ROYAL MONETARY AUTHORITY OF BHUTAN SELECTED ECONOMIC INDICATORS

Transcription

1 ROYAL MONETARY AUTHORITY OF BHUTAN SELECTED ECONOMIC INDICATORS JUNE 2012

2 ROYAL MONETARY AUTHORITY OF BHUTAN SELECTED ECONOMIC INDICATORS Vol.26 No.2 JUNE 2012

3 Postal Address Royal Monetary Authority of Bhutan Post Box No.154 Thimphu, Bhutan Telephone /323110/323111/ Fax (975) Website

4 CONTENTS

5 PAGE PREFACE STATISTICAL ABBREVIATIONS AND SYMBOLS... 2 OVERALL ECONOMIC SITUATION... 3 A SUMMARY OF ECONOMIC INDICATORS... 4 SECTORAL DEVELOPMENT... 5 STATISTICAL SECTION 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 of Major Hydropower Plants..19 Table 4. Sales of Major Industries Table 5. Royal Monetary Authority of Bhutan- Monetary and Financial Statistics..23 Table 6. Deposit Money Banks-Monetary and Financial Statistics Table 7. Bank of Bhutan Limited-Monetary and Financial Statistics Table 8. Bhutan National Bank Limited-Monetary and Financial Statistics Table 9. TBank Limited-Monetary and Financial Statistics Table 10. Druk PNB Bank Limited-Monetary and Financial Statistics Table 11.Bhutan Development Bank Limited-Monetary and Financial Statistics Table 12. Monetary Survey Table 13. Royal Insurance Corporation of Bhutan Limited- Financial Statistics Table 14. Bhutan Insurance Limited-Financial Statistics Table 15. Auctions/Tap Sales of RMA Bills/ Govt. Treasury Bills Table 16. Financial Institutions Deposits and Lending Rates Table 17. Summary of Consumer Price Index Table 18. Indian Wholesale Price Index (WPI) of all Commodities Table 19. The Royal Securities Exchange of Bhutan Limited-Information on Listed Companies Table 20. Overall Balance of Payments Estimates Table 21. Balance of Payments Estimates with India Table 22. Balance of Payments Estimates with Countries Other Than India Table 23. Gross International Reserves Table 24A. Composition of Trade with India (Imports) Table 24B. Composition of Trade with India (Exports) Table 25A. Composition of Imports from Countries Other Than India Table 25B. Composition of Exports to Countries Other Than India Table 26. Direction of Trade Table 27. Tourist Arrivals and Revenues Table 28. External Debt: Disbursement by sector Table 29. External Debt Servicing by sector..68 Table 30. Bhutan s Outstanding External Debt-Fiscal Year Postition Table 31. External Debt Outstanding By Individual Creditor Categories Table 32. Bhutan s Debt Service Payments By Creditor Categories... 74

6 Table 33. Exchange Rate, Ngultrum/US Dollar Table 34. Exchange Rate, Japanese Yen/US Dollar Table 35. Exchange Rate, Euro/US Dollar Table 36. Summary of Budgetary Operations Chart 1. Sales of Major Hydropower Plants Chart 2. Sales of Major Industries Chart 3. Net Domestic Credit Chart 4. Currency in Circulation Outside Banks Chart 5. Overall Foreign Trade Chart 6. Overall Balance of Payments Chart 7. Trade with India Chart 8. Balance of Payments with India Chart 9. Trade with Countries Other Than India...54 Chart 10. Balance of Payments with Countries Other Than India..54 Chart 11. Gross Rupee Reserves Chart 12. Gross Convertible Currency Reserves Chart 13. Tourism s Contribution to GDP Chart 14. Tourism s Earnings in % of Domestic Revenues.64 Chart 15. External Debt Outstanding Chart 16. Creditor-Wise Loans Outstanding Chart 17. Total Debt Outstanding as % of GDP 71 Chart 18. Debt Service Ratio Chart 19. Exchange Rate, Ngultrum/US Dollar Chart 20. Exchange Rate, Japanese Yen/US Dollar 76 Chart 21. Exchange Rate, Euro/US Dollar Chart 22. Domestic Revenue Chart 23. Government Expenditure Chart 24. Fiscal Balance (% of GDP) Chart 25. Summary of the Government Budget Annexures.. 81 Annex I. Royal Monetary Authority of Bhutan-Balance Sheet...82 Annex II. Royal Monetary Authority of Bhutan-Income and Expenditure..85 Publication Calendar of the Royal Monetary Authority of Bhutan..86

