## Bhutan: Technical Assistance Report-Financial Sector Stability Review

_Technical Assistance Reports, May 20, 2026_

## Source details

**Canonical URL:** [Bhutan: Technical Assistance Report-Financial Sector Stability Review](https://www.imf.org/en/publications/technical-assistance-reports/issues/2026/05/19/bhutan-technical-assistance-report-financial-sector-stability-review-576171)

## Other formats

- [Markdown version](/en/publications/technical-assistance-reports/issues/2026/05/19/bhutan-technical-assistance-report-financial-sector-stability-review-576171/index.md)
- [Structured JSON version](/en/publications/technical-assistance-reports/issues/2026/05/19/bhutan-technical-assistance-report-financial-sector-stability-review-576171/index.json)
- [Bundle manifest](/en/publications/technical-assistance-reports/issues/2026/05/19/bhutan-technical-assistance-report-financial-sector-stability-review-576171/bundle-manifest.json)

## Bibliographic details
- Published: May 20, 2026
- Series: Technical Assistance Reports
- DOI: https://doi.org/10.5089/9798229046787.019

---

### Mission and scope
- 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:
  - Pages: 58
  - Volume: 2026
  - Issue: 039
  - Series: Technical Assistance Report No. 2026/039
  - DOI: https://doi.org/10.5089/9798229046787.019
  - Stock No: TAREA2026039
  - ISBN: 9798229046787
  - ISSN: 3005-4575

### Diagnostic findings
- Banking sector:
  - The RMA has rapidly progressed prudential regulation for the banking sector.
  - The priority must shift to strengthening supervisory capacity.
- Non-bank financial institutions (NBFIs) and digital innovation:
  - Non-bank financial institutions play an important role in the financial sector.
  - With growing digital innovation, authorities should develop tailored regulation for the insurance sector and crypto markets, while refining the approach to e-money.
  - Keyword signals in the source include: Bhutan, Bitcoin, Financial Sector, Insurance, NBFI, Payments.
- Payment systems:
  - Domestic payment systems are advanced with significant progress in modernization.
  - Cross-border payments can be improved.
- Financial sector statistics:
  - More granular collection of financial sector statistics can support more dynamic tools for analyzing and monitoring systemic risks.

### Main recommendations and Technical Assistance Roadmap (TARM)
- The mission’s diagnostic review supports a TA plan; the report summarizes main recommendations and provides a comprehensive TARM.
- High-level recommended priorities:
  - Strengthen supervisory capacity for the banking sector.
  - Develop tailored regulatory frameworks for:
    - Insurance sector
    - Crypto markets
    - E-money (refine approach)
  - Enhance cross-border payments infrastructure and processes.
  - Improve granularity and frequency of financial sector statistical collection to enable dynamic systemic risk analysis.

### Thematic subjects covered
- Financial markets
- Financial regulation and supervision
- Financial sector policy and analysis
- Financial sector stability
- Financial soundness indicators
- Payment systems

_International Monetary Fund — https://www.imf.org/en/publications/technical-assistance-reports/issues/2026/05/19/bhutan-technical-assistance-report-financial-sector-stability-review-576171_

---

## Content in this bundle

- **Tarea2026039**
  - [Tarea2026039 (Markdown version)](/-/media/files/publications/tar/2026/english/tarea2026039.pdf.md){rel="alternate" type="text/markdown"}
  - [Tarea2026039 (PDF)](/-/media/files/publications/tar/2026/english/tarea2026039.pdf){rel="external" type="application/pdf"}

---

_Source: https://www.imf.org/en/publications/technical-assistance-reports/issues/2026/05/19/bhutan-technical-assistance-report-financial-sector-stability-review-576171_