However
there is no way Bhutan can be complacent about it. As much as people do not
want to call this a crisis, the light at the end of the tunnel is dim and we
are in for a serious trouble.
Our
Ngultrum is highly pressured and is increasingly being pushed to the limit. The
Royal Monetary Authority, in a bid to maintain this “peg at par” rate with
Indian Rupee, is heavily borrowing. As much as the borrowings from Indian banks
help provide much needed rupee in the economy for now it is also increasingly adding up to the already high debt service ratio of our country. Prices of almost
all commodities in the market have increased. Investments are halted. Black
market is said to be setting in if it is not already in operation. Thought not
pronounced, unemployment and layoff in some of the companies seem
imminent.
This
is no time for hallow promises that “Everything is going to be okay.” This is
no time for blame game. It is time indeed for people in the authority to come
up with a viable and sustainable solution. I for one, for that matter, wouldn’t hide my audacity, beside
others, to review the rationale and appropriateness of current pegging system
in lieu of the changed economic environment we are in.
May
the wisdom prevail for all times to come.
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