7 PREFACE The Selected Economic Indicators (SEI) is issued quarterly by the Research and Statistics Department of the Royal Monetary Authority of Bhutan, under the direction of the Management. This publication features macro-economic indicators for Bhutan available up to the second quarter of For users reference, the Publication Calendar of the Royal Monetary Authority of Bhutan has been presented at the end of this SEI. We thank all those who have contributed to the information contained in this Report. 1

8 STATISTICAL ABBREVIATIONS AND SYMBOLS e p r estimated provisional 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 Y-o-y year on year Indian Rupees ( ) negative Discrepancies in the totals are due to rounding. 2

9 OVERALL ECONOMIC SITUATION As per the national accounts statistics of the National Statistics Bureau, real GDP growth was recorded at 8.5 percent in 2011 as compared to 11.7 percent in Growth in broad money (M2) declined during the quarter ending June 2012 recording negative 1 percent from 21.2 percent during the same quarter last year. And inflation, measured by the year-to-year change of the consumer price index, increased to 13.5 percent in the second quarter of 2012, from 8.3 percent in the same quarter of Bhutan s balance of payments estimates are available as of the FY 2010/11 and have been revised in this edition of the SEI since the figures were first published in the RMA Annual Report 2010/11. Bhutan s current account deficit widened to 25.7 percent of GDP in FY 2010/11 from 10.8 percent in the previous year. However, aid related inflows in the capital and financial account have continued to largely finance the current account deficit, as a result of which, the overall balance was positive at Nu.4.5 billion. As of the quarter ending June 2012, Bhutan s gross international reserves stood at USD 770 million, slightly increasing from the previous quarter (USD million as of March 2012). Out of total reserves, USD million were convertible currency reserves, while the remaining equivalent of USD 27.1 million ( 1.5 billion), were Indian Rupee reserves. This was sufficient to cover 9.6 months of merchandise imports at the end of June (Please see Table 23 for details). Meanwhile, the country s total outstanding external debt as of June 2012 stood at USD 1,358.1 million. Of this total, USD million were outstanding convertible currency debt and an equivalent of USD million ( 45.6 billion) were Indian Rupee debt. Debt servicing for the fiscal year 2011/12 (June 2012) amounted to USD 22.8 million on convertible currency debt and 44.8 billion towards Rupee denominated debt. The Government of India remains Bhutan s leading creditor with an outstanding debt of 38.5 billion or an equivalent of USD million, followed by the ADB at USD million and the World Bank at USD million. According to the revised budget estimates for the FY 2011/12, the total budget allocation stood at Nu.37.1 billion, higher by Nu.7.3 billion as compared to the 2010/11 actual budget outlay. This increase was mainly due to a surge in both capital and current expenditures. 3

10 A SUMMARY OF ECONOMIC INDICATORS Bhutan India Price Index Domestic Credit 3)4) Hydropower Sales Net International reserves 3)6) (Net) sector Domestic Export revenues 5) INR currency Total 1) 2) Government Private Tourism Convertible in millions of: Exchange rates 7) BTN/ BTN/ Period Percentage change on the previous year BTN BTN USD INR USD USD USD EURO Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Source: 1) National Statistics Bureau. The index refers to the average prices during the respective quarters (Base Q = 100). Prior to Q3, 2003, the CPI was calculated on a half-yearly basis. 2) Source: Reserve Bank of India. Wholesale Price Index of All Commodities, Base = 100. Effective August 2010, the RBI has revised the base year from to , creating a break in the continuity and comparison of data. The newly-recalculated WPI commences from April ) End of period. 4) Monetary Survey data. 5) Convertible currency paying tourists only 6) 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. 7) Period average 4

11 SECTORAL DEVELOPMENT 5

12 DOMESTIC ECONOMY As per the national accounts statistics of the National Statistics Bureau, real GDP growth recorded 8.5 percent in 2011 compared to 11.7 percent in Percent The tertiary sector (Wholesale and retail trade; Hotel and restaurant; Transport, storage and communication; Financing, insurance and real estate; Community, social and personal services and Private social and recreational services) was the main contributor to real GDP growth followed by the secondary sector. Percent Real GDP Growth (Year-to-Year,%) Real GDP Growth (By Sector) Primary Sector Secondary Sector Tertiary Sector 8.5 The tertiary sector growth rate accelerated to 27.4 percent in 2011, accounting for 43.6 percent of nominal GDP. Within the tertiary sector, the hotels and restaurants growth rate was highest (56 percent), followed by growth in the construction sector (under the secondary sector) at 35 percent. Sectors including mining and quarrying; electricity and water; and wholesale and retail trade witnessed growth rates of 20.1 percent, -6.7 percent and 23.7 percent, respectively. The construction sector accounted for the highest share of overall GDP at 16.3 percent followed by agriculture, livestock and forestry sector at 15.7 percent and the electricity and water sector at 13.9 percent during the year. In terms of sectoral contribution to overall real GDP, the transport, storage and communication sector along with financing, insurance, real estate and business services sector was the highest with an increase of 1.9 percentage points, followed by construction at 1.8 percentage points. (Please refer to Tables 1, 2, and 27 for more details on GDP and Tourism figures). Quarter-wise Arrivals (Convertible Currency Paying Tourists) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q

