Wow Bhutan

Sick steel industries seek cash transfusion

The cries of the Pasakha steel factories for rescue after the Wall Street crisis hit them with mounting losses has prompted the minister of economic affairs Lyonpo Khandu Wangchuk to drive down south this week to assess the situation for himself. The steel factory owners are seeing this as indicative of the government’s willingness to help. But the minister has not given away anything yet, only that they submit a “report” to the government. The owners says that they are in desperate need of w...

Global crisis hits Bhutan too

The financial meltdown has hit Bhutanese economy as well, increasing the country's import bills, production costs, debt servicing and balance of payments situation, experts say. The ngultrum has depreciated by 15 to 18 per cent against the dollar in the past two months, with one USD now equivalent to Nu 49.30. "This has increased our import bills, production costs, debt servicing and the balance of payments situation," a finance ministry official said. "The constant decline of the n...