LEADER 08194oam 22015974 450 001 9910807830603321 005 20240405012228.0 010 $a1-4983-1680-8 010 $a1-4983-2453-3 010 $a1-4983-7317-8 035 $a(CKB)2550000001341538 035 $a(EBL)1760096 035 $a(SSID)ssj0001399023 035 $a(PQKBManifestationID)11908509 035 $a(PQKBTitleCode)TC0001399023 035 $a(PQKBWorkID)11447057 035 $a(PQKB)11360724 035 $a(MiAaPQ)EBC1760096 035 $a(Au-PeEL)EBL1760096 035 $a(CaPaEBR)ebr10904727 035 $a(CaONFJC)MIL634083 035 $a(OCoLC)886115075 035 $a(NjHacI)992550000001341538 035 $a(IMF)1BTNEE2014001 035 $a(IMF)1BTNEA2014001 035 $a(EXLCZ)992550000001341538 100 $a20020129d2014 uf 0 101 0 $aeng 135 $aurcnu|||||||| 181 $ctxt 182 $cc 183 $acr 200 10$aBhutan : $eStaff Report for the 2014 Article IV Consultation 205 $a1st ed. 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2014. 215 $a1 online resource (119 p.) 225 1 $aIMF Staff Country Reports 300 $aDescription based upon print version of record. 311 $a1-4983-5770-9 311 $a1-322-02832-X 327 $aCover; CONTENTS; INTRODUCTION; RECENT ECONOMIC DEVELOPMENTS; OUTLOOK AND RISKS; POLICY THEME #1-ENSURING MACRO-ECONOMIC STABILITY; A. Fiscal Policy; B. Monetary Policy; C. External Sector Issues; POLICY THEME #2-SAFEGUARDING FINANCIAL SECTOR STABILITY AND FOSTERING DEEPENING; POLICY THEME #3-DIVERSIFYING THE SOURCES OF GROWTH AND ENHANCING INCLUSIVENESS; STAFF APPRAISAL; BOXES; 1. Gross National Happiness; 2. Inflation in Bhutan; 3. The Macroeconomic Effects of Hydropower Development in Bhutan; 4. Spillover from India to Bhutan; 5. Real Exchange Rate Assessment; FIGURES 327 $a1. Recent Macroeconomic Developments 2. External Developments; 3. Fiscal and Monetary Developments; 4. Business Environment and Governance; TABLES; 1. Selected Economic Indicators, 2009/10-2014/15; 2. Government Budget Summary, 2009/10-2013/14; 3. Balance of Payments, 2009/10-2017/18; 4. Medium-Term Macroeconomic Framework, 2009/10-2018/19; 5. Monetary Survey, 2008/09-2012/13; 6. Financial Soundness Indicators, 2006/07-2012/13; 7. Millennium Development Goals; ANNEX; I. Key Recommendations on Enhancing Financial Sector Surveillance in Low-Income Countries; CONTENTS; FUND RELATIONS 327 $aRELATIONS WITH THE WORLD BANK GROUP RELATIONS WITH THE ASIAN DEVELOPMENT BANK; STATISTICAL ISSUES; CONTENTS; GLOSSARY; INTRODUCTION; FIGURES; 1. Private Credit to GDP (in percent); BACKGROUND ON THE FINANCIAL SECTOR; A. Formal Financial Service Providers; TABLES; 1. Structure of the Financial System; 2. Financial Sector Assets; B. Informal and Semi-formal Financial Service Providers; 2. Bank Outreach in Bhutan and Peer Countries, 2011; 3. Share of Firms with a Checking or Savings Account; 4. Share of Firms Using Banks to Finance Investments 327 $a5. Share of Firms Using Banks to Finance Working Capital 7. Share of Firms with Financial Statements Reviewed by External Auditors; DEEPENING THE FINANCIAL SYSTEM; 8. Average of Daily Reports Generated in Credit Information Bureau; ENHANCING REGULATION AND SUPERVISION; A. Recent Developments in the Financial Sector; 9. Bank Lending, End-June 2013; 9. Bank Lending, End-June 2013; B. Developments in Financial Soundness; BOXES; 1. Stress Testing of the Banking Sector; C. Policy Recommendations; STRENGTHENING MONETARY OPERATIONS; A. Overview; B. Government Securities Market 327 $a10. Banks' Current Accounts with RMA (Excess Reserves)11. Government Financing, July 2011-July 2012; C. Enhancing Monetary Operations; 12. Banks' Placements with Other Domestic Banks, January 