.0

25.2

47.4

--

-5.8

5.82.6

3.93.2

3.513

.2314

.00

25.83

(4) B

hutan

Fru

it Pro

ducts

Limi

ted29

.939

.5-

-69

.432

.645

.529

.726

.913

4.739

.247

.129

.932

.314

8.50

36.53

41

9.71

E

xpor

ts to

India

25.8

29.1

--

54.9

27.5

36.7

22.8

21.4

108.3

33.1

38.3

23.7

25.5

120.5

933

.0730

0.93

E

xpor

ts to

Coun

tries o

ther t

han I

ndia

1.41.4

--

2.81.4

0.90.5

1.34.0

1.30.4

0.80.8

3.24

0.82

0.00

S

ales w

ithin

Bhuta

n2.7

9.0-

-11

.73.7

7.96.5

4.222

.34.8

8.45.5

6.024

.672.6

4 11

8.79

(5) B

hutan

Poly

thene

Com

pany

12.9

16.0

15.5

12.2

56.5

19.6

21.8

11.1

14.2

66.7

16.8

28.8

16.0

18.3

79.94

13.16

17

.76

E

xpor

ts to

India

0.10.0

0.00.5

0.74.1

-2.0

3.89.9

1.20.2

80.0

42.1

93.7

10.2

10.3

9

Exp

orts

to Co

untrie

s othe

r tha

n Ind

ia(*

--

--

0.0-

--

-0.0

--

-0

0.00

0.00

0.00

S

ales w

ithin

Bhuta

n12

.816

.015

.512

.256

.415

.521

.89.1

10.4

56.8

15.6

28.5

16.0

16.2

76.23

12.96

17.37

(6) P

ende

n Cem

ent A

uthor

ity Lt

d.25

1.233

8.221

7.6-

807.0

387.8

387.8

269.1

307.6

1352

.335

6.843

2.247

4.340

0.216

63.56

342.6

541

9.71

E

xpor

ts to

India

66.5

140.8

71.1

-27

8.524

2.521

9.812

6.119

3.278

1.522

5.725

3.710

4.525

6.584

0.40

234.7

130

0.93

E

xpor

ts to

Coun

tries o

ther t

han I

ndia

--

--

0.0-

--

-0.0

--

237.2

0.023

7.17

0.00

0.00

S

ales w

ithin

Bhuta

n18

4.719

7.414

6.5-

528.5

145.4

168.0

143.0

114.4

570.7

131.1

178.5

132.7

143.6

585.9

910

7.94

118.7

9

TABL

E 4.

SALE

S OF

MAJ

OR IN

DUST

RIES

2006

22


TABL

E 4

. SAL

ES O

F M

AJO

R IN

DUST

RIES

, CO

NTIN

UED

Milli

ons

of N

gultr

um

2005

2006

2007

2008

Indu

stry

III

IIIIV

Tota

lI

llIII

IVTo

tal

III

IIIIV

Tota

l

I

I

I(7

) Bhu

tan

Ferro

Allo

ys L

imite

d18

4.9

159.

514

2.2

164.

765

1.2

165.

518

3.2

166.

216

3.5

678.

322

4.6

221.

230

9.7

1130

.918

86.4

041

5.89

469.

43

E

xpor

ts to

Indi

a18

2.4

157.

714

1.3

161.

664

3.0

162.

717

8.9

155.

516

1.4

658.

322

2.4

206.

330

5.1

1091

.618

25.3

940

4.74

463.

62

E

xpor

ts to

Cou

ntrie

s ot

her t

han

Indi

a1.

71.

20.

61.

55.

00.

82.

99.

51.

815

.01.

814

.24.

237

.557

.66

10.4

65.

09

S

ales

with

in B

huta

n0.

70.

60.

31.

63.

32.

01.

41.

30.

35.

00.

40.

70.

41.

83.

350.

690.

72

(8) B

huta

n Ag

ro In

dust

ries

Lim

ited

6.6

9.7

10.5

7.9

34.6

8.6

12.4

12.1

12.1

45.2

7.6

16.7

14.5

11.8

50.5

010

.03

16.4

8

E

xpor

ts to

Indi

a1.

41.

72.

12.

47.

62.

32.

63.

03.

010

.90.

93.

41.

82.

38.

441.

721.

85

E

xpor

ts to

Cou

ntrie

s ot

her t

han

Indi

a-

0.2

0.2

0.0

0.5

0.0

0.2

--

0.2

-0.

20.

20.

10.

470.

110.

00

S

ales

with

in B

huta

n5.

27.

88.

25.

426

.66.

39.

59.

09.

034

.06.

713

.012

.59.

441

.60

8.20

14.6

3

(9) S

.D. E

aste

rn B

huta

n C

oal C

ompa

ny L

t54

.851

.522

.451

.318

0.0

46.3

72.4

41.9

42.4

203.

082

.269

.419

.451

.522

2.47

100.

5092

.17

Exp

orts

to In

dia

8.6

14.3

15.7

0.1

38.7

0.0

19.9

31.5

24.6

76.0

34.3

31.0

9.7

29.9

105.

0242

.54

24.4

1

E

xpor

ts to

Cou

ntrie

s ot

her t

han

Indi

a8.

013

.84.

720

.647

.216

.413

.50.

39.

639

.812

.713

.61.

55.

933

.71

8.01

10.4

8

S

ales

with

in B

huta

n38

.123

.42.

030

.694

.129

.939

.010

.18.

287

.235

.124

.78.

215

.783

.74

49.9

557

.28

(10)

Dru

k Sa

tair

Cor

pora

tion

Lim

ited

41.0

50.6

33.5

47.8

172.

970

.676

.859

.651

.325

8.4

60.1

61.4

44.8

76.3

242.

669

.21

98.4

1

E

xpor

ts to

Indi

a31

.038

.125

.835

.613

0.5

60.2

66.7

53.9

43.2

223.

945

.349

.136

.663

.619

4.59

55.2

383

.42

Exp

orts

to C

ount

ries

othe

r tha

n In

dia

1.8

2.4

2.6

1.3

8.2

1.7

2.0

1.2

1.2

6.1

2.3

3.0

2.5

4.2

12.0

73.

363.

11

S

ales

with

in B

huta

n8.

110

.15.

110

.934

.28.

88.

24.

56.

928

.412

.69.

35.

68.

535

.91

10.6

311

.89

(11)

Dru

k Pl

aste

r & C

hem

icals

Lim

ited

8.2

8.5

10.0

13.8

40.5

11.7

9.2

11.4

16.9

49.2

10.5

11.3

11.2

11.4

44.5

5.88

11.3

5

E

xpor

ts to

Indi

a8.

18.

510

.013

.740

.211

.79.

211

.316

.849

.010

.311

.110

.811

.343

.55.

6810

.81

Exp

orts

to C

ount

ries

othe

r tha

n In

dia

0.1

0.0

--

0.1

--

--

0.0

0.1

0.1

0.3

0.0

0.5

0.12

0.36

Sal

es w

ithin

Bhu

tan

0.0

0.0

0.1

0.1

0.2

0.0

0.0

0.1

0.1

0.2

0.1

0.2

0.1

0.1

0.5

0.08

0.18

T

OTA

L94

0.4

1014

.979

9.9

652.

334

07.4

1040

.111

13.1

941.

011

19.9

4214

.012

92.8

1386

.714

66.8

2209

.910

570.

1815

30.6

621

32.9

2

Ex

ports

to In

dia

600.

866

5.3

529.

345

7.7

2253

.171

5.4

767.

666

5.8

851.

930

00.6

977.

510

06.6

954.

018

79.0

7817

.71

1221

.75

1690

.05

Expo

rts to

Cou

ntrie

s ot

her t

han

Indi

a13

.120

.18.

123

.464

.820

.319

.511

.413

.965

.118

.231

.624

6.5

48.5

409.

9522

.88

19.0

4

Sa

les

with

in B

huta

n32

6.4

329.

526

2.5

171.

110

89.6

304.

432

6.0

263.

725

4.1

1148

.329

7.0

348.

626

6.3

282.

423

42.5

228

6.03

423.

83

Sour

ce :

Res

pect

ive

Indu

stry

. - (-

) dat

a no

t ava

ilabl

e -(1

) Alco

holic

bev

erag

es. -

(2) P

artic

le b

oard

s. -(

3) C

alciu

m c

arbi

de.

-(4

) Pro

cess

ed v

eget

able

s an

d fru

its. -

(5)

Hig

h D

ensit

y Po

lythe

ne (H

DPE

) Pip

e. (*

) Dee

med

exp

ort.-

(6)C

emen

t.-(7

) Fe

rro S

ilicon

.-(8)

Pro

cess

ed v

eget

able

s an

d fru

its -(

9) C

oal .

-(1

0) G

ypsu

m d

ust &

G

ypsu

m b

ould

ers.

Not

e: D

ata

for B

BPL

is cu

rrent

ly un

avai

labl

e as

of o

ctob

er 2

007.

23


Millions of Ngultrum

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 5.0 0.01998 9218.6 8022.4 26.9 7995.5 1193.0 0.0 3.1 0.0 0.01999 10030.6 8840.5 82.3 8758.2 1187.5 0.0 2.6 0.0 0.02000 11253.8 10357.6 87.8 10269.8 892.7 0.0 3.5 0.0 0.02001 11011.2 10716.1 1215.5 9500.6 293.2 0.0 1.9 0.0 0.02002 12321.9 11998.7 913.4 11085.3 194.3 127.0 1.9 0.0 0.0

--------- --------- --------- --------- --------- --------- ---------2003*) 12260.2 11899.0 987.3 10911.7 303.5 56.0 1.8 0.0 0.02004 13933.6 13000.5 2709.6 10290.9 895.4 37.0 0.7 0.0 0.02005Oct 15995.3 14843.1 605.2 14237.9 1051.7 100.0 0.5 0.0 0.0Nov 18374.1 17220.8 2601.2 14619.6 1052.9 100.0 0.5 0.0 0.0Dec 18220.4 17351.6 2539.7 14811.9 768.3 100.0 0.5 0.0 0.0

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

2007Jan 22325.1 22267.4 1664.2 20603.2 47.5 0.0 10.3 0.0 0.0Feb 22443.5 22400.2 1563.7 20836.4 32.7 0.0 10.6 0.0 0.0Mar 22131.5 22048.4 1080.2 20968.2 72.2 0.0 10.9 0.0 0.0Apr 19786.1 19753.9 144.9 19609.1 21.4 0.0 10.8 0.0 0.0May 20159.1 20091.0 153.2 19937.8 56.4 0.0 11.7 0.0 0.0June 22178.5 20987.9 136.3 20851.6 21.6 0.0 11.6 0.0 1157.5July 22327.4 21132.9 98.4 21034.5 25.2 0.0 11.9 0.0 1157.5Aug 22832.4 21471.3 116.9 21354.4 191.9 0.0 11.6 0.0 1157.5Sep 22911.7 21434.4 93.5 21340.9 308.5 0.0 11.3 0.0 1157.5Oct 23337.6 21907.1 614.6 21292.6 261.7 0.0 11.3 0.0 1157.5Nov 25618.5 24120.7 2270.1 21850.6 329.0 0.0 11.3 0.0 1157.5Dec 25986.2 24659.8 2554.0 22105.7 157.4 0.0 11.5 0.0 1157.5

2008 Jan 23950.1 22653.5 223.5 22429.9 127.7 0.0 11.5 0.0 1157.5 Feb 24706.7 23456.2 384.4 23071.8 81.7 0.0 11.2 0.0 1157.5 Mar 25431.2 24014.1 120.0 23894.1 246.7 0.0 12.9 0.0 1157.5 Apr 25839.5 24328.8 126.8 24202.0 339.5 0.0 13.7 0.0 1157.5 May 27335.6 26061.9 112.2 25949.6 102.2 0.0 14.1 0.0 1157.5 Jun 26532.1 26371.0 191.4 26179.7 146.6 0.0 14.5 0.0 0.0

Foreign Assets

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

Government Securities

24


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 13933.6 9222.6 2070.7 0.0 0.0 0.0 1087.6 200.0 205.8 3217.62005Oct 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

2007 0.0Jan 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 5707.2Apr 19786.1 12158.5 2770.0 0.0 0.0 0.0 1872.1 200.0 1296.3 4259.2May 20159.1 12886.9 3117.0 0.0 0.0 0.0 1400.8 100.0 1396.8 4374.6Jun 22178.8 13319.6 3166.0 0.0 0.0 0.0 2009.6 200.0 1023.4 5626.2Jul 22327.4 13542.1 2816.1 1000.0 1000.0 0.0 1101.9 100.0 1073.7 5509.7Aug 22832.4 13701.1 3078.7 1300.0 1300.0 0.0 1739.3 100.0 1153.4 4838.6Sep 22911.7 13050.2 3503.2 150.0 150.0 0.0 1245.2 2000.0 1148.6 5317.7Oct 23337.6 13187.0 3048.6 0.0 0.0 0.0 1773.0 2000.0 1258.5 5119.1Nov 25618.5 14895.4 3187.2 0.0 0.0 0.0 2155.9 2000.0 1322.4 5244.8Dec 25986.2 14516.8 3229.1 0.0 0.0 0.0 2955.0 2000.0 1437.7 5076.7

2008 Jan 23950.1 13183.0 3690.3 0.0 0.0 0.0 2563.7 2000.0 1156.7 5046.7 Feb 24706.6 13377.9 3831.1 0.0 0.0 0.0 2692.6 2000.0 1237.6 5398.5 Mar 25431.1 14166.6 3492.7 500.0 500.0 0.0 1784.4 2000.0 1318.2 5661.9 Apr 25839.5 14117.3 3314.6 1000.0 1000.0 0.0 1731.0 2000.0 1280.8 5710.4 May 27335.6 13867.0 3372.9 1400.0 1400.0 0.0 1434.7 2000.0 1351.4 7282.5 Jun 26532.1 12871.0 3640.8 1800.0 1800.0 0.0 2264.5 2000.0 1257.3 6339.4

Reserve Money Foreign Liabilities

*) Starting from January 2003 onwards, a major reclassifications has 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.

25



Assets

Claims Claims Claims Claims on on on Claims

End of on Govt. Joint Private onPeriod Total Reserves 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 3709.9 356.22004 19532.3 6608.1 4326.8 2737.0 1589.8 1943.8 1308.8 135.8 4962.7 246.32005Oct 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 9106.2 541.1Apr 26905.5 11027.3 4266.5 998.3 3268.2 0.0 1236.1 453.2 9188.3 734.1May 26162.8 10041.8 4283.7 894.5 3389.2 0.0 1236.7 364.6 9501.9 734.1Jun 26508.0 10553.2 3893.4 658.4 3235.0 0.0 1242.9 227.5 9872.7 718.3Jul 26915.6 10878.6 3744.6 540.6 3204.0 0.0 1188.1 492.0 9899.9 712.5Sep 27339.9 10816.9 3725.6 1504.3 2221.3 0.0 1213.9 241.2 10774.4 568.0Oct 28571.4 11720.0 3773.0 1596.3 2176.8 0.0 1170.1 109.1 11237.5 561.7Nov 29865.5 12991.6 3561.8 1393.8 2168.0 0.0 1191.0 421.8 11131.2 568.0Dec 28621.0 11734.7 3228.6 1470.7 1757.9 0.0 1188.8 383.4 11517.5 568.02008Jan 26530.3 10106.9 2569.3 1049.6 1519.7 0.0 1151.8 342.5 11798.1 561.7Feb 10700.1 1824.2 593.1 250.8 342.2 0.0 609.4 7.6 7662.1 3.7Mar 28304.1 11252.6 2206.6 1126.0 1080.6 0.0 1181.5 285.1 12611.9 766.4Apr 28417.9 11323.1 1898.2 898.2 1000.0 0.0 1204.2 414.3 13016.2 561.7May 27834.1 10723.0 1793.9 934.6 859.3 0.0 1154.0 361.3 13240.2 561.7Jun 27279.9 9873.2 1794.5 774.1 1020.4 0.0 1168.3 78.3 13797.6 567.9

Foreign Assets

TABLE 6. DEPOSIT MONEY BANKS - MONEY AND BANKING STATISTICS 1)

*) Starting from January 2003 onwards, a major reclassification has 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.