13 Convertible currency paying tourist arrivals totaled 10,903 during the second quarter of 2012, increasing by 40.1 percent over the same quarter in 2011 and by 42.5 percent over the previous quarter. Subsequent revenue earnings totaled USD 15.1 million against 9.6 million in the same quarter of 2011, increasing by 50.9 percent against the previous quarter and an annual growth of 57.4 percent from the same quarter last year Power Sales (Nu. in millions) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q Foreign Exchange Earnings from Tourism 25.0 Exports Domestic sales (right hand) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q Meanwhile, on the hydropower sector front, total export earnings increased to Nu.1.8 billion during the second quarter of 2012, from Nu.4.3 million in the first quarter of Total electricity sales (export and domestic) for the quarter ending June 2012 amounted to Nu.2 billion. (Please refer to Table 3 for more details on hydropower sales.) 7

14 MONETARY AND FINANCIAL DEVELOPMENTS For monetary analysis, the financial institutions balance sheets are classified within the framework of the Monetary and Financial Statistics (MFS) Manual 2000 of the IMF. The data presented is not comparable to those produced by the Financial Regulation and Supervision Department of the RMA. The annual growth rate of broad money (M2) recorded negative growth of 1 percent as of the quarter ending June 2012 compared to 21.2 percent corresponding to the same quarter of last year. This was mainly due to the decrease in quasi money (QM) as well as currency in circulation outside the banks. (Details of the Monetary Survey are presented in Table 12). Money Supply (Nu. in millions) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q Broad money Quasi money Narrow money The growth rate of M1 decreased from 34.3 percent as of June 2011 to 5.6 percent as of the review quarter. Of M1, currency in circulation outside banks decreased from 28 percent as of June 2011 to negative 7.3 percent as of June 2012 and growth in demand deposits decreased from 36.3 percent to 9.4 percent as of the review quarter. Meanwhile, the growth in time deposits improved from negative 4.4 percent to negative 2.9 percent as of June 2012 and growth in foreign currency deposits decreased from percent to negative 48.6 percent during the review quarter. As a result, growth in quasi-money decreased from 5.9 percent to negative 10.8 percent during June Slow-down in the growth of foreign currency deposits was the main contributing factor for the lower growth in quasi money. Net foreign assets (NFA), a major counterpart of money supply, slightly increased to Nu.35.2 billion as of June 2012 from Nu.35.1 billion as of the quarter ending June Of the total NFA, convertible foreign currency amounted to Nu.44.7 billion and Indian Rupees to (9.6) billion. Growth in domestic credit, the other counterpart of M2, increased from 32.7 percent in June 2011 to 51.3 percent as of June Growth in credit to the private sector increased from 29.4 percent as of June 2011 to 30.1 percent during the review quarter. Meanwhile, growth in other items net (OIN) increased to percent in June 2012 from negative 6.5 percent as of March Annual inflation, as measured by the consumer price index (CPI), increased to 13.5 percent in the second quarter of 2012 from 8.3 percent in the same quarter of An increase was witnessed in the general prices of food items from 10.6 percent in the second quarter of 2011 to 18.7 percent in the same quarter of 2012, while non-food prices increased to 10.7 percent in the second quarter of 2012 from 7.1 percent during the same quarter of previous year. (Details of the CPI are presented in Table 17). 8

