Country Report Bhutan May 2011

Foreign trade and payments: Remittances reach a record high

Remittances from Bhutanese living overseas reached their highest level ever in 2009/10, exceeding Nu192m (US$4m). The money was remitted by Bhutanese living in the US, UK, Japan, EU, Canada and India, but the largest share of the remittances by far-fully 96%-came from those living in the US. The amount represents a nearly seven-fold increase since 2002, when records first began.

This amount only includes money sent through financial institutions, but a substantial amount of money is also brought in directly by people flying into Bhutan. Apart from sending money for their families, many non-resident Bhutanese have sent money home in order to buy land-one reason that land prices are escalating sharply.

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