26


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 1465.72001 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 1331.72004 19532.3 5983.1 7957.0 588.7 0.0 0.0 0.0 1829.5 0.0 1823.7 1350.42005Oct 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 8063.1 11853.8 676.8 0.0 0.0 0.0 0.0 0.0 2148.9 1146.0Jul 23905.5 8088.6 11737.3 702.6 0.0 0.0 0.0 0.0 0.0 2158.3 1218.6Aug 24015.0 7900.0 11933.6 751.3 0.0 0.0 0.0 0.0 0.0 2171.8 1258.4Sep 23995.4 8045.1 12095.4 788.4 0.0 0.0 0.0 0.0 0.0 2217.2 849.2Oct 25065.9 8525.1 12038.4 826.3 0.0 0.0 0.0 0.0 0.0 2205.9 1470.3Nov 25865.2 9349.9 11660.2 752.4 0.0 0.0 0.0 0.0 0.0 2207.3 1895.4Dec 26484.0 9790.9 11386.5 731.9 0.0 0.0 0.0 0.0 0.0 2272.7 2302.12007Jan 25974.0 9163.0 11756.1 1266.7 0.0 0.0 0.0 0.0 0.0 2285.3 1502.8Feb 25903.5 8631.2 11931.4 1182.4 0.0 0.0 0.0 0.0 0.0 2277.8 1880.7Mar 25590.6 9490.9 11441.6 1173.5 0.0 0.0 0.0 0.0 0.0 2269.8 1214.7Apr 26905.5 9694.7 11292.3 1226.6 0.0 0.0 0.0 0.0 0.0 2258.8 2433.0May 26162.8 10660.0 10287.6 1326.9 0.0 0.0 0.0 0.0 0.0 2265.1 1623.3Jun 26508.0 10376.3 10193.9 1472.5 0.0 0.0 0.0 0.0 0.0 2344.7 2120.5Jul 26915.6 10699.0 10741.0 1436.4 0.0 0.0 0.0 0.0 0.0 2366.6 1672.6Aug 27524.0 11352.6 10791.6 1049.5 0.0 0.0 0.0 0.0 0.0 2393.6 1936.7Sep 27339.9 13359.6 10131.5 1013.5 0.0 0.0 0.0 0.0 0.0 2469.8 365.5Oct 28571.4 14624.8 10181.3 1067.4 0.0 0.0 0.0 0.0 0.0 2421.8 276.1Nov 29865.5 15125.5 10266.2 943.7 0.0 0.0 0.0 0.0 0.0 2508.1 1021.9Dec 28621.0 14245.8 9243.7 951.4 0.0 0.0 0.0 0.0 0.0 2581.1 1598.92008Jan 26530.3 11410.4 9690.0 936.7 0.0 0.0 0.0 0.0 0.0 2464.9 2028.4Feb 10700.1 2347.9 4998.8 393.4 0.0 0.0 0.0 0.0 0.0 1127.7 1832.4Mar 28304.1 12315.9 9940.8 1086.0 0.0 0.0 0.0 0.0 0.0 2615.7 2345.7Apr 28417.9 12678.8 9657.0 1045.8 0.0 0.0 0.0 0.0 0.0 2621.2 2415.0May 27834.1 12831.9 9668.2 957.0 0.0 0.0 0.0 0.0 0.0 2621.9 1755.1Jun 27279.9 10751.6 10422.1 966.2 0.0 0.0 0.0 0.0 0.0 2703.8 2436.3

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.

27



Assets


End of on Govt. Joint Private onPeriod Total Reserves Total Rupee Others Govt. Corps. Corps. Sector NMFIs1997 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 1530.9 248.02004 13013.2 5386.2 3552.9 2196.5 1356.4 1079.4 718.1 128.2 1996.0 152.52005Oct 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 3748.1 537.4Apr 17071.7 9586.5 2166.3 419.2 1747.1 0.0 598.4 445.6 3544.4 730.4May 16356.5 8630.2 2354.0 472.1 1881.8 0.0 598.4 357.1 3686.5 730.4Jun 16870.9 9030.4 2344.8 407.9 1936.9 0.0 617.0 219.9 3944.2 714.5Jul 17194.8 9292.0 2313.5 369.5 1944.0 0.0 570.5 484.4 3825.6 708.8Aug 17609.3 8839.4 3110.6 1396.8 1713.8 0.0 550.5 465.7 3934.4 708.8Sep 17544.7 9016.6 2856.2 1278.4 1577.9 0.0 595.3 233.6 4278.7 564.3Oct 18470.3 9874.5 2908.6 1431.5 1477.1 0.0 550.9 101.5 4476.8 558.0Nov 19631.5 11173.0 2722.4 1173.7 1548.7 0.0 571.2 414.2 4186.4 564.3Dec 18431.2 10139.2 2437.7 1205.6 1232.1 0.0 580.3 375.8 4333.9 564.32008

Jan 15973.7 8164.9 1973.5 801.0 1172.5 0.0 542.8 334.9 4399.5 558.0 Feb 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Mar 17587.5 9891.7 1355.7 679.1 676.6 0.0 571.6 277.6 4728.4 762.7 Apr 17187.1 9545.1 1177.0 508.8 668.2 0.0 543.1 406.7 4957.2 558.0 May 16670.3 9052.0 1113.1 605.4 507.6 0.0 543.1 353.7 5050.3 558.0 Jun 15337.5 7625.1 966.0 476.8 489.2 0.0 571.1 70.7 5540.4 564.2

Foreign Assets

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

*) Starting from January 2003 onwards, a major reclassification has 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.

28


TABLE 7. CONTINUEDBank of Bhutan Limited


Liabilities

Demand Foreign Credit OtherEnd of Deposits Time Currency Govt. from Capital ItemsPeriod Total 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 1124.12004 13013.2 4974.7 4226.1 507.6 0.0 0.0 0.0 988.7 0.0 1081.1 1234.92005Oct 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 6427.1 6593.9 457.5 0.0 0.0 0.0 0.0 0.0 1224.5 963.8Jul 15670.0 6438.8 6135.2 482.1 0.0 0.0 0.0 0.0 0.0 1227.5 1386.5Aug 15564.7 6163.3 5841.7 450.8 0.0 0.0 0.0 0.0 0.0 1226.9 1882.0Sep 15439.2 6166.1 5602.9 505.8 0.0 0.0 0.0 0.0 0.0 1277.5 1886.8Oct 15621.1 6599.8 5723.2 522.1 0.0 0.0 0.0 0.0 0.0 1281.2 1494.8Nov 16343.4 7354.8 5313.4 460.8 0.0 0.0 0.0 0.0 0.0 1290.1 1924.4Dec 16930.9 7671.3 5366.3 411.4 0.0 0.0 0.0 0.0 0.0 1353.6 2128.32007Jan 16374.4 7218.9 5442.1 923.5 0.0 0.0 0.0 0.0 0.0 1357.9 1432.0Feb 16070.9 6620.2 5486.6 823.7 0.0 0.0 0.0 0.0 0.0 1350.9 1789.6Mar 15555.3 7251.5 5072.2 791.1 0.0 0.0 0.0 0.0 0.0 1368.7 1071.8Apr 17071.7 7435.1 4987.2 835.1 0.0 0.0 0.0 0.0 0.0 1357.0 2457.4May 16356.5 8306.0 4255.3 922.5 0.0 0.0 0.0 0.0 0.0 1358.3 1514.4Jun 16870.9 8452.0 4179.4 1008.9 0.0 0.0 0.0 0.0 0.0 1407.1 1823.5Jul 17194.8 8653.9 4558.0 955.7 0.0 0.0 0.0 0.0 0.0 1406.9 1620.3Aug 17609.3 9035.3 4674.8 786.1 0.0 0.0 0.0 0.0 0.0 1415.0 1698.1Sep 17544.7 11196.6 4494.6 730.5 0.0 0.0 0.0 0.0 0.0 1478.9 -356.0Oct 18470.3 12429.3 4548.4 722.3 0.0 0.0 0.0 0.0 0.0 1490.0 -719.7Nov 19631.5 12702.3 4718.6 652.1 0.0 0.0 0.0 0.0 0.0 1497.5 61.0Dec 18431.2 11718.0 4736.7 600.0 0.0 0.0 0.0 0.0 0.0 1456.0 -79.52008Jan 15973.7 9135.4 4809.2 609.3 0.0 0.0 0.0 0.0 0.0 1339.0 80.7Feb 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0Mar 17587.5 9764.4 4790.1 640.5 0.0 0.0 0.0 0.0 0.0 1487.3 905.3Apr 17187.1 10185.0 3982.9 591.6 0.0 0.0 0.0 0.0 0.0 1491.7 935.8May 16670.3 10355.2 3999.6 495.4 0.0 0.0 0.0 0.0 0.0 1492.8 327.3Jun 15337.5 8308.1 4081.0 467.4 0.0 0.0 0.0 0.0 0.0 1573.9 907.1

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.

29



Assets


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

1997 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 2179.0 108.22004 6519.1 1221.9 773.9 540.4 233.4 864.4 590.7 7.6 2966.8 93.82005Jul 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 3.7Apr 9833.8 1440.8 2100.2 579.1 1521.0 0.0 637.7 7.6 5643.8 3.7May 9806.3 1411.6 1929.7 422.4 1507.3 0.0 638.3 7.6 5815.4 3.7Jun 9637.1 1522.7 1548.6 250.5 1298.1 0.0 626.0 7.6 5928.5 3.7Jul 9720.8 1586.5 1431.0 171.0 1260.0 0.0 617.7 7.6 6074.3 3.7Aug 9914.6 1983.2 1007.6 181.5 826.1 0.0 618.2 7.6 6294.3 3.7Sep 9795.3 1800.3 869.4 225.9 643.5 0.0 618.7 7.6 6495.6 3.7Oct 10101.1 1845.5 864.4 164.7 699.7 0.0 619.2 7.6 6760.7 3.7Nov 10234.0 1818.6 839.5 220.1 619.4 0.0 619.7 7.6 6944.8 3.7Dec 10189.8 1595.5 790.8 265.1 525.8 0.0 608.5 7.6 7183.6 3.72008Jan 10556.7 1942.0 595.9 248.6 347.2 0.0 609.0 7.6 7398.6 3.7Feb 10700.1 1824.2 593.1 250.8 342.2 0.0 609.4 7.6 7662.1 3.7Mar 10716.6 1361.0 850.9 446.9 404.0 0.0 609.9 7.6 7883.5 3.7Apr 11230.7 1778.0 721.2 389.5 331.7 0.0 661.1 7.6 8059.1 3.7May 11163.8 1671.0 680.8 329.1 351.7 0.0 610.8 7.6 8189.9 3.7Jun 11942.4 2248.1 828.6 297.4 531.2 0.0 597.2 7.6 8257.2 3.7

Foreign Assets

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

*) Note: Starting from January 2003 onwards, a major reclassification has 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.

30


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 0.0 700.0 207.62004 6519.1 1008.3 3730.9 81.1 0.0 0.0 0.0 840.7 0.0 742.6 115.52005Jul 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 -16.7July 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 -623.5Sept 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 0.0 901.1 140.8Apr 9833.8 1905.9 5044.9 391.5 0.0 0.0 0.0 1615.1 0.0 901.8 -25.4May 9806.3 2058.0 4770.1 404.4 0.0 0.0 0.0 1559.1 0.0 906.8 108.0Jun 9637.1 1925.2 6014.5 463.5 0.0 0.0 0.0 0.0 0.0 937.6 296.2July 9720.8 1787.9 4874.3 480.6 0.0 0.0 0.0 1624.0 0.0 959.7 -5.8Aug 9914.6 2318.0 6116.8 263.4 0.0 0.0 0.0 0.0 0.0 978.6 237.9Sep 9795.3 1735.2 4318.6 283.0 0.0 0.0 0.0 1746.9 0.0 990.9 720.7Oct 10101.1 2196.3 5632.9 345.1 0.0 0.0 0.0 0.0 0.0 931.8 995.0Nov 10234.0 2424.1 5547.6 291.6 0.0 0.0 0.0 0.0 0.0 1010.6 960.0Dec 10189.8 2528.0 4507.1 351.4 0.0 0.0 0.0 0.0 0.0 1125.1 1678.22008Jan 10556.7 2277.6 4880.7 327.4 0.0 0.0 0.0 0.0 0.0 1125.9 1945.0Feb 10700.1 2348.0 4998.8 393.4 0.0 0.0 0.0 0.0 0.0 1127.7 1832.3Mar 10716.6 2553.1 5150.6 445.5 0.0 0.0 0.0 0.0 0.0 1128.4 1438.9Apr 11230.7 2495.1 5674.1 454.1 0.0 0.0 0.0 0.0 0.0 1129.5 1477.8May 11163.8 2478.1 5668.6 461.6 0.0 0.0 0.0 0.0 0.0 1129.1 1426.4Jun 11942.4 2445.0 6341.0 498.8 0.0 0.0 0.0 0.0 0.0 1129.8 1527.7

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).

31



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 23045.3 17327.3 5446.6 11880.8 5718.0 -936.3 1308.8 135.8 4963.4 246.32005Oct 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 31156.9 22505.0 3155.5 19349.5 8651.9 -648.4 1278.4 120.5 7342.0 559.4Jul 31547.2 22010.4 2393.7 19616.7 9536.8 94.5 1273.1 362.7 7250.9 555.7Aug 31638.5 21958.4 2036.7 19921.7 9680.0 111.5 1273.7 348.0 7391.0 555.7Sep 31527.6 21751.9 1823.6 19928.3 9775.7 -130.1 1276.6 243.9 8129.8 255.7Oct 32078.5 22320.4 2253.6 20066.8 9758.1 -295.4 1275.8 344.4 8177.7 255.7Nov 33170.6 23837.9 3330.0 20507.9 9332.7 -911.5 1276.6 355.8 8039.8 571.9Dec 33537.5 24425.4 3786.0 20639.4 9112.1 -1495.7 1268.8 142.8 8658.3 537.9

2007Jan 37010.1 26688.1 3278.8 23409.3 10322.0 -393.8 1233.7 407.9 8540.1 534.1Feb 35840.9 26826.7 2997.9 23828.8 9014.2 -1900.9 1234.3 402.5 8744.1 534.1Mar 35287.0 25738.0 1686.4 24051.5 9549.0 -1541.7 1261.4 171.1 9117.1 541.1Apr 30442.4 24020.4 1143.2 22877.2 6422.0 -5200.6 1236.1 453.2 9199.1 734.1May 31627.2 24374.7 1047.7 23327.0 7252.6 -4596.5 1236.7 364.6 9513.6 734.1Jun 34944.6 24881.3 794.7 24086.6 10063.3 -2009.6 1242.9 227.5 9884.2 718.3Jul 35079.9 23877.5 -361.0 24238.5 11202.4 -1101.9 1188.1 492.0 9911.7 712.5Aug 35153.8 24298.4 404.1 23894.3 10855.4 -1739.3 1168.7 473.2 10240.3 712.5Sep 36573.6 25010.0 1447.8 23562.2 11563.6 -1245.2 1213.9 241.2 10785.7 568.0Oct 36996.9 25680.1 2210.8 23469.3 11316.7 -1773.0 1170.1 109.1 11248.8 561.7Nov 38850.1 27682.6 3663.9 24018.7 11167.5 -2155.9 1191.0 421.8 11142.6 568.0Dec 38602.5 27888.3 4024.7 23863.6 10714.2 -2955.0 1188.8 383.4 11528.9 568.0

2008Jan 36524.7 25222.8 1273.2 23949.6 11301.9 -2563.7 1151.8 342.5 11809.5 561.7Feb 29650.7 24049.3 635.2 23414.0 5601.4 -2692.6 609.4 7.6 7673.3 3.7Mar 38794.0 25720.7 746.0 24974.7 13073.4 -1784.4 1181.5 285.1 12624.8 766.4Apr 38706.2 25227.0 25.0 25202.0 13479.2 -1731.0 1204.2 414.3 13029.9 561.7May 40352.3 26455.7 -353.2 26809.0 13896.5 -1434.7 1154.0 361.3 13254.3 561.7June 37754.9 26365.6 -834.5 27200.1 11389.3 -4237.3 1168.3 78.3 13812.1 567.9

TABLE 9. MONETARY SURVEY

Foreign Assets(Net)

32


Monetary 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 23045.3 16599.5 8053.7 2070.7 5983.1 0.0 8545.7 1.8 6444.12005

Jul 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 7613.8

Sep 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 31156.9 23208.7 10678.1 2614.9 8063.1 0.0 12530.6 34.8 7913.4Jul 31547.2 22967.9 10527.9 2439.4 8088.6 0.0 12440.0 0.9 8578.4Aug 31638.5 23048.7 10363.8 2463.8 7900.0 0.0 12684.9 51.3 8538.4Sep 31527.6 23475.9 10592.1 2547.0 8045.1 0.0 12883.8 100.9 7950.8Oct 32078.5 23933.7 11069.1 2544.0 8525.1 0.0 12864.7 34.8 8110.0Nov 33170.6 24334.2 11921.6 2571.7 9349.9 0.0 12412.6 33.9 8802.5Dec 33537.5 24671.8 12553.4 2762.5 9790.9 0.0 12118.4 33.9 8831.8

2007Jan 37010.1 24967.9 11945.1 2782.1 9163.0 0.0 13022.8 0.0 12042.1Feb 35840.9 24515.5 11401.7 2770.4 8631.2 0.0 13113.8 33.9 11291.6Mar 35287.0 24918.5 12303.4 2812.5 9490.9 0.0 12615.1 33.9 10334.6Apr 30442.4 21655.3 10672.7 2770.0 7902.7 0.0 10982.6 67.8 8719.3May 31627.2 22195.8 12115.6 3117.0 8998.6 0.0 10080.2 33.9 9397.6Jun 34944.6 25208.5 13542.1 3165.8 10376.3 0.0 11666.4 78.8 9657.3Jul 35079.9 25692.5 13515.1 2816.1 10699.0 0.0 12177.4 44.9 9342.5Aug 35153.8 26143.6 14302.5 2892.7 11409.8 0.0 11841.1 44.9 8965.3Sep 36573.6 27495.7 16350.7 2991.1 13359.6 0.0 11145.0 1003.5 8074.4Oct 36996.9 28922.0 17673.3 3048.6 14624.8 0.0 11248.7 1108.4 6966.4Nov 38850.1 29522.6 18312.7 3187.2 15125.5 0.0 11209.9 1455.0 7872.5Dec 38602.5 27670.1 17474.9 3229.1 14245.8 0.0 10195.1 1765.3 9167.12008