15 Activities of Commercial Banks The total assets and liabilities of commercial banks increased to Nu.59.6 billion as of June 2012 from Nu.54.1 billion as of the same period last year, recording a growth rate of 10.3 percent during the review quarter (Please refer to Tables 6-12 for details). Composition of Commercial Banks Reserve (June 2012) Other Deposits 69% Cash 9% Cash Reserve Ratio (CRR) 22% respectively as of June 2012 (The total credit was Nu.45.5 billion while total deposit was Nu.43.7 billion). Of the total deposit liabilities of the commercial banks (Nu.43.7 billion as of June 2012), 49.8 percent were held by individuals, 23.9 percent were held by the government corporations, and the remaining by other sectors of the economy. Financial Institution s Contribution to Credit (June 2012) TBank 5% DPNB 6% RICB 11% BIL 1% BOB 33% BDBL 10% Total reserves with the RMA amounted to Nu.10.5 billion as of June 2012, or 17.7 percent of their total assets. Of the total reserves, 22 percent were absorbed through CRR, 9 percent was held in cash and the remaining was held as other deposits. In addition to reserves held with the RMA, and excluding cash in hand, the banks held Nu.2.6 billion worth of foreign assets (both in Indian Rupee and convertible foreign currency) as of June BNB 34% Activities of Non-Bank Financial Institutions (NBFIs) The total assets and liabilities of the NBFIs stood at Nu.7.2 billion as of June This was mainly attributed to the rise in the claims on the private sector. Meanwhile, their total credit portfolio accounted for 93.6 percent of their total assets. (Please refer to Tables 13 and 14 for details). Commercial banks credit to the private sector increased to Nu.43.7 billion, recording an annual growth of 30.1 percent as of June Meanwhile, commercial banks credit to asset and credit to deposit ratios were recorded at 77.6 percent and percent 9

16 Sectoral Credit of the Financial Institutions The growth (y-o-y) in the total credit of the financial institutions grew by 26.2 percent (to Nu.51.3 billion) during the quarter. Of this, 26.5 percent were invested in building and construction, followed by personal loans (16.2 percent), manufacturing sector (15.3 percent), service and tourism (12 percent), with the remainder invested in other sectors of the economy. Credit Activity (June 2012) Nu. in millions 16,000 14,000 12,000 10,000 8,000 6,000 4,000 2,000 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q Agriculture Service & Tourism Manufacturing Building & Construction Trade & Commerce Transport Others 10

17 EXTERNAL SECTOR Bhutan s balance of payments data for FY 2010/11 were first published in the RMA Annual Report 2010/11. Since then, and in keeping with the RMA revision policy, this edition of the SEI features revised balance of payments data for FY 2010/11. The BOP for FY 2010/11 has been revised based on revisions in data for current transfer receipts (grants for budget support) sourced from the Ministry of Finance. Bhutan s trade deficit continued to widen considerably to Nu.23.5 billion or 32.5 percent of GDP in the fiscal year. While exports to India grew by 8.9 percent, exports to COTI more than doubled. However, COTI exports accounted for only 15.6 percent of the total in the fiscal year and consequently, the doubling of COTI exports did not impact overall export performance much. Overall exports increased by 18.7 percent to Nu.30.2 billion. On the other hand, overall imports increased by 36.5 percent to Nu.53.7 billion driven by a huge jump in imports from India (from Nu.28.3 billion in FY 2009/10 to Nu.40.6 billion). Bhutan s Overall Balance of Payment Nu. Millions / / /11 (p) Trade Balance Current Account Overall Balance Budgetary Grants Capital & Financial Account Within the invisibles account, the deficit in the services and income accounts increased by 57.7 percent and 29.1 percent, respectively during the year. Current transfer receipts (largely grants for budgetary support) also decreased during the year by 5.6 percent. Consequently, Bhutan s current account deficit widened to 25.7 percent of GDP from 10.8 percent in the previous year. Bhutan s capital and financial account surplus more than doubled in 2010/11 as RGOB borrowing increased fourfold with the start of construction on the GOI-financed Punatsangchhu II and Mangdechhu hydropower projects, while disbursements for the Dungsam Cement Corporation Ltd from a consortium of Indian banks, to the tune of Nu.1.5 billion, also commenced in the year, helping to drive up the overall surplus. Further, the Royal Government s convertible currency loan disbursements availed on concessional terms also doubled in the fiscal year. Total RGOB loan disbursements increased, from Nu.4.9 billion in 2009/10 to Nu.14.1 billion. Of the total, Rupee loan disbursements constituted 67.1 percent (Nu.9.5 billion compared to Nu.2.4 billion in 2009/10). Convertible currency loan disbursements increased from Nu.2.5 billion in 2009/10 to Nu.4.6 billion in 2010/11. After provisioning for net errors and omissions, Bhutan s overall balance of payments was positive at Nu.4.5 billion for the fiscal year 2010/11, underpinned as usual by the combination of large current transfer receipts and capital and financial account surplus. (Please see Tables for details) 11

