Crunch time

March 7, 2012Posted inEconomy63 Comments
A severe rupee shortage threatens to cause an economic crisis. But the government is in denial. As recently as last week, the finance minister blamed the media for blowing up the issue. On the other hand, the RMA governor has declared that, “we have no money.” And he has already stopped issuing rupees to commercial banks. He has also warned that we can no longer sell our foreign reserves to buy rupees. The RMA has had to borrow rupees to allow for the import fuel and other essential items. But traders are already complaining that they cannot do business.…

Rupee questions

January 16, 2012Posted inEconomy11 Comments
Last Tuesday, during question hour, I asked the Prime Minister to explain the rupee crisis: what has caused it, what the government is doing about it, and when we can expect it to be over. I directed the question to the PM as I had assumed that our head of government would be the most concerned and, as such, would be happy to reassure the nation that he has contained the crisis, and that the rupee deficit will not spiral out of control. Too bad then, that the PM made the Finance Minister answer on his behalf. Too bad…

Taxing job

June 30, 2010Posted inGovernment, Legislature40 Comments
Breaking News! Opposition Leader calls for Finance Minister’s resignation! Actually, that's yesterday's news. That's when the opposition leader called for the finance minister’s resignation, during the budget discussions in the National Assembly. But, for some reason or the other, the news has still not reached the media. Bhutan Today, Kuensel, BBS and all the radio stations have been remarkably silent on the opposition leader’s demand. The media may be uninterested. But you, I’m quite sure, want to know why I proposed such an audacious measure. Here’s the story. Chapter 5 of the 2010-2011 National Budget is about the tax…