Jan 36524.7 25727.3 15100.7 3690.3 11410.4 0.0 10626.7 1765.3 9032.0 Feb 29650.7 11571.2 6179.0 3831.1 2347.9 0.0 5392.1 1969.4 16110.1 Mar 38794.0 26835.4 15808.6 3492.7 12315.9 0.0 11026.8 2000.0 9958.7 Apr 38706.2 26696.2 15993.4 3314.6 12678.8 0.0 10702.8 1913.1 10096.9 May 40352.3 26830.0 16204.9 3372.9 12831.9 0.0 10625.2 1913.1 11609.2 June 37754.9 25780.7 14392.4 3640.8 10751.6 0.0 11388.3 1585.8 10388.4*)starting from January 2003 onwards, a major reclassification has been carried out in the accounts of all athe economic sectors.Data prior to 2003 cannot always be directly compared with the subsequent data, because of a

NMFI Deposits

TABLE 9. CONTINUED

33


Chart 3

Net Domestic Credit (End of period)

-4000

-2000

0

2000

4000

6000

8000

10000

12000

140002002 2003 2004 2005 2006 2007

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

3600

2002 2003 2004 2005 2006 2007

Nu.

mill

ions

34



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 1428.4 47.6 3.6 0.1 3.5 0.0 0.0 20.8 1345.2 8.1 3.02005Oct 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 3.02006 1686.4 43.6 11.4 0.1 11.4 0.0 0.0 14.9 1605.4 8.1 3.0Jan 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 3.0Mar 1817.2 46.4 11.5 0.0 11.4 0.0 0.0 22.8 1670.3 63.1 3.0Apr 1869.0 95.6 21.9 0.0 21.9 0.0 0.0 25.1 1635.3 88.1 3.0May 1880.6 101.7 12.9 0.0 12.9 0.0 0.0 25.2 1634.7 103.1 3.0Jun 1887.9 93.5 12.8 0.0 12.8 0.0 0.0 29.8 1670.6 78.1 3.0Jul 1909.4 43.5 14.2 0.0 14.1 0.0 0.0 32.1 1748.4 68.1 3.0Aug 1914.0 57.4 14.2 0.0 14.1 0.0 0.0 33.8 1797.4 8.1 3.0Sep 1957.8 61.2 14.0 0.0 13.9 0.0 0.0 35.4 1836.1 8.1 3.0Oct 2013.3 76.7 9.9 0.0 9.9 0.0 0.0 35.6 1880.0 8.1 3.0Nov 2048.5 92.7 9.9 0.0 9.9 0.0 0.0 37.3 1897.4 8.1 3.0Dec 2030.7 98.6 7.5 0.0 7.5 0.0 0.0 37.3 1876.3 8.1 3.02008

Jan 2062.6 96.5 6.6 0.0 6.6 0.0 0.0 37.3 1911.1 8.1 3.0 Feb 2097.0 111.3 6.1 0.0 6.1 0.0 0.0 37.5 1931.0 8.1 3.0 Mar 2404.1 384.6 6.0 0.0 6.0 0.0 0.0 37.7 1964.7 8.1 3.0 Apr 2427.2 373.1 13.1 0.0 13.1 0.0 0.0 37.8 1992.0 8.1 3.0 May 2451.8 375.4 13.1 0.0 13.1 0.0 0.0 38.2 2014.0 8.1 3.0 Jun 2323.5 120.0 14.0 0.0 14.0 0.0 0.0 38.2 2010.1 138.1 3.0

Foreign Assets

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

Note: Major reclassification on claims on government, government corporation, joint corporation, private sector and non-monetary 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, the data prior to 2003 cannot be comapred to the data after 2003 mainly on the account of the considerable break in continuity for various time series. But, with this exercise, the most important aggregates as, for example, Broad Money, Narrow Money, Foreign Assets (Net), and Domestic Credit did not change.

35


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 65.9 188.6 186.3 450.0 269.4 236.92004 1428.4 0.0 87.2 73.8 210.7 94.5 400.0 306.4 255.72005Oct 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 0.0 158.7 124.7 121.5 172.4 300.0 426.4 484.0Feb 1809.6 0.0 161.6 126.1 118.8 172.4 300.0 433.6 497.1Mar 1817.2 0.0 167.5 127.5 121.0 172.4 300.0 423.2 505.7Apr 1869.0 0.0 170.6 128.7 124.7 172.4 300.0 445.4 527.2May 1880.6 0.0 177.8 130.9 130.6 172.4 300.0 460.3 508.7Jun 1887.9 0.0 178.3 132.3 132.3 150.8 300.0 483.6 510.5Jul 1909.4 0.0 185.1 130.8 137.1 150.8 300.0 503.0 502.5Aug 1914.0 0.0 196.3 131.5 139.8 150.8 300.0 508.2 487.4Sep 1957.8 0.0 196.4 133.7 143.7 0.0 490.0 490.6 503.5Oct 2013.3 0.0 206.3 134.3 149.8 530.0 0.0 499.5 493.4Nov 2048.5 0.0 222.4 136.1 154.7 0.0 530.0 512.7 492.6Dec 2030.7 0.0 199.0 141.4 303.8 0.0 480.0 531.5 375.12008Jan 2062.6 0.0 207.1 150.8 160.0 0.0 480.0 560.1 504.6Feb 2097.1 0.0 207.2 151.9 220.4 0.0 480.0 569.0 468.4Mar 2404.2 0.0 216.7 154.1 168.2 0.0 780.0 553.1 532.0Apr 2427.2 0.0 223.8 157.6 174.9 0.0 780.0 533.8 557.0May 2451.8 0.0 234.1 158.6 179.3 0.0 780.0 561.6 538.3Jun 2323.5 0.0 230.5 164.1 176.6 0.0 780.0 569.1 403.3

Royal Insurance Corporation of Bhutan Limited


36



AssetsClaims Claims Claims Claims

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

Period Total Reserves Total Rupees Others Govt. Corps. Corps. Sector DMBs 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 959.9 47.0 0.0 0.0 0.0 0.0 0.9 0.0 909.0 3.0 0.0

--------- --------- --------- --------- --------- --------- --------- --------- --------- --------- ---------2003*) 1,223.9 93.1 0.0 0.0 0.0 0.0 0.0 31.8 1,084.0 15.0 0.02004 1,256.0 93.2 0.0 0.0 0.0 0.0 0.0 18.0 1,134.8 10.0 0.02005Oct 1,388.2 36.3 0.0 0.0 0.0 0.0 0.0 16.3 1,335.6 0.0 0.0Nov 1,391.1 28.8 0.0 0.0 0.0 0.0 0.0 16.3 1,346.0 0.0 0.0Dec 1,394.1 66.6 0.0 0.0 0.0 0.0 0.0 15.5 1,312.0 0.0 0.02006Jan 1,401.6 61.3 0.0 0.0 0.0 0.0 0.0 15.5 1,324.8 0.0 0.0Feb 1,692.8 313.3 0.0 0.0 0.0 0.0 0.0 15.5 1,364.0 0.0 0.0Mar 1,701.3 212.1 0.0 0.0 0.0 0.0 0.0 14.9 1,394.3 80.0 0.0Apr 1,716.9 207.2 0.0 0.0 0.0 0.0 0.0 14.7 1,415.0 80.0 0.0May 1,718.1 170.4 0.0 0.0 0.0 0.0 0.0 14.7 1,453.0 80.0 0.0Jun 1,718.0 195.2 0.0 0.0 0.0 0.0 0.0 13.7 1,429.0 80.0 0.0Jul 1,743.0 110.0 0.0 0.0 0.0 0.0 0.0 10.8 1,442.2 180.0 0.0Aug 1,787.6 98.6 0.0 0.0 0.0 0.0 0.0 10.8 1,498.2 180.0 0.0Sep 1,815.5 161.2 0.0 0.0 0.0 0.0 0.0 10.8 1,503.4 140.0 0.0Oct 1,787.2 109.4 0.0 0.0 0.0 0.0 0.0 9.8 1,528.0 140.0 0.0Nov 1,798.9 91.2 0.0 0.0 0.0 0.0 0.0 9.8 1,557.9 140.0 0.0Dec 1,793.0 131.3 0.0 0.0 0.0 0.0 0.0 9.6 1,572.1 80.0 0.02007Jan 1,803.7 212.5 0.0 0.0 0.0 0.0 0.0 8.9 1,582.2 0.0 0.0Feb 1,801.6 169.1 0.0 0.0 0.0 0.0 0.0 8.9 1,623.6 0.0 0.0Mar 1,813.2 172.7 0.0 0.0 0.0 0.0 0.0 8.0 1,632.5 0.0 0.0Apr 2,221.1 514.8 0.0 0.0 0.0 0.0 0.0 7.8 1,698.5 0.0 0.0May 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0Jun 2,040.7 211.4 0.0 0.0 0.0 0.0 0.0 7.9 1,821.4 0.0 0.0Jul 2,027.3 160.6 0.0 0.0 0.0 0.0 0.0 9.9 1,856.7 0.0 0.0Aug 2,046.7 89.1 0.0 0.0 0.0 0.0 0.0 10.0 1,947.6 0.0 0.0Sep 2,096.3 93.5 0.0 0.0 0.0 0.0 0.0 3.1 1,999.7 0.0 0.0Oct 2,105.7 65.8 0.0 0.0 0.0 0.0 0.0 3.1 2,036.8 0.0 0.0Nov 2,107.2 54.6 0.0 0.0 0.0 0.0 0.0 3.0 2,049.6 0.0 0.0Dec 2,106.8 66.6 0.0 0.0 0.0 0.0 0.0 3.0 2,036.7 0.6 0.02008

Jan 2,095.2 37.0 0.0 0.0 0.0 0.0 0.0 2.9 2,054.7 0.6 0.0 Feb 2,291.3 41.6 0.0 0.0 0.0 0.0 0.0 3.7 2,245.5 0.6 0.0 Mar 2,434.1 133.5 0.0 0.0 0.0 0.0 0.0 3.7 2,296.4 0.6 0.0 Apr 2,837.2 372.7 0.0 0.0 0.0 0.0 1.0 2.8 2,360.7 100.0 0.0 May 2,647.5 146.3 0.0 0.0 0.0 0.0 1.0 2.8 2,397.5 100.0 0.0 Jun 2,676.5 128.8 0.0 0.0 0.0 0.0 2.0 2.8 2,442.8 100.0 0.0

Foreign Assets

TABLE 11. BHUTAN DEVELOPMENT FINANCE CORPORATION LIMITED - FINANCIAL STATISTICS

*) Note: Starting from January 2003 onwards, a major reclassification has 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.

37


TABLE 11. CONTINUEDBhutan Development Finance Corporation Limited


Liabilities

CreditEnd Credit Credit from Otherof Foreign from from other Capital Items

Period Total Liabilities RMA DMBs NMFIs Grants Account Net1997 470.5 165.2 0.0 0.0 0.0 0.0 233.2 72.11998 513.3 168.9 0.0 0.0 0.0 50.0 242.5 51.91999 566.5 186.5 0.0 0.0 0.0 50.0 267.2 62.82000 696.5 285.9 0.0 0.0 0.0 50.0 254.5 106.22001 789.6 267.4 0.0 0.0 0.0 50.0 346.2 126.02002 959.9 349.2 0.0 0.0 0.0 50.0 395.8 164.8

--------- --------- --------- --------- --------- --------- --------- ---------2003*) 1,223.9 342.8 0.0 100.0 100.0 50.0 438.7 192.32004 1,256.0 320.3 0.0 89.9 90.0 50.0 507.9 198.02005Oct 1,388.2 305.7 0.0 86.1 165.0 50.0 555.8 225.6Nov 1,391.1 301.3 0.0 86.1 165.0 50.0 555.5 233.2Dec 1,394.1 301.4 0.0 83.0 160.0 50.0 590.3 209.52006Jan 1,401.6 300.4 0.0 83.0 160.0 50.0 590.4 217.8Feb 1,692.8 644.5 0.0 82.4 160.0 0.0 592.9 213.0Mar 1,701.3 294.5 0.0 382.4 160.0 50.0 579.4 235.0Apr 1,716.9 294.5 0.0 382.4 160.0 50.0 574.6 255.4May 1,718.1 290.1 0.0 382.4 160.0 50.0 572.6 263.0Jun 1,718.0 289.2 0.0 378.0 155.0 50.0 598.2 247.6Jul 1,743.0 289.2 0.0 378.0 155.0 50.0 613.7 257.2Aug 1,787.6 283.3 0.0 378.0 155.0 50.0 631.2 290.1Sep 1,815.5 283.3 0.0 378.0 155.0 50.0 640.8 308.5Oct 1,787.2 283.3 0.0 378.0 155.0 50.0 653.2 267.8Nov 1,798.9 278.9 0.0 378.0 155.0 50.0 668.3 268.8Dec 1,793.0 278.9 0.0 374.6 150.0 50.0 693.8 245.72007Jan 1,803.7 345.1 0.0 307.5 150.0 50.0 700.7 250.4Feb 1,801.6 272.1 0.0 374.6 150.0 50.0 698.8 256.2Mar 1,813.2 272.1 0.0 374.6 150.0 50.0 706.1 260.5Apr 2,221.1 272.1 0.0 774.6 150.0 50.0 705.5 269.0May 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0Jun 2,040.7 266.8 0.0 570.3 145.0 50.0 670.3 338.3Jul 2,027.3 266.8 0.0 570.3 145.0 50.0 675.7 319.5Aug 2,046.7 260.8 0.0 570.3 145.0 50.0 702.6 317.9Sep 2,096.3 260.8 0.0 570.3 180.0 50.0 691.0 344.1Oct 2,105.7 260.8 0.0 570.3 180.0 50.0 710.7 333.8Nov 2,107.2 310.8 0.0 570.3 180.0 0.0 730.6 315.5Dec 2,106.8 252.7 0.0 565.0 180.0 50.0 767.8 291.42008Jan 2,095.2 252.7 0.0 565.0 178.7 50.0 774.4 274.4Feb 2,291.3 245.8 0.0 747.1 175.0 50.0 773.9 299.5Mar 2,434.1 245.8 0.0 761.8 275.0 50.0 754.9 346.6Apr 2,837.2 245.8 0.0 762.1 675.0 50.0 745.9 358.3May 2,647.5 241.4 0.0 565.0 675.0 50.0 761.3 354.8June 2,676.5 241.4 0.0 565.0 670.0 50.0 763.0 387.0

38


Received Accepted

R097 17-Sep-01 91 500.0 150.0 5.4R098 29-Oct-01 91 300.0 150.0 5.0R099 3-Dec-01 91 160.0 110.0 5.0R100 18-Dec-01 90 150.0 150.0 5.0R101 29-Jan-02 91 770.0 650.0 5.0R102 4-Mar-02 91 110.0 110.0 5.0R103 18-Mar-02 92 150.0 150.0 5.0R104 29-Apr-02 91 650.0 650.0 4.5R105 3-Jun-02 91 110.0 110.0 4.5R106 18-Jun-02 93 150.0 150.0 4.5R107 29-Jul-02 92 665.0 665.0 4.5R108 2-Sep-02 91 110.0 110.0 4.5R109 19-Sep-02 91 150.0 150.0 4.0R110 29-Oct-02 91 500.0 500.0 4.0R111 2-Dec-02 91 300.0 300.0 4.0R112 19-Dec-02 91 450.0 300.0 4.0R113 27-Jan-03 91 500.0 500.0 4.0R114 5-Mar-03 91 400.0 200.0 4.0R115 20-Mar-03 91 400.0 200.0 4.0R116 30-Apr-03 91 600.0 300.0 4.0R117 28-May-03 91 275.0 200.0 3.5R118 25-Jun-03 91 400.0 200.0 3.5R119 30-Jul-03 91 350.0 200.0 3.5R120 27-Aug-03 91 400.0 200.0 3.5R121 24-Sep-03 91 200.0 100.0 3.5R124 31-Dec-03 91 200.0 100.0 3.5R127 31-Mar-04 91 200.0 100.0 3.5R128 28-Apr-04 91 100.0 100.0 3.5R 131 28-Jul-04 91 100.0 100.0 3.5R 132 25-Aug-04 91 100.0 100.0 3.5R134 27-Oct-04 91 100.0 100.0 3.5R135 24-Nov-04 91 100.0 100.0 3.5R137 26-Jan-05 91 100.0 100.0 3.5R138 23-Feb-05 91 100.0 100.0 3.5R141 25-May-05 91 100.0 100.0 3.5R142 29-Jun-05 91 100.0 100.0 3.5R145 28-Sep-05 91 100.0 100.0 3.5R147 30-Nov-05 91 100.0 100.0 3.5R150 22-Feb-06 91 100.0 100.0 3.5R152 26-Apr-06 91 100.0 100.0 3.5R154 28-Jun-06 91 100.0 100.0 3.5R156 30-Aug-06 91 100.0 100.0 3.5R158 25-Oct-06 91 100.0 100.0 3.5R161 31-Jan-07 91 100.0 100.0 3.5R164 26-Apr-07 91 100.0 100.0 3.5R166 27-Jun-07 91 100.0 100.0 3.5R168 5-Sep-07 91 3442.0 1000.0 5.0R169 25-Sep-07 30 2206.0 1000.0 5.0R170 30-Oct-07 30 1000.0 1000.0 5.0R171 3-Dec-07 30 1000.0 999.0 5.0R172 12-Dec-07 91 1000.0 1000.0 5.0R173 15-Jan-08 91 2371.0 1000.0 5.0R174 18-Mar-08 91 2371.0 1000.0 5.0R175 22-Apr-08 90 1912.0 1000.0 5.0R176 24-Jun-08 90 2537.6 1000.0 5.0R177 24-Jul-08 90 2062.1 1000.0 5.0R178 14-Aug-08 90 1871.2 1000.0 6.0R179 25-Sep-08 90 3403.4 1000.0 6.0(*) Starting from October 29, 2001, Auctions were discontinued and Tap Sales were introduced.

Bids, millions of Nu.Auction/Tap

Sale No.