18 As of the quarter ending June 2012, Bhutan s gross international reserves stood at USD 770 million, slightly increasing from the previous quarter (USD million as of March 2012). Out of total reserves, USD million were convertible currency reserves, while the remaining, equivalent of USD 27.1 million ( 1.5 billion), were Indian Rupee reserves. This was sufficient to cover 9.6 months of merchandise imports at the end of June (Please see Table 23 for details Meanwhile, the country s total outstanding external debt as of June 2012 stood at USD 1,358.1 million. Of this total, USD million were outstanding convertible currency debt and an equivalent of USD million ( 45.6 billion) were Indian Rupee debt. Debt servicing for the fiscal year 2011/12 (June 2012) amounted to USD 22.8 million on convertible currency debt and 44.8 billion towards Rupee denominated debt. (Please refer to Tables for details on External Debt and Tables for details on Exchange Rates.) Import cover of Reserves (in months) Total reserves (left y-axis) Rupee reserves (left y-axis) Convertible currency reserves (right y-axis) The Government of India remains Bhutan s leading creditor with an outstanding debt of 38.5 billion or an equivalent of USD million, followed by the ADB at USD million and the World Bank at USD million. In exchange rate developments, the Ngultrum averaged Nu per US Dollar in the quarter ending June The Ngultrum depreciated by 21 percent compared to the quarter ending June Among other major currencies, for the quarter ending June 2012 both the Euro and Yen depreciated against the USD by 2.2 and 1.1 percent respectively as compared to first quarter to

19 Yen vis-à-vis the USD BTN vis-à-vis the USD (period average) Yen per USD Dec '11 Jan '12 Feb '12 Mar '12 Apr '12 May '12 Jun '12 Ngultrum per USD Dec'11 Jan '12 Feb '12 Mar '12 Apr '12 May '12 Jun '12 Euro vis-à-vis USD Euro per USD Dec' 11 Jan '12 Feb '12 Mar '12 Apr '12 May '12 Jun '12 External Debt Indicators Debt Outstanding (in millions) Total (USD) 2006/ / / / /11 1, /12 1,358.1 Convertible Currency (USD) Indian Rupee 18, , , , , ,550.9 Debt/GDP ratio * Total Convertible Currency loan Indian Rupee loan Debt service ratio ** Total Convertible Currency loan Indian Rupee loan GDP * Based on calendar year GDP figures. Example, the 2008 GDP figure is used to calculate the ratio for 2008/09. ** Debt service payments as a percent of the export of goods and services. The total debt service ratio represents the total debt service payments (i.e. 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, the Indian Rupee debt service ratio is the debt servicing on Indian Rupee loans as a percentage of the export earnings from India. The debt service ratio for the latest period is calculated based on the previous year's export of goods and services. ****Debt position published by the RMA include the total external debt of the country (public+private), and therefore is not comparable to those published by the Ministry of Finance which covers only public debt.further, the RMA uses Calendar Year GDP figures for all ratrios to the GDP. Source: Department of Public Accounts & private sector enterprises. 13

20 GOVERNMENT FINANCE A summary of the FY 2011/12 revised budget estimates as of June 2012 has been highlighted in this section. Source: National Budget FY , Ministry of Finance. According to the budget estimates for FY 2011/12, total outlay increased by 24.3 percent to Nu.37.1 billion over the 2010/11 actual budget. This increase was mainly due to the growth in capital and current expenditures. During the year, current expenditure increased by 17.7 percent and capital expenditure by 30.8 percent. Although there was a surge in total expenditure during 2011/12, domestic resources were more than sufficient to cover current expenditure requirements, with a portion (Nu.2.5 billion) being available to finance capital expenditure as well. As a result, the overall budget is estimated to be in deficit of Nu.3.7 billion against a deficit of Nu.1.7 billion in the previous year. (Please see Table 36 for details.) On the resource front, total revenue including grants increased from Nu.28.2 billion in 2010/11 to Nu.33.3 billion in 2011/12, mainly on account of improvements in resource mobilization efforts through domestic tax revenue as well as continued donor assistance. The percentage share of tax revenue and non-tax revenue to overall resources were 40.3 percent and 17.1 percent, respectively. Grants constituted 40.5 percent of total resources. Financing the Deficit (Nu. in millions) 2000 Financing the Deficit Nu. in millions / / / Percent Net internal borrowing Fiscal deficit in % of GDP Net external borrowing -5 14

21 STATISTICAL SECTION 15

22 TABLE 1. GROSS DOMESTIC PRODUCT BY KIND OF ACTIVITY AT CURRENT PRICES Millions of Ngultrum Year Sector Agriculture, livestock, and forestry Agriculture proper Livestock Forestry and logging Mining and quarrying Manufacturing Electricity and water Construction Wholesale and retail trade Hotel and restaurant Transport, storage, and communication Financing, insurance, real estate & Business services Finance & Insurance Real estate & dwelings Business services Community and social services Public Administration Education and health Private social & recreational services Plus: taxes net of subsidies Gross Domestic Product GDP Growth rate (%) Source: National Accounts Statistics, 2010, National Statistics Bureau. Discrepancies in the figures are due to rounding. 16