2012-June 2013; D. Strengthening Monetary Transmission; 13. Banks' Deposit and Lending Rates (mid-rate), 2002-Aug 2013; 14. Treasury Bill Activities, July 2011-July 2013; CONCLUSION; 3. Detailed Recommendations 330 3 $aThis 2014 Article IV Consultation highlights that the GDP growth in Bhutan has slowed from about 10 percent in FY2011 (July 1?June 30) to 5 percent in FY2013. Slower growth reflects policy efforts to contain overheating pressures in the form of restrictions on credit for construction and vehicle. Inflation has remained elevated, tracking closely that of India (Bhutan?s main trading partner). Social development indicators have improved steadily, and Bhutan is on track or has achieved most of its Millennium Development Goals. Growth is projected to recover to 6½ percent in FY2014, driven mainly by a pick-up in hydropower-related construction activities and domestic services. 410 0$aIMF Staff Country Reports; Country Report ;$vNo. 2014/178 606 $aDebts, External$zBhutan 606 $aEconomic development$zBhutan 606 $aFiscal policy$zBhutan 606 $aBanks and Banking$2imf 606 $aExports and Imports$2imf 606 $aInflation$2imf 606 $aMoney and Monetary Policy$2imf 606 $aPublic Finance$2imf 606 $aIndustries: Financial Services$2imf 606 $aBanks$2imf 606 $aDepository Institutions$2imf 606 $aMicro Finance Institutions$2imf 606 $aMortgages$2imf 606 $aInternational Lending and Debt Problems$2imf 606 $aDebt$2imf 606 $aDebt Management$2imf 606 $aSovereign Debt$2imf 606 $aMonetary Policy, Central Banking, and the Supply of Money and Credit: General$2imf 606 $aPrice Level$2imf 606 $aDeflation$2imf 606 $aFinancial Institutions and Services: Government Policy and Regulation$2imf 606 $aBanking$2imf 606 $aInternational economics$2imf 606 $aMonetary economics$2imf 606 $aMacroeconomics$2imf 606 $aFinance$2imf 606 $aExternal debt$2imf 606 $aPublic debt$2imf 606 $aCredit$2imf 606 $aFinancial services$2imf 606 $aTreasury bills and bonds$2imf 606 $aFinancial institutions$2imf 606 $aLiquidity$2imf 606 $aAsset and liability management$2imf 606 $aBanks and banking$2imf 606 $aDebts, External$2imf 606 $aDebts, Public$2imf 606 $aPrices$2imf 606 $aFinancial services industry$2imf 606 $aGovernment securities$2imf 606 $aEconomics$2imf 607 $aBhutan$2imf 615 0$aDebts, External 615 0$aEconomic development 615 0$aFiscal policy 615 7$aBanks and Banking 615 7$aExports and Imports 615 7$aInflation 615 7$aMoney and Monetary Policy 615 7$aPublic Finance 615 7$aIndustries: Financial Services 615 7$aBanks 615 7$aDepository Institutions 615 7$aMicro Finance Institutions 615 7$aMortgages 615 7$aInternational Lending and Debt Problems 615 7$aDebt 615 7$aDebt Management 615 7$aSovereign Debt 615 7$aMonetary Policy, Central Banking, and the Supply of Money and Credit: General 615 7$aPrice Level 615 7$aDeflation 615 7$aFinancial Institutions and Services: Government Policy and Regulation 615 7$aBanking 615 7$aInternational economics 615 7$aMonetary economics 615 7$aMacroeconomics 615 7$aFinance 615 7$aExternal debt 615 7$aPublic debt 615 7$aCredit 615 7$aFinancial services 615 7$aTreasury bills and bonds 615 7$aFinancial institutions 615 7$aLiquidity 615 7$aAsset and liability management 615 7$aBanks and banking 615 7$aDebts, External 615 7$aDebts, Public 615 7$aPrices 615 7$aFinancial services industry 615 7$aGovernment securities 615 7$aEconomics 676 $a336.3435 801 0$bDcWaIMF 906 $aBOOK 912 $a9910807830603321 996 $aBhutan$92618676 997 $aUNINA