TABLE 12. AUCTIONS/TAP SALES OF RMA BILLS(*)

Discount Rate (%)

Maturity in Days

Auction/Tap Sale date

39


Deposit rates

Rate of interest (%p.a)

Types of deposit

Savings 4.5-5.0

Fixed deposits a) 3 months to less than 1 year 4.5-5.0 b) 1 year to less than 2 years 6.0-6.5 c) 2 years to less than 3 years 6.0-7.0 c) More than 3 years 7.0-8.0

Lending RatesInterest rate

(% p.a.)Repayment period

(years)

Loan by purpose

1. General Trade 13.75-15 3-5

2. Export Finance (Convertible Currency Areas) 13.0 - 14.0 1 a) From date of 1st disbursement to 60 days after the date of the last disbursement 13.0 b) More than 60 days after the last disbursement 14.0

3. Manufacturing Industry 10 Term loan 12.0 Working Capital 13.0

4. Service Industries 10.0 - 13 5

5. Transport a) Truck & buses (Heavy vehicle) i) Term Loan 12.0-13.0 5 ii) Working Capital 13.0-14.0 b) Commercial Light Vehicle 14.0-16.0 5 c) Non Commercial Light Vehicle 12.0-16.0 5

6. Agriculture & Livestock 10-15 10

7. Housing 10.0-13.0 10-20

8. Equity Finance 13.0 5

9. Personal Loan 15.0-16.0 5

10. Vehicle Loan to Government employee 12.0 5The above rates are based on the rates reflected in the individual financial institution's website.

(*) Effective April 1999, the interest rates on deposits and advances have been fully liberalised.

TABLE 13. FINANCIAL INSTITUTIONS' DEPOSIT AND LENDING RATES (*)

(Includes tourism, contract services, and other service activities)

40


Third

Quart

er of

2003

= 10

0

Item

Q1Q2

Q3Q4

Q1Q2

Q3Q4

Q1Q2

Q3Q4

Q1Q2

Q3Q4

Q1Q2

Food

31.7

101.9

101.1

102.9

104.2

108.0

107.4

108.7

109.4

110.3

114.6

115.0

115.1

116.3

125.5

124.7

125.3

129.1

014

0.98

Non-f

ood68

.310

4.710

4.7105

.3106

.911

0.0110

.1111

.011

2.1114

.0116

.6116

.811

8.1118

.4121

.612

1.7121

.612

2.82

130.3

8To

tal10

0.010

3.810

3.610

4.6106

.010

9.4109

.2110

.311

1.2112

.8116

.0116

.211

7.1117

.7122

.912

2.7122

.712

4.81

133.7

4

Food

31.7

--

2.82.7

6.16.2

5.75.0

2.16.8

5.85.2

5.49.5

8.48.8

10.99

12.32

Non-f

ood68

.3-

-5.3

4.55.1

5.15.4

4.93.6

5.95.2

5.33.8

4.34.2

2.93.7

87.1

9To

tal10

0.0-

-4.6

3.95.4

5.55.5

4.93.1

6.25.4

5.34.3

5.95.5

4.86.0

38.8

5PP

N1.0

00.9

60.9

70.9

60.9

40.9

10.9

20.9

10.9

00.8

90.8

60.8

60.8

50.8

50.8

10.8

20.8

10.8

00.7

5

Index

Weigh

t in

perce

nt %

1)

2006

20

0520

08

Sourc

e : Na

tional S

tatisti

cs Bu

reau.

-(*) Th

e new

index

refers

to th

e aver

age p

rices d

uring t

he res

pective

quart

ers. H

oweve

r, prior

to Q3

, 2003

, no q

uarter

ly price

indice

s were

calcu

lated a

nd,

theref

ore, fo

r Q3 a

nd Q4

, 2003

, and

Q1 an

d Q2,

2004,

year-o

n-year

rates

of ch

ange o

f the C

PI can

not be

comp

uted.

The in

dices

prior to

Q3, 2

003 re

presen

t half-

yearly

averag

es. Th

e qu

arterly

index

and the

half-y

early i

ndex c

annot

be dire

ctly co

mpare

d beca

use of

a diff

erent p

eriodic

ity and

a con

sidera

ble br

eak in

continu

ity (i.e

., the

expend

iture b

asket

has be

en com

pletely

cha

nged)

. -1) 2

003 Ho

usehol

d Inco

me an

d Expe

nditur

e Surv

ey. In

cludes

rent.

TABL

E 14. S

UMMA

RY OF

THE C

ONSU

MER P

RICE I

NDEX

(*)

Perce

ntage

chang

e on th

e prev

ious y

ear

2007

2004

41


1993

-94

= 10

0Pe

riod

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

Janu

ary

122.

012

8.3

134.

814

0.9

145.

915

8.6

161.

016

7.8

178.

718

8.6

196.

620

8.8

218.

2Fe

brua

ry12

2.2

128.

813

4.2

141.

414

6.4

158.

616

0.8

169.

417

9.8

188.

819

6.4

208.

921

9.9

Mar

ch12

2.2

128.

813

4.4

141.

714

9.5

159.

116

1.9

171.

617

9.8

189.

419

6.8

209.

822

5.5

April

123.

713

0.9

136.

914

2.4

151.

715

9.9

162.

317

3.1

180.

919

1.6

199.

021

1.5

228.

5M

ay12

4.5

130.

813

8.2

142.

815

1.8

160.

316

2.8

173.

418

2.1

192.

120

1.3

212.

323

1.1

June

125.

113

1.4

139.

814

3.3

152.

716

0.8

164.

717

3.5

185.

219

3.2

203.

121

2.3

237.

4Ju

ly12

7.0

131.

614

0.9

143.

715

3.1

161.

216

5.6

173.

418

6.6

194.

620

4.0

213.

6Au

gust

127.

813

2.0

140.

614

4.6

153.

416

1.7

167.

117

3.7

188.

419

5.3

205.

321

3.8

Sept

embe

r12

8.1

132.

914

0.8

145.

315

4.7

161.

716

7.4

175.

618

9.4

197.

220

7.8

215.

1O

ctob

er12

7.8

133.

314

2.0

146.

915

7.9

162.

516

7.5

176.

118

8.9

197.

820

8.7

215.

2No

vem

ber

128.

013

3.1

142.

614

7.0

158.

216

2.3

167.

817

6.9

190.

219

8.2

209.

121

5.9

Dece

mbe

r12

8.5

133.

714

2.1

146.

115

8.2

161.

816

7.2

176.

818

8.8

197.

220

8.4

216.

4

Janu

ary

5.0

5.2

5.1

4.5

3.5

8.7

1.5

4.2

6.5

5.5

4.2

6.2

4.5

Febr

uary

4.5

5.4

4.2

5.4

3.5

8.3

1.4

5.3

6.1

5.0

4.0

6.4

5.3

Mar

ch4.

55.

44.

35.

45.

56.

41.

86.

04.

85.

33.

96.

67.

5Ap

ril3.

75.

84.

64.

06.

55.

41.

56.

74.

55.

93.

96.

38.

0M

ay3.

65.

15.

73.

36.

35.

61.

66.

55.

05.

54.

85.

58.

9Ju

ne3.

65.

06.

42.

56.

65.

32.

45.

36.

74.

35.

14.

511

.8Ju

ly4.

33.

67.

12.

06.

55.

32.

74.

77.

64.

34.

84.

7Au

gust

4.9

3.3

6.5

2.8

6.1

5.4

3.3

3.9

8.5

3.7

5.1

4.1

Sept

embe

r5.

13.

75.

93.

26.

54.

53.

54.

97.

94.

15.

43.

5O

ctob

er4.

64.

36.

53.

57.

52.

93.

15.

17.

34.

75.

53.

1No

vem

ber

4.5

4.0

7.1

3.1

7.6

2.6

3.4

5.4

7.5

4.2

5.5

3.3

Dece

mbe

r5.

24.

06.

32.

88.

32.

33.

35.

76.

84.

45.

73.

8

Sour

ce: R

eser

ve B

ank

of In

dia.

TABL

E 15

. IND

IAN

WHO

LESA

LE P

RICE

INDE

X OF

ALL

COM

MOD

ITIE

S

Year

Inde

x

Perc

enta

ge c

hang

e on

the

prev

ious

yea

r

42


Com

pany*

/P

aid

Up

No.o

fM

ark

et

Pro

fits

Rese

rves

Book

Earn

ings

PE

Div

idend

Div

idend

Retu

rnye

ar

of

Year

Capita

lsh

are

hold

ers

Capitaliz

atio

nN

u.

inN

u.

inV

alu

eP

er

Share

Ratio

(%)

Yie

ldon C

apita

lLis

ting

Nu.in

Mill

Hig

hLow

Nu.in M

ill.

Mill

.M

ill.

Nu.

Nu.

(%)

(RO

C)

2000

100.0

2

66

4,0

01

4,0

01

4

00

.1

4

3.4

2

83

.7

3

,83

6.5

43

3.6

9

.2

--

0.1

1B

CC

L2001

100.0

2

66

5,0

00

4,0

00

500.0

101.5

284.4

3844.0

1015.3

4.9

100.0

26.1

00.2

61993

2002

100.0

2

67

5,0

00

4,0

00

5

00

.07

2.1

32

5.5

42

54

.37

20

.86.9

30

.07.0

50.1

72003

100.0

2

67

5,2

00

5,0

00

5

00

.07

9.8

37

4.5

47

45

.07

97

.86.3

30

.06.0

00.1

72004

100.0

2

70

5,0

00

5,0

00

5

00

.06

4.9

39

8.6

49

86

.46

49

.27.7

40

.08.0

00.1

32005

100.0

2

69

8,0

00

5,0

00

600.0

56.4

430.0

5300.2

564.3

10.6

25.0

4.1

70.1

12000

48

.0

2

54

34

,70

2

2,3

50

1

96

.82

1.9

69

.62

44

9.0

45

5.2

9.0

15

.06.1

20.1

9R

ICB

2001

48

.0

2

05

64

,10

0

4,0

99

1

96

.83

4.8

10

3.9

31

65

.07

24

.15.7

20

.06.3

20.2

31993

2002

48

.0

1

87

14

,20

5

4,1

00

2

01

.84

1.7

14

5.6

40

33

.58

68

.54.8

0.0

-

0.2

12003

96

.0

1

71

54

,20

5

1,0

00

3

36

.04

3.9

15

5.2

26

16

.84

57

.37.7

0.0

0.0

00.1

72004

96

.0

1

,67

03

,65

0

3,0

00

3

36

.07

3.3

21

0.5

31

92

.27

63

.84.6

20

.05.7

10.2

42005

96

.0

1

,64

14

20

30

0

28

8.0

72

.62

77

.03

88

.57

5.6

4.0

10

.03.3

30.1

92000

226.7

1,6

30

4,5

00

3,0

00

906.7

170.5

317.6

2400.9

75

2.1

6.0

50

.02

0.8

30

.31

PC

AL

2001

226.7

1,6

16

4,5

00

4,0

00

906.7

183.8

388.0

2711.6

81

0.7

4.9

50

.01

8.4

30

.30

1993

2002

226.7

1,6

20

4,6

00

4,0

00

1042.7

200.4

418.4

2845.7

88

4.1

5.2

75

.02

6.3

60

.31

2003

226.7

1,5

20

5,3

00

4,4

00

1

17

8.7

19

1.2

49

6.2

31

89

.08

43

.46.2

50

.09.6

20.2

62004

226.7

1,4

77

5,3

00

4,0

00

1

24

6.7

17

5.5

55

8.3

34

63

.27

74

.17.1

50

.09.0

90.2

22005

226.7

1477

600

44

0

13

60

.01

80

.86

25

.83

76

.17

9.8

7.5

50

.08.3

30.2

12000

150.0

4

21

35

13

5

20

2.5

0.7

29

3.8

29

5.8

0.4

30

6.8

--

-B

FA

L2001

150.0

3

71

40

14

0

21

0.0

46

.81

10

.41

73

.63

1.2

4.8

15

.08.6

40.8

11995

2002

150.0

3

71

40

14

0

21

0.0

90

.71

95

.02

30

.06

0.0

2.3

35

.01

5.2

20

.26

2003

150.0

4

01

40

14

0

21

0.0

90

.72

39

.12

59

.46

0.5

2.3

35

.02

5.0

00

.23

2004

150.0

5

05

10

51

0

76

5.0

91

.22

76

.82

84

.66

0.8

8.4

15

.02.9

40.2

12005

150.0

4

65

10

51

0

76

5.0

33

.22

87

.52

91

.72

2.1

23

.10

00.0

82000

140.0

4

89

10

3

1

03

1

44

.2-9

.42.7

10

1.9

-6.7

-15

.4-

--0

.07

BB

PL

2001

140.0

4

89

10

3

1

03

1

44

.24.6

7.3

10

5.2

3.3

31

.0-

-0.0

31993

2002

140.0

4

89

89

8

9

1

24

.64.0

11

.31

08

.12.8

31

.6-

-0.0

22003

140.0

4

89

89

8

9

1

24

.69.3

12

.21

08

.76.7

13

.46.0

6.7

40

.06

2004

140.0

4

89

90

9

0

1

26

.01

9.8

18

.01

12

.91

4.2

6.4

10

.01

1.1

10

.13

2005

140.0

4

89

90

9

0

1

26

.03

1.7

28

.71

20

.52

2.6

4.0

15

.01

6.6

70

.19

2000

20

.9

8

91

,05

0

1,0

50

2

2.0

4.9

16

.91

80

6.1

23

3.0

4.6

--

0.1

3B

TC

L2001

20

.9

8

91

,05

0

1,0

50

2

2.0

2.8

15

.51

74

0.4

13

2.5

7.9

--

0.0

81994

2002

20

.9

8

32

,00

01

,50

03

1.4

4.7

18

.61

88

6.1

22

4.0

6.7

20

.01.0

60.1

22003

20

.9

8

31

,50

01

,00

02

0.9

4.5

18

.61

88

9.8

21

6.9

4.6

0.0

0.0

00.1

12004

20

.9

1

61

1,7

01

1,0

00

35

.61

0.5

29

.92

42

6.1

50

2.5

3.4

0.0

0.0

00.2

12005

20

.9

1

61

1,7

01

1,7

01

3

5.6

13

.13

7.1

27

70

.06

24

.82.7

00

0.2

32000

5.0

9

61

00

10

0

5.0

-0.2

-1

00

.0-4

.4-2

2.8

--

-0.0

4B

DL

2001

2.5

9

61

00

10

0

2.5

0.8

-1

00

.03

3.2

3.0

--

0.3

31994

2002

2.5

9

61

00

10

0

2.5

-

-

-

-

-

-

--

2003

6.1

9

61

00

10

0

2.5

-1.1

-

10

0.0

-17

.2-5

.8

-

--0

.17

2004

8.6

9

61

00

10

0

2.5

-0.9

-

10

0.0

-14

.4-7

.00.0

0.0

0-0

.14

2005

14

.1

9

61

00

10

0

2.5

0.2

01

00

.02.3

43

.10

00.0

22000

6.2

8

01

00

10

0

3.8

-0.3

-1

00

.0-5

.5-1

8.3

--

0.0

5D

PC

L2001

6.2

8

01

00

10

0

4.3

-0.1

-1

00

.0-2

.1-4

7.2

-0.0

21995

2002

6.2

8

01

00

10

0

6.2

- -

- -

- -

- -

2003

6.2

7

91

00

10

0

6.2

-5.4

-1

00

.0-8

5.9

-1.2

- -

-0.8

62004

6.2

7

11

00

12

0

7.5

-6.2

0.0

10

0.0

-10

0.1

-1.2

-1.0

02005

6.2

7

11

20

12

0

7.5

-0.4

0.0

10

0.0

-5.9

-20

.30.0

0.0

0-0

.06

TA

BL

E 1

6.

TH

E R

OY

AL

SE

CU

RIT

IES

EX

CH

AN

GE

OF

BH

UT

AN

LIM

ITE

D,

INF

OR

MA

TIO

N O

N L

IST

ED

CO

MP

AN

IES

M

ark

et

Price

(N

u)

43


Co

mpany*

/P

aid

Up

No.o

fM

ark

et

Pro

fits

Rese

rves

Book

Earn

ing

s P

ED

ivid

end

Div

idend

Retu

rnye

ar

of

Year

Capita

lsh

are

ho

lders

Capita

liza

tion

Nu. in

Nu

. in

Valu

eP

er

Sh

are

Ratio

(%)

Yie

ldon C

apita

lLis

ting

Nu.in

Mill

Hig

hLo

wN

u.in

Mill

.M

ill.

Mill

.N

u.