23 TABLE 2. GROSS DOMESTIC PRODUCT BY KIND OF ACTIVITY IN 2000 PRICES Millions of Ngultrum Year Sector Growth from 2010 to 2011(%) 1. Agriculture, livestock, and forestry Agriculture proper Livestock Forestry and logging Mining and quarrying Manufacturing Electricity & water Construction Wholesale and retail trade Hotels and restaurants Transport, storage, and communication Finance, insurance, real estate & Business services Finance & Insurance Real estate & dwellings Business services Community and social services Public Administration Education and health Private social & recreational services Plus taxes on products less subsidies Gross Domestic Product GDP Growth rate (%) Source: National Accounts Statistics, 2010, National Statistics Bureau. Discrepancies in the figures are due to rounding. 17

24 TABLE 3. SALES OF MAJOR HYDROPOWER PLANTS Millions of Ngultrum Total Sales Domestic Sales (1) Exports (2) Period Total Basochu Chukha Kurichhu Tala Total Basochu Chukha Kurichhu Tala Total Chukha Kurichhu Tala , , , , , , , , , , , , , , , , , , Q (10.2) Jan (4.7) 83.2 Feb (2.7) 44.6 Mar (2.8) 42.2 Q2 2, , , ,111.0 Apr May Jun 1, , Q3 4, , , , , ,068.8 Jul 1, , Aug 1, , Sep 1, , Q4 2, , , ,130.9 Oct 1, , Nov Dec Q (4.7) Jan (2.6) 79.5 Feb (1.8) 41.1 Mar (0.3) 62.2 Q2 2, , , ,089.6 Apr May Jun 1, Percentage change on the previous year (0.3) (11.2) (48.2) 9.9 (0.7) (11.0) (7.5) (4.2) (1.2) (9.5) (10.9) 7.8 (4.2) 14.6 (5.0) 39.6 (8.7) (1.6) (11.8) (12.4) 2010 (2.9) (18.4) (26.8) 55.9 (33.1) (11.4) (0.9) 96.8 (30.1) 2011 Q1 (14.2) 9.4 (11.6) (51.2) (11.0) (30.8) 9.4 (51.4) (13.2) (56.0) (6.4) (7.7) (155.5) 14.5 Jan (10.8) 6.0 (15.5) (31.2) (5.4) (25.8) 6.0 (50.1) 4.1 (53.8) (4.9) (12.4) (741.5) 12.9 Feb (39.7) 15.3 (28.1) 17.4 (53.1) 1.9 (55.8) (165.1) Mar (30.9) 6.3 (21.6) (64.9) (33.6) (37.6) 6.3 (51.2) (32.3) (58.3) (27.8) (18.9) (121.0) (19.9) Q2 (4.6) (2.6) (7.7) (0.9) (3.0) (30.7) (2.6) (53.3) (6.5) (60.5) (1.7) (6.5) Apr (33.1) 6.9 (28.9) (19.1) (42.2) (30.6) 6.9 (55.8) 0.7 (59.4) (33.6) (27.7) (40.9) (39.0) May (0.2) (6.6) (3.2) (32.9) (6.6) (51.7) (3.4) (60.9) 4.0 (1.7) Jun 2.1 (4.2) (2.0) (28.9) (4.2) (52.3) (16.1) (61.1) 4.4 (1.1) Q3 (31.1) (0.5) (5.3) (4.4) (45.4) (6.9) (0.5) (23.8) 1.2 (30.4) (32.3) (5.2) (6.1) (45.6) Jul (29.5) 0.9 (0.7) (13.5) (44.6) (21.5) 0.9 (52.7) (19.8) (60.5) (30.0) 0.0 (11.3) (44.3) Aug (28.8) 0.3 (2.2) (4.1) (43.4) (30.2) (2.3) (8.1) (43.8) Sep (35.2) (2.6) (13.5) 5.2 (48.4) 2.1 (2.6) (36.9) (13.6) 1.4 (48.9) Q4 (13.7) (9.4) (11.4) (16.0) (15.4) (0.4) (9.4) (14.9) (11.8) (31.1) (16.0) Oct (15.5) (12.5) (15.3) (16.5) (15.8) (4.1) (12.5) (16.2) (15.5) (24.1) (16.2) Nov (15.5) (7.1) (10.9) (18.4) (19.1) 1.9 (7.1) (17.2) (11.4) (33.4) (20.3) Dec (3.0) (5.8) 1.1 (10.2) (5.2) 2.3 (5.8) (4.0) 0.8 (97.5) (5.7) 2012 Q1 6.6 (1.2) (1.2) (54.4) 7.5 Jan (0.0) (5.4) (3.0) 0.5 (5.4) 13.5 (1.4) 6.8 (0.2) 1.4 (45.3) (4.5) Feb (3.0) (0.3) (5.1) 17.2 (4.2) 6.0 (0.3) (6.3) (6.3) (32.6) (7.7) Mar (90.5) 47.2 Q2 Apr May (14.4) (24.6) (15.4) 5.5 (16.3) (1.0) (24.6) (15.6) (15.7) 2.7 (17.4) Jun (15.3) (16.0) (17.9) 6.9 (15.8) (2.8) (16.0) (16.0) (18.1) 4.9 (16.2) Source: DGPC (1) Power tariff for domestic sales: Nu.0.13 per unit for royalty energy (15% of total to government; revised from Nu.0.3 per unit from August 2010) and Nu.1.20 for the rest (industrial use mainly from Kurichhu). Baoschhu sales are to Chhukha at Nu.1.2 per unit. Domestic sales are exclusive of demand charges. (2) Power tariff for export to India: Nu.2 per unit for Chhukha (revised from Nu.1.5 per unit from Jan. 2005); Nu.1.8 per unit for Kurichhu (revised from Nu.1.75 per unit from Jan. 2008) & Tala. Export sales reflected here are net of any payments for the import of power from India in each month. 18

