{
  "title": "Bhutan: Technical Assistance Report-Financial Sector Stability Review",
  "publication": "Technical Assistance Reports, May 20, 2026",
  "sourceUrl": "https://www.imf.org/en/publications/technical-assistance-reports/issues/2026/05/19/bhutan-technical-assistance-report-financial-sector-stability-review-576171",
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  "summary": "At the request of the Royal Monetary Authority of Bhutan (RMA), an IMF Financial Sector Stability Review (FSSR) mission visited Thimphu, and this technical assistance (TA) report highlights the main FSSR findings.",
  "sections": [
    {
      "heading": "Mission and scope",
      "content": "- An IMF Financial Sector Stability Review (FSSR) mission visited Thimphu at the request of the Royal Monetary Authority of Bhutan (RMA).\n- The mission conducted a diagnostic review of the financial sector and proposed a Technical Assistance Roadmap (TARM) to support the authorities’ efforts to strengthen identification, analysis, and mitigation of risks to financial stability in Bhutan.\n- Publication metadata:\n  - Pages: 58\n  - Volume: 2026\n  - Issue: 039\n  - Series: Technical Assistance Report No. 2026/039\n  - DOI: https://doi.org/10.5089/9798229046787.019\n  - Stock No: TAREA2026039\n  - ISBN: 9798229046787\n  - ISSN: 3005-4575"
    },
    {
      "heading": "Diagnostic findings",
      "content": "- Banking sector:\n  - The RMA has rapidly progressed prudential regulation for the banking sector.\n  - The priority must shift to strengthening supervisory capacity.\n- Non-bank financial institutions (NBFIs) and digital innovation:\n  - Non-bank financial institutions play an important role in the financial sector.\n  - With growing digital innovation, authorities should develop tailored regulation for the insurance sector and crypto markets, while refining the approach to e-money.\n  - Keyword signals in the source include: Bhutan, Bitcoin, Financial Sector, Insurance, NBFI, Payments.\n- Payment systems:\n  - Domestic payment systems are advanced with significant progress in modernization.\n  - Cross-border payments can be improved.\n- Financial sector statistics:\n  - More granular collection of financial sector statistics can support more dynamic tools for analyzing and monitoring systemic risks."
    },
    {
      "heading": "Main recommendations and Technical Assistance Roadmap (TARM)",
      "content": "- The mission’s diagnostic review supports a TA plan; the report summarizes main recommendations and provides a comprehensive TARM.\n- High-level recommended priorities:\n  - Strengthen supervisory capacity for the banking sector.\n  - Develop tailored regulatory frameworks for:\n    - Insurance sector\n    - Crypto markets\n    - E-money (refine approach)\n  - Enhance cross-border payments infrastructure and processes.\n  - Improve granularity and frequency of financial sector statistical collection to enable dynamic systemic risk analysis."
    },
    {
      "heading": "Thematic subjects covered",
      "content": "- Financial markets\n- Financial regulation and supervision\n- Financial sector policy and analysis\n- Financial sector stability\n- Financial soundness indicators\n- Payment systems\n\nInternational Monetary Fund — https://www.imf.org/en/publications/technical-assistance-reports/issues/2026/05/19/bhutan-technical-assistance-report-financial-sector-stability-review-576171\n\n---\n\n Content in this bundle\n\n- Tarea2026039\n  - Tarea2026039 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Tarea2026039 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/technical-assistance-reports/issues/2026/05/19/bhutan-technical-assistance-report-financial-sector-stability-review-576171"
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    "Published: May 20, 2026",
    "Series: Technical Assistance Reports",
    "DOI: https://doi.org/10.5089/9798229046787.019",
    "An IMF Financial Sector Stability Review (FSSR) mission visited Thimphu at the request of the Royal Monetary Authority of Bhutan (RMA).",
    "The mission conducted a diagnostic review of the financial sector and proposed a Technical Assistance Roadmap (TARM) to support the authorities’ efforts to strengthen identification, analysis, and mitigation of risks to financial stability in Bhutan.",
    "Publication metadata:",
    "Banking sector:",
    "Non-bank financial institutions (NBFIs) and digital innovation:",
    "Payment systems:",
    "Financial sector statistics:",
    "The mission’s diagnostic review supports a TA plan; the report summarizes main recommendations and provides a comprehensive TARM.",
    "High-level recommended priorities:",
    "Financial markets",
    "Financial regulation and supervision",
    "Financial sector policy and analysis",
    "Financial sector stability",
    "Financial soundness indicators",
    "Payment systems",
    "**Tarea2026039**"
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