Nu

.(%

)(R

OC

)D

SM

L2

001

3.8

64.0

100.0

100

.03.8

-0.5

-100.0

-13.6

-7.3

--

-0.1

41995

2002

3.8

64.0

100.0

100

.03.8

-1.4

- -

-37.4

-2.7

- -

-0.3

72

003

3.8

64.0

100.0

100

.03.8

2.2

-100.0

57.9

1.7

- -

0.5

82

004

3.8

69.0

370.0

300

.011.3

0.5

-100.0

12.6

23.8

- -

0.1

32

005

3.8

69.0

370.0

300

.011.3

-2.0

-100.0

-53.5

-5.6

- -

-0.5

42

000

59.5

407.0

700.0

450

.0416.5

102.9

195.4

428.5

173.0

4.1

50.0

11

.67

0.4

0B

NB

2001

59.5

405.0

1500.0

439

.0862.8

78.1

243.8

509.7

131.3

11.1

50.0

9.8

10.2

61996

2002

59.5

409.0

2000.0

1100

.01

190.0

40.1

269.0

552.1

67.4

29.7

25.0

4.5

30.1

22

003

119.0

5451.0

2000.0

550

.0654.5

56.9

549.0

561.3

47.8

11.5

30.0

5.3

40.0

82

004

119.0

4656.0

750.0

650

.0773.6

81.9

570.5

579.4

68.8

9.5

50.0

7.6

90.1

22

005

119.0

4193.0

750.0

645

.0773.6

151.6

638.9

636.8

127.4

5.1

70.0

10

.77

0.2

02

000

24.9

78.0

100.0

100

.024.9

8.1

8.8

135.4

32.6

0.6

35.0

25

.86

0.2

5B

PC

L2

001

24.9

78.0

100.0

100

.024.9

6.6

10.4

141.8

26.4

3.8

20.0

14

.11

0.1

91997

2002

24.9

95.0

300.0

205

.062.3

9.6

12.5

150.2

38.4

6.5

30.0

19

.97

0.2

62

003

24.9

104.0

300.0

250

.062.3

10.4

15.5

162.0

41.8

6.0

30.0

18

.52

0.2

62

004

24.9

102.0

240.0

240

.059.8

7.5

18.0

172.0

30.1

8.0

20.0

8.3

30.1

72

005

24.9

102.0

240.0

240

.059.8

8.0

21.0

184.3

32.2

7.5

20.0

8.3

30.1

72

000

20.0

133.0

130.0

130

.026.0

29.8

37.0

284.9

148.8

0.9

40.0

14

.04

0.5

1S

TC

B2

001

20.0

133.0

130.0

130

.026.0

8.6

40.5

302.7

42.7

3.0

25.0

8.2

50.1

41997

2002

20.0

127.0

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IES

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et

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(N

u)

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ok

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e =

Ca

pita

l + R

ese

rves/

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. o

f S

hare

s. 2

-EP

S =

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t P

rofit

/ N

o.

of

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are

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ark

et

Price

/ E

PS

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turn

on

Capita

l = N

et In

com

e/

(Equ

ity +

Re

serv

es)

. 5

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ide

nd Y

ield

=

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ide

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100

/ B

ook

Valu

e P

er

Sh

are

.

44


Chart 5

Overall Foreign Trade

0

5000

10000

15000

20000

25000

2001/02 2002/03 2003/04 2004/05 2005/06 2006/07 2007/08(p)

Nu.

milli

ons

Exports Imports

Chart 6

Overall Balance of Payments

-12000-10000

-8000-6000-4000-2000

02000400060008000

2001/02 2002/03 2003/04 2004/05 2005/06 2006/072007/08

(p)

Nu.

milli

ons

Trade Balance Current Account Balance

45


Milli

ons o

f Ngu

ltrum

Item

1997

/98

1998

/99

1999

/00

2000

/01

2001

/02

2002

/03

2003

/04

2004

/05

2005

/06

2006

/07

2007

/08(

p)

A. C

urre

nt A

ccou

nt1,

487.

624

0.1

-1,8

47.9

-1,9

79.0

-3,8

93.6

-6,5

97.5

-5,5

19.3

-10,

487.

4-1

,695

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417.

21,

978.

1

Expo

rts4,

274.

24,

460.

04,

987.

94,

615.

84,

994.

85,

405.

97,

157.

59,

457.

113

,959

.825

,333

.818

,934

.5Im

ports

-5,2

26.1

-6,9

13.7

-8,0

75.2

-8,6

75.0

-9,7

90.2

-9,8

86.9

-11,

923.

5-2

0,55

6.0

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456.

5-2

3,27

1.9

-22,

020.

8Tr

ade

Balan

ce-9

51.9

-2,4

53.7

-3,0

87.3

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59.1

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95.5

-4,4

81.0

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66.0

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099.

0-5

,496

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061.

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rvice

s-3

34.0

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8-3

38.6

20.8

-815

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,200

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,213

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,753

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73.0

137.

0-1

57.4

Cred

it56

8.2

758.

186

9.8

1,12

2.1

1,08

5.3

977.

91,

252.

31,

894.

92,

313.

82,

661.

22,

007.

9De

bit-9

02.3

-770

.9-1

,208

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,101

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,177

.8-3

,465

.7-3

,647

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,886

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,524

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com

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5.5

408.

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70.1

118.

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37.1

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Cred

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5.7

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3.1

561.

443

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3.3

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9.5

1,38

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Debit

-130

.5-1

02.2

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85.6

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297.

71,

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941.

21,

954.

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628.

32,

199.

73,

072.

34,

686.

54,

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06,

597.

0Cr

edit

3,91

3.9

5,02

3.6

3,69

8.7

3,86

4.1

4,22

3.2

4,14

6.7

4,44

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Of w

hich,

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geta

ry G

rant

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63,

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.5

B. C

apita

l and

Fin

anci

al A

ccou

nt16

7.3

1,15

1.7

4,70

3.6

3,43

0.3

5,46

0.1

10,8

64.5

8,80

1.6

9,47

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5,84

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5,09

5.5

1,89

6.0

Capit

al Tr

ansfe

rs0.

00.

02,

910.

02,

001.

72,

512.

76,

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05,

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04,

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41,

751.

51,

111.

863

5.5

Fore

ign D

irect

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stmen

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Portf

olio

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stmen

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Fore

ign A

id (R

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s, ne

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7.8

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et E

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lanc

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766.

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123

6.2

1,24

2.7

2,61

3.6

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1-9

18.6

5,20

9.1

5,05

4.7

2,03

5.3

TABL

E 17

. OVE

RALL

BAL

ANCE

OF

PAYM

ENTS

EST

IMAT

ES

Perio

d

46


Chart 7

Trade with India

0

5000

10000

15000

20000

2001/02 2002/03 2003/04 2004/05 2005/06 2006/07 2007/08(p)

Nu.

mill

ions

Exports Imports

Chart 8

Balance of Payments with India

-8000

-6000

-4000

-2000

0

2000

4000 2001/02 2002/03 2003/04 2004/05 2005/06 2006/07

2007/08(p)

Nu.

mill

ions

Trade balance Current account balance

47


Milli

ons o

f Ngu

ltrum

Perio

d

Item

1998

/99

1999

/00

2000

/01

2001

/02

2002

/03

2003

/04

2004

/05

2005

/06

2006

/07

2007

/08(

p)

A. C

urre

nt A

ccou

nt75

2.6

-139

9.8

-190

6.3

-313

7.0

-711

0.2

-570

7.7

-525

3.9

-234

4.6

5882

.115

33.8

Expo

rts, f

.o.b

.41

81.0

4711

.243

77.0

4700

.550

95.3

6768

.886

61.1

1061

0.5

2091

1.0

1603

6.9

Impo

rts, c

.i.f.

-491

9.3

-606

5.7

-703

1.3

-778

8.8

-900

6.6

-105

89.5

-122

62.3

-137

81.1

-164

63.4

-168

90.0

Of w

hich,

Tala

-111

4.4

-147

9.1

-136

3.7

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786.

6-2

073.

4-1

653.

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341.

7-2

3.4

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6Tr

ade

Balan

ce-7

38.3

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4.5

-265

4.3

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8.3

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1.3

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0.7

-360

1.2

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0.7

4447

.6-8

53.2

Serv

ices

-183

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81.2

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122.

4-3

062.

4-2

487.

2-2

610.

6-1

654.

1-1

203.

6-9

07.4

Cred

it25

1.3

123.

712

1.1

139.

416

2.1

178.

125

3.9

443.

945

5.9

323.

4De

bit-4

34.4

-804

.9-4

42.5

-126

1.8

-322

4.5

-266

5.3

-286

4.6

-209

8.0

-165

9.5

-123

0.8

Inco

me

106.

5-5

32.4

-381

.4-4

90.4

-658

.2-8

06.4

-938

.3-7

01.0

-642

.0-1

883.

5Cr

edit

166.

118

7.7

247.

119

5.5

362.

924

9.3

181.

525

5.0

112.

526

6.6

Debit

-59.

6-7

20.1

-628

.5-6

85.9

-102

1.1

-105

5.8

-111

9.8

-955

.9-7

54.5

-215

0.2

Curre

nt T

rans

fers

1567

.511

68.3

1450

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64.1

521.

614

06.6

1896

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81.2

3280

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77.9

Cred

it38

93.0

2568

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53.5

2905

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59.9

2324

.729

58.7

4186

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19.2

6424

.1Of

whic

h, B

udge

tary

Gra

nts

1928

.521

88.0

2551

.225

31.0

886.

622

87.2

2628

.034

17.2

4024

.356

88.7

Debit

-232

5.5

-139

9.9

-120

2.6

-134

1.5

-938

.3-9

18.0

-106

2.6

-100

5.7

-113

9.1

-124

6.2

B. C

apita

l and

Fin

anci

al A

ccou

nt96

8.5

4482

.537

09.6

4375

.993

35.1

8330

.664

39.5

4076

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81.5

-414

.2Ca

pital

Tran

sfer

s0.

029

10.0

2001

.725

12.7

6219

.050

72.0

4586

.417

51.5

1111

.863

5.5

Fore

ign D

irect

Inve

stmen

t0.

00.

00.

00.

00.

00.

00.

00.

031

.318

.2Fo

reign

Aid

(RGO

B Lo

ans,

net)

1218

.515

72.5

1707

.918

63.2

3116

.032

58.6

1853

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24.8

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3-1

049.

7Ot

her L

oans

-250

.00.

00.

00.

00.

00.

00.

00.

00.

00.

0C.

Net

Erro

rs a

nd O

mis

sion

s-6

96.5

-249

5.4

-135

8.0

-112

6.9

-255

8.5

-159

0.2

-197

0.1

-218

2.3

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3.0

-849

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Ove

rall

Bala

nce

1024

.558

7.3

445.

411

2.0

-333

.710

32.7

-784

.6-4

50.6

-235

8.1

288.

3

TABL

E 18

. BAL

ANCE

OF

PAYM

ENTS

EST

IMAT

ES W

ITH

INDI

A

48


Chart 9

Trade with Countries other than India

0

1000

2000

3000

4000

5000

6000

7000

8000

9000

2002/03 2003/04 2004/05 2005/06 2006/07 2007/08 (p)

Nu.

milli

ons

Exports Imports

Chart 10

Balance of Payments with Countries other than India

-8000

-6000

-4000

-2000

0

2000

40002002/03 2003/04 2004/05 2005/06 2006/07

2007/08(p)

Nu.

mill

ions

Trade balance Current account balance

49


Milli

ons

of N

gultr

um

Item

1997

/98

1998

/99

1999

/00

2000

/01

2001

/02

2002

/03

2003

/04

2004

/05

2005

/06

2006

/07

2007

/08(

p)

A. C

urre

nt A

ccou

nt10

.0-5

12.5

-448

.1-7

2.7

-756

.651

2.8

188.

4-5

,233

.564

8.8

535.

144

4.3

Expo

rts, c

.i.f

232.

227

9.0

276.

623

8.9

294.

331

0.6

388.

679

5.9

3,34

9.3

4,42

2.8

2,89

7.7

Impo

rts, c

.i.f

-1,5

41.4

-1,9

94.4

-2,0

09.5

-1,6

43.7

-2,0

01.4

-880

.3-1

,334

.0-8

,293

.7-5

,675

.4-6

,808

.5-5

,130

.7Tr

ade

Bala

nce

-1,3

09.1

-1,7

15.4

-1,7

32.8

-1,4

04.8

-1,7

07.1

-569

.7-9

45.4

-7,4

97.8

-2,3

26.1

-2,3

85.8

-2,2

33.1

Serv

ices

-19.

217

0.4

342.

634

2.2

307.

1-1

37.6

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edit

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com

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0.6

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edit

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apita

l and

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al A

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ign

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ct In

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ign

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ther

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ent

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et E

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6.9

TABL

E 19

. BAL

ANCE

OF

PAYM

ENTS

EST

IMAT

ES W

ITH

COUN

TRIE

S OT

HER

THAN

INDI

A

Perio

d

50


Chart 11

Gross Rupee Reserves(end of period)

0500

100015002000250030003500400045005000

2001/02 2002/03 2003/04 2004/05 2005/06 2006/07

Rs.

milli

ons

Chart 12

Gross Convertible Currency Reserves (end of period)

0

100

200

300

400

500

600

700

2001/02 2002/03 2003/04 2004/05 2005/06 2006/07

US

D m

illion

s

51


End

of P

erio

d

2000

/01

2001

/02

2002

/03

2003

/04

2004

/05

2005

/06

2006

/07

JUNE

08

1.Ru

pee

rese

rves

3551

.936

63.9

3330

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62.8

3578

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661

9.8

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oyal

Mon

etar

y Au

thor

ity o

f Bhu

tan

89.4

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69.7

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6.3

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B

ank

of B

huta

n Lt

d.21

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1964

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1988

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938

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1

B

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n Na

tiona

l Ba

nk L

td.

1328

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916

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tible

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renc

y re

serv

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6

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oyal

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B

ank

of B

huta

n Lt

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.218

.439

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.029

.647

.347

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B

huta

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tiona

l Ba

nk L

td.

14.7

19.5

17.7

7.0

9.9

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31.5

31.5

3.To

tal r

eser

ves

(1+2

)29

2.6

315.

337

3.3

383.

336

6.5

478.

860

0.4

596.

0

4.To

tal r

eser

ves

19.0

18.9

21.2

17.6

9.3

13.6

13.3

15.1

R

upee

rese

rves

6.1

5.6

4.4

4.9

3.5

2.7

0.6

0.8

C

onve

rtibl

e cu

rrenc

y re

serv

es74

.570

.619

2.3

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617

.940

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.455

.6

(*) In

clude

s re

serv

e tra

nche

pos

ition

in th

e Fu

nd. F

rom

Mar

ch 2

004,

the

defin

ition

of G

ross

Inte

rnat

iona

l Res

erve

s ha

s be

en re

vised

and

bac

ktra

cked

to e

xclu

de R

ICBL

's Ru

pee

and

Conv

ertib

le C

urre

ncy

rese

rves

. Not

e: M

onth

s of

impo

rts a

re c

alcu

late

d us

ing

gros

s in

tern

atio

nal r

eser

ves

and

mer

chan

dise

impo

rts fi

gure

s. R

MA

conv

ertib

le c

urre

ncy

rese

rves

for

2004

/05

onwa

rds

have

bee

n re

vised

due

to c

hang

es in

cla

ssific

atio

n as

of M

ay 2

005.

Tra

de fi

gure

s fo

r the

last

two

year

s ha

ve b

een

revis

ed a

ffect

ing

the

impo

rt co

ver o

f res

erve

s.

Mill

ions

of I

ndia

n Ru

pees

Mill

ions

of U

S Do

llars

T

ABLE

20.

GRO

SS IN

TERN

ATIO

NAL

RESE

RVES

(*)

Item

Mon

ths

of Im

ports

Year

52


Millions of Ngultrums

S.I. IMPORT CATEGORY 2002 2003 2004 2005 2006 2007Share in Total in % (2007)

1 Live Animals & Animal Products 317.6 368.6 436.2 567.8 629.3 682.5 4.5 2 Vegetables, Fruits, Nuts, Coffee, Tea, Spices,

Cereals, Grains & Seeds 607.5 745.2 645.9 725.1 839.6 976.7 6.5

3 Animal or Vegetable Fats & Oils 220.9 174.5 165.3 230.1 311.8 365.2 2.4 4 Processed Foods & Beverages 545.8 573.9 624.5 752.3 765.7 763.1 5.1 5 Mineral Products inc. oils & fuels 1,434.7 1,860.5 2,121.0 2,746.4 3,221.0 3,790.4 25.1 6 Products of Chemical & Allied Industries 456.2 562.5 665.2 596.2 679.1 626.8 4.2 6.1 Medicine / Pharmaceutical Products 88.3 105.6 121.3 62.5 159.8 92.3 0.6 7 Plastic & Rubber Products 179.5 261.6 372.0 368.2 458.5 473.8 3.1 8 Wood and Wood pulp products 241.1 280.5 340.2 353.1 376.2 561.5 3.7

8.1 Wood and Wood Products 96.5 100.5 123.6 120.0 119.0 272.8 1.8 8.2 Wood Pulp Products 144.6 179.9 216.7 233.1 257.3 288.7 1.9 9 Textiles, Footwear & Hats/Headgear 244.0 222.4 230.9 224.1 239.8 251.0 1.7

10 Articles of Stone, Plaster, Cement, Asbestos, Ceramics & Glass 133.5 155.5 183.3 191.2 260.3 317.4 2.1

10.1 Ceramic Products 40.9 71.1 65.4 78.3 121.8 129.5 0.9 11 Pearls and Products of Precious/Semi-precious

Metal & Stones 0.4 0.4 18.1 162.4 40.6 1,475.1 9.8

12 Base Metals and Articles of Base Metal 928.3 1,441.8 1,965.4 2,507.4 2,002.8 1,952.3 12.9 13 Machinery, Mechanical/Electrical Appliances &

Equipment and Parts 1,528.1 2,784.7 1,669.0 2,322.1 2,272.4 2,270.3 15.0

13.1 Magnetic Discs & Media (recorded/unrecorded) 0.8 1.4 3.9 3.8 3.6 4.7 0.0 14 Transport Vehicles & Aircraft and Engines & Parts 562.6 559.8 573.2 550.3 639.1 1,060.1 7.0 15 Optical, Photographic, Cinematographic &

Measuring Equipment 95.7 201.0 69.3 385.8 185.8 101.9 0.7

16 Handicrafts, Works of Art, Collectors' Pieces & Personal Effects 0.5 0.4 0.1 0.5 0.0 0.1 0.0

17 Miscellaneous Manufactured Products 84.8 66.9 114.3 111.9 132.0 143.0 0.9 TOTAL 7,581.3 10,260.1 10,193.9 12,795.1 13,053.9 15,096.8 108.5