25 Chart 1 Sales of Major Hydropower Plants Nu. millions Total Sales Exports Domestic Sales Chart Sales of Major Industries Nu. millions Exports to India Exports to Countries other than India Domestic Sales 19

26 Millions of Ngultrum TABLE 4. SALES OF MAJOR INDUSTRIES Year Industry II III IV Total II III IV Total I II III IV Total I II III IV Total I II (1) Army Welfare Project Exports to India Exports to Countries other than India Sales within Bhutan (2) Bhutan Board Products Limited Exports to India Exports to Countries other than India Sales within Bhutan (3) Bhutan Carbide & Chemicals Ltd Exports to India Exports to Countries other than India Sales within Bhutan (4) Bhutan Fruit Products Limited Exports to India Exports to Countries other than India Sales within Bhutan (5) Bhutan Polythene Company ltd Exports to India Exports to Countries other than India(*) Sales within Bhutan (6) Penden Cement Authority Ltd Exports to India Exports to Countries other than India Sales within Bhutan

27 TABLE 4. SALES OF MAJOR INDUSTRIES, CONTINUED Millions of Ngultrum Year Industry III IV Total I II III IV Total I II III IV Total I II (7) Bhutan Ferro Alloys Limited Exports to India Exports to Countries other than India Sales within Bhutan (8) Bhutan Agro Industries Limited Exports to India Exports to Countries other than India Sales within Bhutan (9) S.D. Eastern Bhutan Coal Company Ltd Exports to India Exports to Countries other than India Sales within Bhutan (10) Druk Satair Corporation Limited Exports to India Exports to Countries other than India Sales within Bhutan (11) Druk Plaster & Chemicals Limited Exports to India Exports to Countries other than India Sales within Bhutan TOTAL Exports to India Exports to Countries other than India Sales within Bhutan Source : Respective Industry. (1) Alcoholic beverages. -(2) Particle boards. -(3) Calcium carbide. -(4) Processed vegetables and fruits. -(5) High Density Polythene (HDPE) Pipe. (*) Deemed export.- (6)Cement.-(7) Ferro Silicon.-(8) Processed vegetables and fruits -(9) Coal. -(10) Gypsum dust & Gypsum boulders. Data on Bhutan Fruit Products Ltd. unavailable as of 2nd Quarter'

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30 TABLE 6. DEPOSIT MONEY BANKS - MONETARY AND FINANCIAL STATISTICS Millions of Ngultrum Assets Foreign Assets Claims on Claims Claims Other on End of on Public Private Period Total Reserves Total Rupee Others Govt. Sectors * Sectors** Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun *) Claims on other Public Sector includes Claims on Government Corporations and Other Public Corporations. **) Claims on Private Sector includes Claims on NBFIs. 24

31 TABLE 6. CONTINUED DEPOSIT MONEY BANKS Millions of Ngultrum Liabilities Foreign Liabilities Foreign Other End of Demand Time Currency Govt. Domestic Capital Items Period Total Deposits Deposits Deposits Total Rupee Others Deposits Borrowings Accounts (Net) Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun

