ROLES AND RESPONSIBILITIES

In order to carry out its mandate as specified in the RMA Act, the RMA is presently organized into eleven divisions. The following is a brief description of the roles and responsibilities of each Division :

ISSUE DIVISION
This Division is responsible for all aspects of currency issuance and management. It is responsible for planning and arranging the printing of banknotes and the minting of coins, distributing banknotes and coins to the banks, providing facilities for the general public to exchange soiled and mutilated notes, and destroying soiled and mutilated banknotes. The Division, also maintains "currency chests" with selected branches of the commercial banks into which the bank's branch can deposit its excess cash holdings, or withdraw cash to meet its daily requirement.

BANKING DIVISION
The Banking Division maintains accounts on behalf of and executes daily transactions with commercial banks and the government. It also provides depository services with international financial institutions, and carries out transactions with overseas financial institutions. It acts as the RMA's executive organ for its liquidity management operations by planning, allotting, discounting and redeeming short-term bills, which are issued by the RMA for the purpose of moderating fluctuations in banking sector liquidity.

FOREIGN EXCHANGE AND RESERVE MANAGEMENT DIVISION
This Division is responsible for the formulation, revision and implementation of regulations concerning foreign exchange dealings. At present, foreign exchange transactions in Bhutan are subject to the Foreign Exchange Regulation, 1997. This division is also responsible for managing the foreign currency assets of the RMA. It maintains accounts with foreign central banks, renowned international commercial banks, and asset management companies to ensure the safety and the liquidity of the country’s foreign exchange reserves, as well as to obtain a reasonable rate of return on these assets.

RESEARCH & STATISTICS DIVISION
This Division gathers, compiles and analyses financial and economic statistics and publishes the RMA's quarterly statistical bulletin in the form of the Selected Economic Indicators, as well as the RMA's Annual Report. The principal statistics compiled by the Division are in the areas of Money & Banking, Balance of Payments, national income accounts, government finance, prices, and other areas of concern for management of the economy. The Research and Statistics Division is also in charge of the Institute for Financial Sector Development which is presently in the planning stage and will be located within the RMA head office building, will provide facilities for the financial institutions to participate in training courses, seminars and conferences on finance and economic topics to facilitate the development of the financial sector.

FINANCIAL INSTITUTION SUPERVISION DIVISION
This Division supervises the banks and non-bank financial institutions in Bhutan. The Division frames prudential regulations to be observed by the banks and other financial institutions, and monitors compliance through periodical reports required to be submitted by them, as well as through on-site inspections.

PERSONNEL AND FINANCE DIVISION
The Administration and Finance Division is responsible for providing administrative services such as the preparation of the annual capital and administrative budget, procurement of supplies and equipment, payment for utilities bill, disbursement of pay and allowances etc.. The Personnel Section of the Division is responsible for the staff structure, personnel records, recruitments and all other matters concerning the personnel of the RMA.

INFORMATION TECHNOLOGY DIVISION
This Division is responsible for planning, developing and supporting the computerization of the RMA's operations, development of data processing systems, managing and supporting of the RMA application systems, database, network and the RMA website.

INTERNAL AUDIT DIVISION
This division carries out regular inspection of the business and accounting procedures, personnel structure and other matters relating to the internal management of the RMA, and liaises with the external auditors.

HUMAN RESOURCE DEVELOPMENT DIVISION
Human Resource Development Division, which is both the ends and means of development, is directly under the management of the Managing Director. It is mainly responsible for bridging the present and future human resource gaps, by matching RMA officials with training/seminar/workshop etc., and exploring them. It is responsible for the preparation of short to long term HRD Master Plans.It facilitates important support services through internal linkages and public relations with the external agencies.

HOSPITALITY AND PROTOCOL DIVISION
The Protocol and Hospitality Division was established on 1st July 2004. The Division is responsible for making administrative arrangements for official guests visiting RMA,including travel arrangements for RMA staff visiting abroad in connection with training, seminar, workshop, meeting and conference,. It is also responsible for the repair and maintenance of the office building, security, office canteen management, arranging official reception and dinners and the maintenance and use of pool vehicles.

LIBRARY DIVISION
RMA’s library was set up with the objective of establishing a store house of knowledge and reference materials for the Officers and staff of the organization and for the employees of other organizations. The library was set up a year ago with a minimum of about fifteen hundred hard cover books which consists of reports of the IMF, World Bank, RMA’s own periodical reports besides dailies and publications that are subscribed on a regular basis. The library has at the moment 16 shelves for storing books, reports, periodicals and other publications with a separate room allocated for that purpose. The library having been set up only a year ago is aimed at expanding it to a standard that can be compared to Libraries of other Central Banks, by making available a stock of books of wide ranging subjects, including dictionaries, reports of Government departments and documents, journals and periodicals, news letters and bulletins etc.