Millions of Ngultrums

EXPORT CATEGORY 2002 2003 2004 2005 2006 2007Share in Total in % (2007)

1 Live Animals & Animal Products 4.4 4.2 2.6 2.4 10.8 13.4 0.11.1 Raw Hides & Skins 4.0 4.2 2.5 1.1 1.6 0.6 0.02 Vegetables, Fruits, Nuts, Coffee, Tea, Spices,


2.1 Potatoes 100.6 72.4 113.1 120.1 138.5 149.9 0.73 Animal or Vegetable Fats & Oils - - 0.0 224.5 1,448.3 1,875.3 8.33.1 Palm Oil - - - 194.8 1,380.5 481.6 2.14 Processed Foods & Beverages 208.5 391.3 407.8 389.2 413.9 368.0 1.65 Mineral Products inc. oils & fuels 534.4 587.6 674.1 983.5 1,587.1 1,809.1 8.06 Electricity 2,347.4 2,603.5 2,711.7 3,439.9 4,982.0 10,034.3 44.27 Products of Chemical & Allied Industries 667.6 630.0 712.5 714.0 587.0 783.3 3.48 Plastic & Rubber Products 84.0 199.3 270.8 292.6 246.6 275.7 1.29 Wood and Wood Pulp Products 176.8 215.1 281.6 314.7 257.7 305.6 1.39.1 Wood Pulp Products 0.3 0.4 1.5 4.3 3.5 2.6 0.0

10 Textiles, Footwear & Hats/Headgear 13.2 112.8 536.5 787.2 476.4 444.9 2.011 Articles of Stone, Plaster, Cement, Asbestos,

Ceramics & Glass 22.5 18.0 24.5 14.7 24.9 113.1 0.5

12 Base Metals and Articles of Base Metal 627.9 882.3 1,736.6 2,491.1 4,098.2 6,302.2 27.713 Machinery, Mechanical Appliances & Electrical

Equipment and Parts 39.2 4.4 73.0 34.0 51.8 60.0 0.3

14 Transport Vehicles & Aircraft and Engines & Parts 3.2 0.2 15.4 16.3 0.6 - 0.015 Optical, Photographic, Cinematographic &

Measuring Equipment 4.4 2.1 1.1 - 0.3 0.6 0.0

16 Handicrafts, Works of Art, Collectors' Pieces & Personal Effects 0.0 - 0.3 - 0.2 0.0 0.0

17 Miscellaneous Manufactured Products 12.4 18.0 26.6 22.4 25.5 31.1 0.1TOTAL 5,137.0 5,925.9 7,761.6 9,969.8 14,488.0 22,723.7 100.0

Note: Electricity exports for 2002 and 2003 are taken from Chukha and Kurichhu sales for that year.Source: Department of Revenue & Customs.

Table 21A. COMPOSITION OF IMPORTS FROM INDIA

Table 21B. COMPOSITION OF EXPORTS TO INDIA

53


SI IMPORT CATEGORY 2002 2003 2004 2005 2006 2007Share in Total in % (2007)

1 Live Animals & Animal Products 4.4 7.8 0.2 2.4 2.1 3.2 0.02 Vegetables, Fruits, Nuts, Coffee, Tea, Spices,


3 Animal or Vegetable Fats & Oils 56.2 50.7 147.6 93.3 1285.4 1689.8 25.43.1 Palm Oil (Crude & Other) 9.2 3.2 4.4 28.6 1212.0 1580.0 23.84 Processed Foods & Beverages *) 79.3 37.3 154.5 151.2 153.3 164.9 2.55 Mineral Products inc. oils & fuels 35.9 0.7 106.3 16.2 38.2 48.4 0.76 Products of Chemical & Allied Industries 58.1 38.7 78.3 125.8 114.7 105.5 1.66.1 Medicines / Pharmaceutical Products 15.2 12.5 21.2 50.5 55.9 35.1 0.57 Plastic & Rubber Products 130.9 100.0 229.5 240.4 276.5 231.5 3.58 Wood and Wood Products 12.1 2.2 8.8 13.3 22.8 17.7 0.39 Wood Pulp Products 15.3 21.9 55.2 44.5 30.4 97.8 1.5

10 Textiles, Footwear & Hats/Headgear 139.4 108.6 570.2 555.9 449.9 259.6 3.911 Articles of Stone, Plaster, Cement, Asbestos,

Ceramics & Glass 6.6 6.2 14.4 10.4 13.4 9.6 0.1

11.1 Ceramic Products 2.7 0.7 7.7 3.4 6.0 4.7 0.112 Pearls and Products of Precious/Semi-precious

Metal & Stones 0.8 2.8 0.1 13.8 3.6 0.0 0.0

13 Base Metals and Articles of Base Metal 400.0 213.4 617.7 837.6 1782.6 2102.9 31.614 Machinery, Mechanical/Electrical Appliances &

Equipment and Parts 745.1 466.1 1762.3 1577.3 1309.4 1393.4 21.0

13.1 Magnetic Discs & Media (recorded/unrecorded) 1.4 0.6 1.0 0.6 17.0 1.6 0.015 Transport Vehicles & Aircraft and Engines & Parts 640.7 157.5 4547.8 425.8 264.3 377.8 5.716 Optical, Photographic, Cinematographic &

Measuring Equipment 74.3 111.9 89.1 82.9 173.3 68.5 1.0

17 Handicrafts, Works of Art, Collectors' Pieces & Personal Effects 17.0 0.1 0.2 0.1 0.1 2.5 0.0

18 Miscellaneous Manufactured Products 36.1 10.5 30.4 28.3 31.1 32.4 0.5TOTAL 2466.0 1332.2 8431.2 4229.6 5958.1 6645.9 100.0

SI EXPORT CATEGORY 2002 2003 2004 2005 2006 2007Share in Total in % (2007)

1 Vegetables, Fruits, Tea, Spices, Cereals, Grains & Animal Products 115.1 165.4 297.8 356.8 284.1 284.0 5.5

1.1 Oranges 105.6 124.1 207.2 225.5 176.2 160.9 3.11.2 Apples 6.0 30.2 34.9 68.8 33.7 16.2 0.31.3 Cardamoms 0.4 0.0 41.6 50.2 48.9 29.6 0.62 Processed Foods & Beverages 6.5 5.5 10.6 5.3 4.6 8.1 0.23 Mineral Products inc. oils & fuels 118.1 52.4 100.0 226.2 249.0 270.8 5.33.1 Limestone & other calcereous stone 4.4 8.6 16.6 57.9 86.2 84.6 1.63.2 Dolomite 18.4 12.4 43.3 79.0 63.3 20.3 0.43.3 Bituminous Coal 28.8 11.7 10.0 43.0 40.3 28.0 0.54 Products of Chemical & Allied Industries 20.0 29.1 17.4 30.1 3.5 0.6 0.05 Plastic & Rubber Products 1.4 2.5 20.9 5.4 15.5 10.2 0.26 Wood and Wood Products 7.1 1.8 2.5 1.5 0.6 0.4 0.07 Wood Pulp Products 1.5 0.1 0.1 28.6 62.8 13.8 0.38 Textiles, Footwear & Hats/Headgear 10.9 0.2 1.1 0.2 9.0 16.2 0.39 Articles of Stone, Plaster, Cement, Asbestos,

Ceramics & Glass 0.1 6.6 8.8 0.3 2.0 0.2 0.0

10 Articles of Precious/Semi-precious Metals 0.0 0.0 5.8 135.4 11.5 33.5 0.711 Base Metals and Articles of Base Metal 2.6 0.1 36.0 4.8 12.1 41.2 0.812 Machinery, Mechanical & Electrical Appliances,

Equipment & Parts & Aircraft Parts 55.5 0.2 6.9 72.3 1.7 1.4 0.0

13 Magnetic Discs, Cards, Tapes & Media (recorded/unrecorded) 0.0 0.1 0.0 546.8 3626.7 4451.3 86.7

14 Handicrafts, Works of Art, Philatelic Products & Personal Effects 2.5 0.1 0.4 2.6 0.4 2.9 0.1

15 Miscellaneous Manufactured Products 1.2 0.3 1.4 0.0 0.3 0.5 0.0TOTAL 342.5 264.2 509.6 1416.3 4283.8 5135.3 100.0

Source: Department of Revenue & Customs.

Table 22A. COMPOSITION OF IMPORTS FROM COUNTRIES OTHER THAN INDIA

Table 22B. COMPOSITION OF EXPORTS TO COUNTRIES OTHER THAN INDIA

54


Millions of NgultrumItem 2001 2002 2003 2004 2005 2006 2007Exports

India 4,700.5 5,137.0 3,322.4 7,761.6 9,969.8 14,488.0 22,723.7 Hongkong - 0.0 0.1 11.7 685.9 2,866.0 2,764.3 Singapore 0.1 2.0 1.0 2.4 72.8 585.4 683.8 Bangladesh 222.4 221.7 223.9 410.7 561.8 470.1 469.6 Thailand 3.7 1.8 0.7 1.0 32.9 282.4 1,092.9 Nepal 41.5 29.2 14.2 17.7 44.8 57.4 54.3 Others 26.5 86.8 24.4 66.2 18.1 22.5 70.6

Total 4,994.7 5,478.6 3,586.6 8,271.1 11,386.2 18,771.9 27,859.1Imports

India 6,988.8 7,581.3 10,228.5 10,193.9 12,795.1 13,053.9 15,099.5 Indonesia 44.2 11.2 18.6 65.3 240.0 1,331.3 1,306.8 Russian Federation - - - 1.8 162.1 874.8 731.4 Singapore 214.6 245.3 198.9 420.1 447.2 515.1 1,109.7 South Korea 71.7 76.6 132.5 501.8 247.5 459.4 644.5 Japan 622.2 326.9 200.2 598.2 648.2 395.9 460.1 Malaysia 38.5 39.1 28.2 80.3 174.9 351.8 193.4 China 15.8 74.1 29.1 205.3 182.2 281.7 402.7 Thailand 290.0 242.2 148.8 349.6 275.5 257.8 224.9 Germany 66.0 97.8 69.6 4,248.4 200.4 200.3 125.4 Others 638.4 1,359.3 512.6 1,974.9 1,662.0 1,289.9 1,447.0

Total 8,990.2 10,053.9 11,566.921 18,639.5 17,035.1 19,012.0 21,745.4

ExportsIndia 94.1 93.8 92.6 93.8 87.6 77.2 81.6 Hongkong - 0.0 0.0 0.1 6.0 15.3 9.9 Singapore 0.0 0.0 0.0 0.0 0.6 3.1 2.5 Bangladesh 4.5 4.0 6.2 5.0 4.9 2.5 1.7 Thailand 0.1 0.0 0.0 0.0 0.3 1.5 3.9 Nepal 0.8 0.5 0.4 0.2 0.4 0.3 0.2 Others 0.5 1.6 0.7 0.8 0.2 0.1 0.3

Total 100.0 100.0 100.0 100.0 100.0 100.0 100.0Imports

India 77.7 75.4 88.4 54.7 75.1 68.7 79.4Indonesia 0.5 0.1 0.2 0.4 1.4 7.0 6.9Russian Federation 0.0 0.0 0.0 0.0 1.0 4.6 3.8Singapore 2.4 2.4 1.7 2.3 2.6 2.7 5.8South Korea 0.8 0.8 1.1 2.7 1.5 2.4 3.4Japan 6.9 3.3 1.7 3.2 3.8 2.1 2.4Malaysia 0.4 0.4 0.2 0.4 1.0 1.9 1.0China 0.2 0.7 0.3 1.1 1.1 1.5 2.1Thailand 3.2 2.4 1.3 1.9 1.6 1.4 1.2Germany 0.7 1.0 0.6 22.8 1.2 1.1 0.7Others 7.1 13.5 4.4 10.6 9.8 6.8 7.6

Total 100.0 100.0 100.0 100.0 100.0 100.0 114.4

Share in percent

Source: Department of Revenue and Customs. *By latest year rankings

TABLE 23. DIRECTION OF TRADE *

55


Per

iod

Num

ber

Num

ber

Reve

nue

Num

ber

Reve

nue

Num

ber

Reve

nue

Num

ber

Reve

nue

Num

ber

Reve

nue

Num

ber

Reve

nue

Q111

8694

41.

012

781.

531

313.

723

252.

937

945.

253

637.

1 J

an55

192

0.2

890.

133

40.

241

20.

444

10.

553

20.

56 F

eb26

998

0.1

358

0.4

631

0.6

532

0.5

814

1.0

1311

1.52

Mar

862

654

0.8

831

1.1

2166

2.9

1381

2.0

2539

3.7

3520

5.06

Q210

5817

882.

420

652.

924

893.

547

656.

642

916.

159

047.

9 A

pr68

312

151.

813

042.

014

742.

233

444.

726

664.

131

734.

44 M

ay29

639

70.

544

80.

670

00.

999

91.

410

451.

418

622.3

7 J

un79

176

0.2

313

0.3

315

0.4

422

0.4

580

0.7

869

1.10

Q310

8792

21.

220

002.

525

383.

235

374.

646

73.0

5.8

0.0

0.0

July

114

112

0.1

276

0.3

274

0.3

454

0.5

588

0.52

Aug

213

198

0.2

476

0.4

576

0.6

896

0.8

1133

0.98

Sep

760

612

0.9

1248

1.9

1688

2.3

2187

3.3

2952

4.32

Q422

6826

073.

739

065.

654

688.

267

159.

983

3612

.70

0.0

Oct

1474

1456

2.2

2263

3.6

3412

5.6

3777

6.1

4512

7.3

Nov

643

862

1.1

1198

1.5

1443

1.9

2084

2.9

2733

4.0

Dec

151

289

0.3

445

0.5

613

0.6

854

0.8

1091

1.4

Tota

l55

9962

618.

392

4912

.513

626

18.5

1734

223

.921

094

3011

267

15

TABL

E 24

. TOU

RIST

ARR

IVAL

S AN

D RE

VENU

ES (*

)

2006

Sour

ce :

Depa

rtmen

t of T

ouris

m. (

*) Co

nver

tible

curre

ncy p

aying

tour

ists.

Reve

nue:

Gro

ss re

venu

es in

clusiv

e of

tour

ope

rato

rs' re

venu

e an

d go

vern

men

t tax

.

2008

Num

ber o

f Tou

rists

and

Reve

nues

in M

illion

s of U

S Do

llars

2005

2004

2002

2003

2007

56


Chart 13

Tourism's contribution to GDP

3.25

2.42

3.18

4.55

5.69

6.12

2.0

2.5

3.0

3.5

4.0

4.5

5.0

5.5

6.0

6.5

2002 2003 2004 2005 2006 2007 (p)

Per

cent

Chart 14

Tourism Earnings in % of Domestic Revenue

5.50

4.36

4.84

3.60

2.91

0 1 2 3 4 5 6

2003

2004

2005

2006

2007

Year

Percent

57


In

milli

ons

of U

SD a

nd R

upee

s

Sect

orC

redi

tors

USD

Rup

eeU

SDR

upee

USD

Rup

eeU

SDR

upee

USD

Rup

eeU

SDR

upee

Con

cess

iona

l Loa

nsAg

ricul

ture

5.5

0.8

0.6

0.9

0.8

1.5

1Sm

all F

arm

Dev

. Pro

ject

IFAD

0.0

0.0

0.0

0.0

0.0

0.0

2T/

gang

Mon

gar D

ev. P

roje

ctIF

AD0.

00.

00.

00.

00.

00.

03

Puna

kha

Wan

gdi V

alle

y D

ev. P

roj.

IFAD

0.0

0.0

0.0

0.0

0.0

0.0

41s

t Eas

tern

Zon

e Ag

ricul

tura

l Pro

j.IF

AD0.

00.

00.

00.

00.

00.

05

2nd

East

ern

Zone

Agr

icul

tura

l Pro

j.IF

AD4.

60.

80.

60.

90.

80.

06

Fore

stry

IW

orld

Ban

k 0.

00.

00.

00.

00.

00.

07

Fore

sty

IIW

orld

Ban

k 0.

00.

00.

00.

00.

00.

08

Fore

stry

III

Wor

ld B

ank

0.9

0.0

0.0

0.0

0.0

0.0

9C

hira

ng H

ill Irr

igat

ion

Proj

ect

ADB

0.0

0.0

0.0

0.0

0.0

0.0

10H

ighl

and

Life

stoc

k D

ev. P

roj.

ADB

0.0

0.0

0.0

0.0

0.0

0.0

11Ag

ri. M

arke

ting

Entp

. & P

rom

otio

n Pr

og.

IFAD

0.0

0.0

0.0

0.0

0.0

1.5

Com

mun

icat

ions

5.7

7.4

10.6

14.3

10.7

3.3

12Ea

rth S

atel

lite

Stat

ion

Mits

ui a

nd C

o. L

td.

0.0

0.0

0.0

0.0

0.0

0.0

13Ai

r Nav

igat

ion

Proj

ect (

Paro

)EF

IC (A

ustra

lia)

0.0

0.0

0.0

0.0

0.0

0.0

14R

ural

Acc

ess

Proj

ect

Wor

ld B

ank

1.8

1.8

2.7

1.9

1.0

0.0

15U

rban

Dev

elop

men

t Pro

ject

Wor

ld B

ank

1.5

3.5

2.5

1.4

0.2

0.0

16R

oad

Wor

ks M

echa

niza

tion

Proj

.AD

B0.

00.

00.

00.