32 TABLE 7. BANK OF BHUTAN LIMITED - MONETARY AND FINANCIAL STATISTICS Millions of Ngultrum Assets Foreign Assets Cliams Claims Claims on Other on End of on Public Private Period Total Reserves Total Rupee Others Govt. Sectors* Sectors** Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun *) Claims on Other Public Sector includes claims on Government Corporations and Other Public Corporations. **) Claims on Private Sector includes Claims on NBFIs. 26

33 TABLE 7. CONTINUED BANK OF BHUTAN LIMITED Millions of Ngultrum Liabilities Foreign Liabilities Foreign Other End of Demand Time Currency Govt. Domestic Capital Items Period Total Deposits Deposits Deposits Total Rupee Others Deposits Borrowings Accounts (Net) Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun

34 TABLE 8. BHUTAN NATIONAL BANK LIMITED - MONETARY AND FINANCIAL STATISTICS Millions of Ngultrum Assets Foreign Assets Cliams on Claims Claims Other on End of on Public Private Period Total Reserves Total Rupee Others Govt. Sectors* Sectors** Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun *) Claims on Other Public Sector includes claims on Government corporations and Other Public Corporations. **) Claims on Private Sector includes Claims on NBFIs. 28

35 TABLE 8. CONTINUED BHUTAN NATIONAL BANK LIMITED Millions of Ngultrum Liabilities Foreign Liabilities Foreign Other End of Demand Time Currency Govt. Domestic Capital Items Period Total Deposits Deposits Deposits Total Rupee Others Deposits Borrowings Accounts (Net) Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun

36 TABLE 9. TBANK LIMITED - MONETARY AND FINANCIAL STATISTICS (*) Millions of Ngultrum Assets Foreign Assets Claims on Other Public Sectors ** Claims on Private Sectors *** Claims End of on Period Total Reserves Total Rupee Others Govt Jun Sep Dec Mar Jun Sep Dec Mar Jun *) Reports on the new deposit taking institutions in the financial sector are recorded w.e.f April **) Claims on Other Public Sector includes claims on Government Corporations and Other Public Corporations. ***) Claims on Private sector includes claims on NBFIs. TABLE 9. CONTINUED TBank Limited Millions of Ngultrum Liabilities Foreign Liabilities Foreign Other End of Demand Time Currency Govt. Domestic Capital Items Period Total Deposits Deposits Deposits Total Rupee Others Deposits Borrowings Accounts (Net) 2010 Jun Sep Dec Mar Jun Sep Dec Mar Jun

37 TABLE 10. DRUK PNB LIMITED - MONETARY AND FINANCIAL STATISITCS (*) Millions of Ngultrum Assets Foreign Assets Claims on Claims Other Claims on End of on Public Private Period Total Reserves Total Rupee Others Govt. Sectors ** Sectors*** 2010 Jun Sep Dec Mar Jun Sep Dec Mar Jun *) Reports on the new deposit taking institutions in the financial sector are recorded w.e.f April **) Claims on Other Public Sectors includes claims on Government Corporations and Other Public Corporations. ***) Claims on Private sectors includes claims on NBFIs. TABLE 10.CONTINUED DRUK PNB LIMITED Millions of Ngultrum Liabilities Foreign Liabilities Foreign Other End of Demand Time Currency Govt. Domestic Capital Items Period Total Deposits Deposits Deposits Total Rupee* Others Deposits Borrowings Accounts (Net) 2010 Jun Sep Dec Mar Jun Sep Dec Mar Jun

38 TABLE 11. BHUTAN DEVELOPMENT BANK LIMITED(*) MONETARY AND FINANCIAL STATISTICS Millions of Ngultrum Assets Foreign Assets Claims on Claims Other Claims on End of on Public Private Period Total Reserves Total Rupee Others Govt. Sectors ** Sectors*** 2010 Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun *) Reports on the new deposit taking instutions in the financial sector are recorded w.e.f March **) Claims on Other Public Sectors includes claims on Government Corporations and Other Public Corporations. ***) Claims on Private sectors includes claims on NBFIs. TABLE 11. CONTINUED BHUTAN DEVELOPMENT BANK LIMITED Millions of Ngultrum 32 Liabilities Foreign Liabilities Foreign Other End of Demand Time Currency Govt. Domestic Capital Items Period Total Deposits Deposits Deposits Total Rupee Others Deposits borrowings Accounts (Net) 2010 Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun

39 TABLE 12. MONETARY SURVEY Millions of Ngultrum Assets Foreign Assets(Net) Domestic Credit Public Sector Convertible End of Foreign Govt. Period Total Total Rupee Currency Total (Net) Other Public Private Sectors * Sectors** Mar Jun Sep Dec Mar Jun Jul Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun *) Other Public Sectors includes claims on Govt. Corporations and Other Public Corporations. **) Private sectors includes Claims on NBFIs. 33

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