00.

00.

017

East

Wes

t Hig

hway

Mai

nten

ance

ADB

0.0

0.0

0.0

0.0

0.0

0.0

18U

rban

Infra

stru

ctur

es Im

prov

. Pro

j.AD

B0.

70.

81.

10.

70.

20.

019

Roa

d Im

prov

emen

t Pro

ject

ADB

1.7

1.3

4.3

1.4

0.8

0.0

20R

ural

Tel

ecom

Net

. Exp

ansi

on P

roj.

Gov

t. of

Den

mar

k0.

08.

97.

40.

621

Roa

d N

etwo

rk P

roje

ctAD

B0.

22.

722

Urb

an In

frast

ruct

ure

Dev

. Pro

j.AD

B0.

80.

1

Educ

atio

n2.

34.

34.

46.

68.

18.

823

Prim

ary

Educ

atio

n Pr

ojec

tW

orld

Ban

k 0.

00.

00.

00.

00.

00.

024

Seco

nd E

duca

tion

Proj

ect

Wor

ld B

ank

1.5

2.2

0.8

1.3

0.0

0.0

25Te

chni

cal a

nd V

oc. E

dn. T

rain

. Pro

j.AD

B0.

00.

00.

00.

00.

00.

026

Basi

c Sk

ills D

ev. P

roj.

ADB

0.8

1.3

1.1

0.8

2.0

0.9

27M

ulti

Proj

ect I

IAD

B0.

00.

00.

00.

00.

00.

028

Educ

atio

n D

evel

opm

ent P

roj.

Wor

ld B

ank

0.8

2.6

4.5

6.1

7.9

Heal

th5.

30.

00.

00.

00.

00.

029

Hea

lth C

are

Ref

orm

Pro

gram

ADB

5.3

0.0

0.0

0.0

0.0

0.0

TABL

E 25

. CO

NVER

TIBL

E CU

RREN

CY A

ND R

UPEE

LO

AN D

ISBU

RSEM

ENTS

(*)

2006

/200

720

04/2

005

2005

/200

6Ju

ne '0

820

03/2

004

2002

/200

3

58


Chart 15

External Debt Outstanding(End of Fiscal Year)

0250050007500

10000125001500017500200002250025000275003000032500

2000/01 2001/02 2002/03 2003/04 2004/05 2005/06 2006/07

Nu.

mill

ions

Convertible currency Rupee Total

Chart 16

Creditor-Wise Loans Outstanding(End of June 2008)

58.2

16.3

74.3

0.2

46.7

11.18.2

463.6

0

50

100

150

200

250

300

350

400

450

500

IDA IFAD ADB KFAED GoA GoI IFC GoD

US

D m

illio

ns

59


In millions of USD and Rupees

USD Rupee USD Rupee USD Rupee USD RupeeInterest Interest Interest Interest Interest Interest Interest Interest

Sector Principal Principal Principal Principal Principal Principal Principal PrincipalConcessional Loans

0.47 0.47 0.50 0.450.81 0.88 0.90 1.10

1 Small Farm Dev. Project 0.05 0.05 0.05 0.050.13 0.14 0.14 0.15

2 T/gang Mongar Dev. Project 0.04 0.04 0.04 0.030.09 0.09 0.10 0.10

3 Punakha Wangdi Valley Dev. Proj. 0.03 0.03 0.04 0.020.07 0.07 0.07 0.08

4 1st Eastern Zone Agricultural Proj. 0.06 0.05 0.06 0.040.10 0.10 0.11 0.17

5 2nd Eastern Zone Agricultural Proj. 0.08 0.09 0.11 0.120.00 0.00 0.00 0.00

6 Forestry I 0.06 0.06 0.05 0.040.17 0.18 0.19 0.20

7 Forestry II 0.01 0.01 0.01 0.010.02 0.02 0.02 0.02

8 Forestry III 0.06 0.06 0.06 0.040.11 0.11 0.12 0.13

9 Chirang Hill Irrigation Project 0.03 0.01 0.01 0.010.02 0.05 0.05 0.01

10 Highland Livestock Dev. Proj. 0.06 0.05 0.06 0.060.10 0.10 0.11 0.23

0.00 0.000.52 0.58 0.70 0.550.30 0.22 1.10 2.41

14 Rural Access Project 0.11 0.12 0.14 0.100.00 0.00 0.00 0.00

15 Urban Development Project 0.11 0.11 0.13 0.090.00 0.00 0.00 0.00

16 Road Works Mechanization Proj. 0.06 0.06 0.07 0.090.10 0.11 0.11 0.24

17 East West Highway Maintenance 0.07 0.07 0.07 0.050.10 0.11 0.11 0.12

18 Urban Infrastructures Improv. Proj. 0.06 0.08 0.09 0.070.00 0.00 0.00 0.00

19 Road Improvement Project 0.07 0.07 0.16 0.120.00 0.00 0.00 0.00

20 Rural Telecom Network Exp. Proj 0.04 0.06 0.05 0.000.00 0.00 0.88 2.05

21 Road Network Project 0.00 0.00 0.020.00 0.00 0.00

22 Urban Infrastructure Dev. Proj. 0.00 0.010.00 0.00

0.60 0.55 0.61 0.650.49 0.63 0.64 0.69

23 Primary Education Project 0.04 0.04 0.04 0.030.09 0.09 0.09 0.10

24 Second Education Project 0.15 0.15 0.16 0.180.00 0.00 0.00 0.00

25 Technical and Voc. Edn. Train. Proj. 0.06 0.06 0.06 0.050.09 0.10 0.10 0.11

26 Basic Skills Dev. Proj. 0.04 0.00 0.04 0.080.00 0.00 0.00 0.00

27 Multi Project II 0.11 0.12 0.12 0.090.31 0.44 0.45 0.49

28 Education Development Project 0.20 0.18 0.19 0.230.00 0.00 0.00 0.000.14 0.63 0.08 0.120.00 0.00 0.00 0.00

29 Health Care Reform Program 0.14 0.63 0.08 0.120.00 0.00 0.00 0.00

June '082004/2005

Health

Agriculture

Communications

Education

2005/2006

TABLE 26. DEBT SERVICING - YEAR-WISE EXPENDITURE ON EXTERNAL DEBT, CONVERTIBLE CURRENCY AND RUPEE (*)

2006/2007

60


In millions of USD and Rupees

USD Rupee USD Rupee USD Rupee USD RupeeInterest Interest Interest Interest Interest Interest Interest Interest

Sector Principal Principal Principal Principal Principal Principal Principal Principal0.27 0.26 0.32 0.300.77 0.86 0.82 0.98

30 Technical Assistance 0.03 0.03 0.04 0.030.09 0.17 0.11 0.12

31 Multi Project I 0.05 0.05 0.05 0.060.21 0.22 0.22 0.24

32 Bhutan Dev. Finance Corporation 0.03 0.03 0.03 0.020.05 0.05 0.05 0.05

33 Financial Sector Dev. Program (a) 0.05 0.06 0.06 0.090.00 0.00 0.00 0.05

34 Financial Sector Dev. Program (b) 0.00 0.030.00 0.00

35 Dev. Finance Loan Project 0.05 0.06 0.06 0.050.00 0.00 0.00 0.05

36 Bhutan Dev. Finance Corporation 0.05 0.04 0.08 0.010.43 0.43 0.43 0.470.09 0.09 0.10 0.150.30 0.26 0.27 0.52

37 Bhutan Calcium Carbide Ltd. 0.08 0.08 0.09 0.060.08 0.25 0.25 0.27

38 Industrial Estates Dev. Project 0.01 0.01 0.01 0.010.02 0.02 0.02 0.02

39 Gedu Wood Mgf. Corporation 0.00 0.00 0.00 0.030.00 0.00 0.00 0.10

40 Tala Particle Board Factory Proj. 0.00 0.00 0.00 0.040.00 0.00 0.00 0.13

41 Bhutan Calcium Carbide Ltd. 0.00 0.00 0.00 0.000.21 0.00 0.00 0.000.93 218.10 1.59 213.72 3.66 209.58 2.31 1500.830.00 274.22 0.07 274.22 0.14 274.22 1.80 1669.39

42 Rural Electrification Project 0.09 0.10 0.10 0.080.00 0.07 0.14 0.16

43 Sustainable Rural Elect. Proj. 0.13 0.13 0.15 0.110.00 0.00 0.00 0.24

44 Rural Electrification & Network Exp Proj 0.01 0.00 0.13 0.380.00 0.00 0.00 0.05

45 Basochhu Hydropower Project (lower) 0.70 1.36 3.28 1.730.00 0.00 0.00 0.00

46 Basochhu Hydropower Project (upper) 0.00 0.000.00 1.35

47 Chukha Hydropower Proj. 16.41 12.03 7.89 3.2787.55 87.55 87.55 87.55

48 Kurichhu Hydropower Proj. 201.69 201.69 201.69 201.69186.67 186.67 186.67 186.67

49 Tala Hydroelectric Proj. 0.00 0.00 0.00 1295.860.00 0.00 0.00 1395.17

50 Punatsangchhu-I Hydroelectric Proj. 0.000.00

0.00 0.02 0.03 0.030.00 0.00 0.00 0.00

51 Decentralized Rural Dev. Project 0.00 0.02 0.03 0.030.00 0.00 0.00 0.00

Total ( for Concessional Loans) 3.03 218.10 4.20 213.72 5.99 209.58 4.55 1500.832.67 274.22 2.93 274.22 3.87 274.22 7.50 1669.39

Commercial Loans0.25 0.77 1.28 1.010.00 0.59 0.85 1.76

Total (Con. + Comm. Loans) 3.27 218.10 4.98 213.72 7.27 209.58 5.56 1500.832.67 274.22 3.52 274.22 4.73 274.22 9.26 1669.39

GRAND TOTAL (I+P) 5.94 492.32 8.49 487.94 12.00 483.80 14.83 3170.22

Source: Department of Public Accounts and private sector companies. (*) Totals may not add up due to rounding.

June '082004/2005

Commercial Loans

Financial Sector

Industry

Power

Other

2005/2006

TABLE 26. CONTINUEDDEBT SERVICING - YEAR-WISE EXPENDITURE ON EXTERNAL DEBT, CONVERTIBLE CURRENCY AND RUPEE

2006/2007

61


Item

2004

/200

520

05/2

006

2006

/200

7Ju

ne '0

820

04/2

005

2005

/200

620

06/2

007

June

'08

1. G

over

nmen

t Bor

row

ing

C

once

ssio

nal

1006

0.7

1163

4.9

1290

5.4

1351

8.5

225.

526

0.1

292.

033

4.9

a

. Wor

ld B

ank

2623

.231

18.9

3510

.138

39.2

58.8

69.7

79.4

95.1

b

. IFA

D87

8.3

953.

110

44.0

1072

.519

.721

.323

.626

.6

c. A

DB

3917

.744

36.0

4698

.248

96.8

87.8

99.1

106.

312

1.3

d

. KFA

ED66

.748

.199

.635

.81.

51.

12.

30.

9

f. G

ovt.

of A

ustri

a25

74.8

2679

.228

37.1

2970

.657

.759

.964

.273

.6

g. G

ovt.

of D

enm

ark

399.

771

6.4

703.

68.

916

.217

.4

2. C

omm

erci

al B

orro

win

g44

6.1

794.

475

2.4

644.

310

.017

.817

.016

.0

3. R

upee

Deb

t 16

075.

418

400.

218

369.

918

715.

436

0.4

411.

341

5.7

463.

6

a. C

hukh

a H

ydro

pow

er P

roje

ct26

2.7

175.

187

.60.

05.

93.

92.

00.

0

b. K

uric

hhu

Hyd

ropo

wer

Pro

ject

2053

.318

66.7

1680

.014

93.3

46.0

41.7

38.0

37.0

c.

Tal

a H

ydro

elec

tric

Proj

ect

1375

9.4

1635

8.5

1660

2.4

1674

2.1

308.

536

5.6

375.

741

4.8

d.

Pun

atsa

ngch

hu -

I Hyd

roel

ectri

c Pr

ojec

t48

0.0

11.9

4. G

ross

Tot

al26

582.

230

829.

532

027.

732

878.

259

5.9

689.

172

4.7

814.

5

Con

verti

ble

Cur

renc

y D

ebt

235.

527

7.8

309.

035

0.9

As

a %

of T

otal

Deb

t39

.540

.342

.643

.1

Rup

ee D

ebt

1607

5.4

1840

0.2

1836

9.9

1871

5.4

As

a %

of T

otal

Deb

t60

.559

.757

.456

.9

Exc

hang

e R

ate

Ngu

ltrum

to 1

USD

44.6

44.7

44.2

40.4

Sour

ce: D

epar

tmen

t of P

ublic

Acc

ount

s &

priv

ate

sect

or c

ompa

nies

1. D

ebt o

utst

andi

ng a

t the

end

of e

ach

fisca

l yea

r 2.

Out

stan

ding

Deb

t = (T

otal

Dis

burs

emen

t - P

rinci

pal R

epay

men

t).3.

Exc

hang

e ra

te u

sed

for c

onve

rsio

n: fi

scal

yea

r ave

rage

use

d in

the

past

; for

the

two

rece

nt fi

scal

yea

rs, t

he J

une

aver

age

rate

in e

ach

year

use

d

TAB

LE 2

7. B

HUTA

N'S

OUT

STAN

DIN

G E

XTER

NAL

DEB

T - F

ISCA

L YE

AR P

OSI

TIO

N

Rup

ee/N

gultr

um M

illion

US

$ M

illion

E

nd o

f Per

iod

62


Chart 17

Total Debt Outstanding as % of GDP(End of Fiscal Year)

0

10

20

30

40

50

60

70

80

90

1999/00 2000/01 2001/02 2002/03 2003/04 2004/05 2005/06 2006/07

Per

cent

Chart 18

Debt Service Ratio 1)(End of Fiscal Year)

0

5

10

15

20

25

30

35

2000/01 2001/02 2002/03 2003/04 2004/05 2005/06 2006/07

Per

cent

Convertible currency Rupee

1) (Principal+Interest)/(Export of Goods & Services)

63


End

of P

erio

dC

redi

tor C

ateg

ory

1998

/99

1999

/00

2000

/01

2001

/02

2002

/03

2003

/04

2004

/05

2005

/06

2006

/07

June

'08

A. C

onve

rtib

le C

urre

ncy

Deb

t98

.798

.710

6.9

129.

917

6.8

216.

023

5.5

277.

830

9.0

350.

9

I. M

ultil

ater

al88

.388

.394

.410

7.7

142.

015

7.5

167.

819

1.2

211.

624

3.9

Asi

an D

evel

opm

ent B

ank

43.2

43.2

47.4

55.4

75.8

82.4

87.8

99.1

106.

312

1.3

IFA

D12

.712

.712

.513

.719

.620

.319

.721

.323

.626

.6 K

FAED

7.9

7.9

6.5

5.1

3.6

2.1

1.5

1.1

2.3

0.9

Wor

ld B

ank

(IDA)

24.0

24.0

27.6

33.2

42.9

52.5

58.8

69.7

79.4

95.1

II. B

ilate

ral

10.4

10.4

12.6

22.2

34.7

50.5

57.7

68.8

80.4

91.0

Gov

ernm

ent o

f Aus

tria

10.4

10.4

12.6

22.2

34.7

50.5

57.7

59.9

64.2

73.6

Gov

ernm

ent o

f Den

mar

k8.

916

.217

.4

III. C

omm

erci

al D

ebt f

rom

M

ultil

ater

al C

redi

tors

0.0

0.0

0.0

0.0

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8.0

10.0

17.8

17.0

16.0

B. R

upee

Deb

t2,

704.

14,

276.

55,

984.

47,

847.

610

,963

.714

,222

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Gov

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ent o

f Ind

ia2,

704.

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55,

984.

47,

847.

610

,963

.714

,222

.316

,075

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,400

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,715

.4

Con

vert

ible

Cur

renc

y C

redi

tors

AD

B43

.843

.844

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.642

.938

.237

.335

.734

.434

.6 G

over

nmen

t of A

ustri

a10

.510

.511

.817

.119

.623

.424

.521

.620

.821

.0 G

over

nmen

t of D

enm

ark

3.2

5.2

5.0

IFAD

12.9

12.9

11.7

10.5

11.1

9.4

8.4

7.7

7.6

7.6

KFA

ED8.

08.

06.

13.

92.

11.

00.

60.

40.

70.

3 W

orld

Ban

k24

.324

.325

.925

.524

.324

.325

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.125

.727

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ther

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74.

26.

45.

54.

5

Rup

ee C

redi

tors

Gov

ernm

ent o

f Ind

ia10

0.0

100.

010

0.0

100.

010

0.0

100.

010

0.0

100.

010

0.0

100.

0

Sour

ce: D

epar

tmen

t of P

ublic

Acc

ount

s &

priv

ate

sect

or c

ompa

nies

TAB

LE 2

8. E

XTER

NAL

DEB

T O

UTS

TAN

DIN

G B

Y IN

DIV

IDU

AL C

RED

ITO

R C

ATEG

OR

IES

64


1998

/99

1999

/00

2000

/01

2001

/02

2002

/03

2003

/04

2004

/05

2005

/06

2006

/07

June

'08

Inte

rest

Inte

rest

Inte

rest

Inte

rest

Inte

rest

Inte

rest

Inte

rest

Inte

rest

Inte

rest

Inte

rest

Prin

cipal

Prin

cipal

Prin

cipal

Prin

cipal

Prin

cipal

Prin

cipal

Prin

cipal

Prin

cipal

Prin

cipal

Prin

cipal

I. M

ultila

tera

l (Co

nver

tible

Cur

renc

y)0.

890.

890.

951.

301.

612.

422.

292.

782.

672.

741.

361.

382.

632.

712.

952.

902.

672.

933.

003.

87II.

Bila

tera

l Con

verti

ble

Curre

ncy

0.00

0.00

0.00

0.03

0.52

0.75

0.74

1.42

3.32

1.73

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.88

3.40

III. C

onve

rtibl

e Cu

rrenc

y Co

mm

ercia

l De

0.04

0.00

0.00

0.00

0.00

0.16

0.25

0.77

1.28

1.01

1.13

0.00

0.00

0.00

0.00

0.00

0.00

0.59

0.85

1.76

IV. R

upee

Deb

t1.

340.

880.

730.

610.

520.

464.

894.

784.

7437

.18

7.93

2.01

1.89

1.82

1.83

1.93

6.15

6.13

6.21

41.3

5To

tal I

nter

est P

aym

ents

2.27

1.76

1.68

1.94

2.65

3.78

8.16

9.75

12.0

142

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l Prin

cipal

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ents

10.4

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384.

524.

524.

784.

838.

829.

6410

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50.3

9To

tal D

ebt S

ervi

ce12

.69

5.14

6.19

6.46

7.43

8.61

16.9

819

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22.9

493

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Debt

Ser

vice

Ratio

*10

.93.

94.

74.

96.

86.

811

.97.

63.

618

.0

Debt

Ser

vice/

Curre

nt R

ecei

pts*

*9.

19.

010

.319

.0-3

9.8

20.8

16.8

8.4

4.9

18.3

Inte

rest

Pay

men

ts/C

urre

nt R

ecei

pts

1.6

3.1

5.7

5.7

-14.

29.

18.

14.

22.

68.

4

Debt

Ser

vice/

Gro

ss R

eser

ves

4.9

1.8

2.1

2.0

2.0

2.2

4.0

4.1

3.8

14.3

Sour

ce: D

epar

tmen

t of P

ublic

Acc

ount

s &

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te s

ecto

r com

pani

es*:

Debt

ser

vice

paym

ents

as

a pe

rcen

tage

of t

otal

exp

orts

of g

oods

and

ser

vices

.

Inco

nsist

encie

s m

ay o

ccur

due

to ro

undi

ng.

TABL

E 29

. BHU

TAN'

S DE

BT S

ERVI

CE P

AYM

ENTS

BY

CRED

ITOR

CAT

EGOR

Y

**: C

urre

nt re

ceip

ts in

clude

rece

ipts

from

exp

ort o

f goo

ds a

nd s

ervic

es, i

ncom

e an

d tra

nsfe

rs e

xclu

ding

offi

cial g

rant

s an

d re

ceip

ts

of IN

GO

s &

inte

rnat

iona

l or g

aniza

tions

.

Cred

itor C

ateg

ory

(Rat

ios)

(In M

illion

s of

USD

)

65


Period Average

Year

Period 2002 2003 2004 2005 2006 2007 2008

Jan 48.34 47.93 45.46 43.76 44.40 44.33 39.374Feb 48.69 47.74 45.27 43.68 44.33 44.16 39.733Mar 48.74 47.65 45.02 43.69 44.48 44.03 40.356Apr 48.92 47.38 43.93 43.74 44.95 42.15 40.031May 49.00 47.08 45.25 43.49 45.41 40.78 42.125Jun 48.96 46.72 45.51 43.58 46.06 40.77 42.820Jul 48.76 46.23 46.04 43.54 46.46 40.41Aug 48.59 45.93 46.34 43.63 46.54 40.82Sep 48.44 45.85 46.10 43.92 46.12 40.34Oct 48.37 45.39 45.78 44.82 45.47 39.51Nov 48.38 45.52 45.13 45.73 44.85 39.44Dec 48.14 45.59 43.98 45.64 44.64 39.44

48.61 46.58 45.32 44.10 45.31 41.35

2001/02 2002/03 2003/04 2004/05 2005/06 2006/07 2007/08

Source : International Financial Statistics, IMF.

44.19 40.37

TABLE 30. EXCHANGE RATE, NGULTRUM/US DOLLAR

Calendar year average

Fiscal year average 48.21 47.93 45.41 44.61 44.74

Chart 19Exchange Rate (Ngultrum/US Dollar)

(Fiscal year average)

1

6

1116

21

26

31

3641

46

51

2001/02 2002/03 2003/04 2004/05 2005/06 2006/07 2007/08

Nu.

per

US

Dol

lar

66


Period Average

Period 2002 2003 2004 2005 2006 2007 2008

Jan 132.66 118.65 106.51 103.94 115.45 120.58 107.66 Feb 133.52 119.27 106.55 104.88 117.89 120.45 107.16 Mar 131.20 118.54 108.62 105.31 117.31 117.28 100.79 Apr 131.07 119.79 107.25 107.36 117.11 118.87 102.54 May 126.48 117.26 112.52 106.91 111.61 120.73 104.14 Jun 123.60 118.26 109.47 108.63 114.53 122.62 106.90 Jul 118.07 118.69 109.36 111.94 115.67 121.59 Aug 119.01 118.83 110.36 110.72 115.88 116.72 Sep 120.37 115.19 110.01 111.06 117.01 115.02 Oct 123.86 109.58 108.92 114.82 118.66 115.74 Nov 122.55 109.20 104.90 118.41 117.35 111.21 Dec 122.27 107.94 103.84 118.64 117.13 112.25

Calendar year average 125.39 115.93 108.19 110.22 116.30 117.76

2001/02 2002/03 2003/04 2004/05 2005/06 2006/07 2007/08

126.23 119.83 110.86 107.04 114.96 118.52 110.14

Source : International Financial Statistics, IMF.Additional Source: Bank of Japan Website.

Fiscal year average (+)

Year

TABLE 31. EXCHANGE RATE, JAPANESE YEN / US DOLLAR

Chart 20

Exchange Rate (Japanese Yen/US Dollar) (Fiscal year average)

100

105

110

115

120

125

2002/03 2003/04 2004/05 2005/06 2006/07 2007/08

Yen

per

US

Dol

lar

67


Period Average

Year Period 2002 2003 2004 2005 2006 2007 2008

Jan 1.1324 0.9417 0.7929 0.7550 0.8263 0.7694 0.6795Feb 1.1494 0.9283 0.7908 0.7685 0.8377 0.7649 0.6782Mar 1.1419 0.9256 0.8156 0.7582 0.8320 0.7552 0.6442Apr 1.1290 0.9220 0.8341 0.7730 0.8150 0.7399 0.6352May 1.0906 0.8645 0.8336 0.7879 0.7831 0.7401 0.6450Jun 1.0470 0.8575 0.8239 0.8221 0.7906 0.7453 0.6300Jul 1.0080 0.8794 0.8154 0.8308 0.7885 0.7291Aug 1.0227 0.8980 0.8214 0.8135 0.7806 0.7341Sep 1.0196 0.8915 0.8185 0.8161 0.7857 0.7197Oct 1.0196 0.8553 0.8008 0.8324 0.7930 0.7029Nov 1.0082 0.8548 0.7699 0.8486 0.7764 0.6811Dec 0.9823 0.8138 0.7476 0.8435 0.7569 0.6859

1.0626 0.8860 0.8054 0.8041 0.7971 0.7306

2001/02 2002/03 2003/04 2004/05 2005/06 2006/07 2007/081.1176 0.9583 0.8403 0.7865 0.8225 0.7663 0.6804

Source : International Financial Statistics, IMF. Additional Source: European Central Bank Website.

Calendar year average

Fiscal year average (+)

TABLE 32. EXCHANGE RATE, EURO/US DOLLAR

Chart 21

Exchange Rate (Euro/US Dollar)(Fiscal year average)

0.00

0.20

0.40

0.60

0.80

1.00

1.20

2002

/03

2003

/04

2004

/05

2005

/06

2006

/07

2007

/08

Eur

o pe

r US

Dol

lar

68


Chart 22

Domestic Revenue

0

2000

4000

6000

8000

10000

12000

14000

2004/05 2005/06 2006/07 2007/08 (r)

Nu.

mill

ions

Total revenue Tax Non-tax

Chart 23

Government Expenditure

0

5000

10000

15000

20000

25000

2004/05 2005/06 2006/07 2007/08 (r)

Nu.

mill

ions

Total expenditure Current Capital

69


Millions of NgultrumPeriod

Item 2001/02 2002/03 2003/04 2004/05 2005/06 2006/07 2007/08 (r) (June)

Total Revenue 5,078.2 4,785.3 5,746.6 6,128.0 7,027.4 10,082.2 12,148.4

Tax 2,675.6 2,928.3 2,689.9 3,382.4 4,124.7 4,266.9 4,843.5

Non-tax 2,376.1 1,833.6 2,365.3 2,683.7 2,778.2 5,815.3 6,764.5

Other receipts 26.5 23.4 691.4 61.9 124.5 0.0 540.4

Grants 3,748.5 2,269.1 5,367.4 4,373.1 6,424.7 6,000.9 8,332.5

GoI 2,531.8 929.3 3,534.7 2,625.0 3,417.2 4,024.3 5,688.7

Others 1,216.7 1,339.7 1,832.7 1,748.1 3,007.5 1,976.6 2,643.8

Total Revenue and Grants 8,826.7 7,054.3 11,113.9 10,501.1 13,452.2 16,083.1 20,481.0

Expenditure (1) 10,052.1 9,945.3 10,534.1 12,893.7 13,770.9 15,795.4 22,222.7

Current 4,467.9 4,580.9 5,149.2 6,170.6 6,672.4 7,691.4 10,591.0

Capital (1) 5,584.2 5,364.4 5,384.9 6,723.0 7,098.5 8,104.0 11,631.7

Budget surplus or Deficit (-) -1,225.4 -2,891.0 579.8 -2,392.6 -318.7 287.7 -1,741.7 Financing Transactions (2) 1,225.4 2,891.0 -579.8 2,392.6 318.8 -287.8 1,741.7

External borrowings (Net of Principal repayments) 1,396.7 1,537.3 932.1 739.4 715.5 530.1 -313.1

Internal borrowings (Net of principal repayments 500.0 250.0 -250.0 1,772.8 -374.2 -175.3 -175.3

Cash and bank balances (3) -671.3 1,103.6 -1,261.9 31.3 33.0 -642.6 2,230.1

Others - - - -150.9 -55.5 - -

Others: other receipts and recoveries.

TABLE 33. SUMMARY OF BUDGETARY OPERATIONS

Source- Dept. of National Budget (Figures may not add due to rounding). (1) Includes lending to public and joint sector corporations, net of principal repayment (2) Financing transactions by definition must equal the budget deficit or surplus on revenue/grant/expenditure which they finance. Negative financing transactions depicts net repayment of borrowings or increase in cash or bank balances. (3) Includes use + or repayment - of overdraft.

70


ANNEXURES

Chart 25

Summary of the Government Budget

-5000

0

5000

10000

15000

20000

25000

2004/05 2005/06 2006/07 2007/08 (r) (p)

Nu.

mill

ions

Total revenue Expenditure Fiscal balance

Chart 24

Fiscal Deficit (% of GDP)

-2.0

-1.0

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

2004/05 2005/06 2006/07 2007/08 (r) (p)

Per

cent

ANNEXURES

72


ANNEX I

( Amount in Nu.)ASSETS AS AT JUNE 30,2008 AS AT JUNE 30, 2007

Foreign Financial AssetsCash in hand 262,901,265.15 130,021,419.30 Balances with Banks 4,828,681,287.02 12,571,398,444.73 Time Deposits with Banks 20,809,638,734.62 7,840,997,899.57 Balances with IMF 437,859,687.35 417,151,406.26 Interest accrued on Foreign Investments 49,304,578.03 46,494,446.07 Royalty receiveable 2,567,400.00 Total Foreign Financial Assets 26,390,952,952.17 21,006,063,615.93

Non-monetary gold and silver 31,951,361.09 28,343,215.71 Total Foreign Assets 26,422,904,313.26 21,034,406,831.64

Local Currency Financial AssetsCash in hand 844,949.00 330,415.60 Balances with Banks 146,637,261.41 21,570,765.95 Government Securities - 1,157,484,735.63 Interest accrued 4,277.86 420,860.03 Other Financial Assets 14,462,124.89 11,569,950.62 Total Local Currency Financial Assets 161,948,613.16 1,191,376,727.83

Local Currency Non Financial AssetsFixed Assets (net) (including Capital Work in progress) 105,051,480.19 104,672,556.78 Inventories 21,933,344.74 22,579,063.65 Other Assets 87,675,241.36 10,247,729.42 Miscellaneous Expenditure 57,210,826.04 85,816,238.97 Total Local Currency Non Financial Assets 271,870,892.33 223,315,588.82

Total Local Currency Assets 433,819,505.49 1,414,692,316.65

TOTAL ASSETS 26,856,723,818.75 22,449,099,148.29

ROYAL MONETARY AUTHORITY OF BHUTANBALANCE SHEET

73


ANNEX I

( Amount in Nu.)LIABILITIES AND CAPITAL AS AT JUNE 30, 2008 AS AT JUNE 30, 2007

Foreign LiabilitiesDue to the IMF 344,485,572.98 330,518,467.91 Due to Government 86,244,036.64 95,656,853.60 Deposits by Financial Instituitons 2,587,444,117.69 2,464,195,704.28

Total Foreign Liabilities 4,818,173,727.31 2,890,371,025.78

Local Currency Financial LiabilitiesNotes and Coins in Circulation 4,186,108,381.00 3,337,244,401.00 Due to Banks 8,685,696,454.27 9,982,343,566.19 Due to Government 2,178,284,543.99 1,913,945,658.20 Debt Securities Issued 2,000,000,000.00 199,960,000.00

Total Local Currency Financial Liabilities 17,070,315,982.64 15,452,425,079.06

Local Currency Non Financial LiabilitiesOther Liabilities 3,274,455,929.78 3,033,488,604.09 Total Local Currency Non Financial Liabilities 3,274,455,929.78 3,033,488,604.09

Total Local Currency Liabilities 20,344,771,912.42 18,485,913,683.15

Total Liabilities 25,162,945,639.73 21,376,284,708.93

CAPITAL AND RESERVESCapital 21,400,000.00 21,400,000.00 General Reserve (As per Last Account) 659,906,521.92 659,906,521.92 Surplus as per annexed account 575,944,942.90 342,122,265.14 Revaluation Reserve 306,339,588.07 - Other Reserves 53,288.10 53,288.10 Youth Employment Fund 130,133,838.03 49,332,364.19

Total Capital and Reserves 1,693,778,179.02 1,072,814,439.35

TOTAL LIABILITIES AND CAPITAL 26,856,723,818.75 22,449,099,148.28

ROYAL MONETARY AUTHORITY OF BHUTANBALANCE SHEET

74


ANNEX I

( Amount in Nu. )ASSETS June 30,2008 June 30, 2007

1. Short term deposits held outside 4,022,998,111.00 3,252,053,211.00 Bhutan in Foreign Currencies

2. Indian Rupees held in Bhutan 163,110,270.00 85,191,190.00

TOTAL 4,186,108,381.00 3,337,244,401.00

LIABILITIES June 30,2008 June 30, 2007

1. Notes in Circulation 4185263432 3,336,968,955.00 2. Notes held in Banking Division 844,949.00 275,446.00

TOTAL 844,949.00 3,337,244,401.00

ROYAL MONETARY AUTHORITY OF BHUTANBALANCE SHEETISSUE DIVISION

75


ANNEX II

(Amount in Nu.)PARTICULARS AS AT JUNE 30, 2008 AS AT JUNE 30, 2007

INCOME Interest Income 913,022,424.24 951,025,462.89 Interest Expense 164,051,354.52 71,301,789.83 Net Interest Income 748,971,069.72 879,723,673.06 Royalty, Remuneration, Exchange & Commission 14,691,901.62 12,683,284.10 Total Operating Income 763,662,971.34 892,406,957.16

Income pertaining to previous year - - Total Income 763,662,971.34 892,406,957.16

EXPENSES Currency Expenses 29,405,159.91 31,990,950.92 Establishment 49,706,802.53 43,734,628.35 Remmittance of Treasure 1,987,993.00 1,854,522.00 Agency and Contracual Services 1,500,000.00 1,727,250.00 Commission and fees paid 1,123,245.70 973,468.79 Stationary and Supplies 1,413,518.45 2,055,896.30 Printing and Publications 209,260.00 279,877.50 Postage and Telecommunications 4,276,149.17 3,592,467.65 Rent and Insurance 708,415.79 368,311.00 Power, Water etc. 474,963.00 403,842.00 Auditors Fees and Expenses 260,043.00 314,179.00 Directors Fees and Expenses 65,068.00 257,480.50 Repairs to Assets 2,238,194.74 993,442.35 Other Expenses 3,070,036.50 3,347,481.59

Expenses pertaining to previous year - 226,457.78 Depreciation 10,477,704.81 8,832,072.10 Total Operating Expenses 106,916,554.60 100,952,327.83

Net Surplus 656,746,416.74 791,454,629.33 (Less)/Add: Transfer to Youth Employment Fund (80,801,473.84) (49,332,364.19) Transfer of operating surplus to Government - (400,000,000.00)

Surplus payable to Government 575,944,942.90 342,122,265.14

ROYAL MONETARY AUTHORITY OF BHUTANINCOME AND EXPENDITURE STATEMENT

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Documents

SELECTED ECONOMIC INDICATORS - RMA Publication/SEI/SEI JUNE2008.pdf · Indian rupee reserves. Based on provisional 2007/08 imports, the reserve cover of merchandise imports increased