Bangladesh community in Thimphu and Bhutanese dignitaries celebrated the 39th anniversary of the Independence and National Day of Bangladesh

The small Bangladesh community in Thimphu, joined by Bhutanese dignitaries, yesterday celebrated the 39th anniversary of the Independence and National Day of Bangladesh at the embassy ground.

The Bangladesh ambassador to Bhutan, Mujibur Rahman Bhuiyan, said that the day will always remain special to the people of Bangladesh, as it marked the beginning of independence of Bangladesh after nine-month long armed struggle with Pakistani forces and immense sacrifices of lives of Bangladeshi people and finally achieving the independence on March 26,1971.

“This day also marked the beginning of a new nation, where the people had the freedom and right to self determination and it was the dream of the Father of the Nation, Bangabandhu Sheikh Mujibur Rahman, to build Bangladesh into a happy and prosperous country in a democratic environment,” he said.

“Bhutan is an old and close friend of Bangladesh and among the first nations to recognise Bangladesh as an independent country. This is important because Bhutan helped us when we needed the most, and that’s why Bhutan will always have a special place in the hearts of all the people of Bangladesh.”

In her message to the nation, Sheikh Hasina paid tribute to the three million heroes, who sacrificed their lives, and 200,000 women, who lost their innocence in the war of liberation. “I recall with deep gratitude the leader of our liberation struggle, the greatest Bangalee of all time, the Father of the Nation Bangabandhu Sheikh Mujibur Rahman,” said the prime minister in her message.

“Our government has been striving hard to establish Bangladesh as a poverty-, hunger- and illiteracy-free digital Bangladesh by 2021, the golden jubilee year of our independence. For the success of the noble endeavour, I call upon all people wherever they may be to join us with their utmost sincerity, honesty and dedication.”

The foreign secretary, Daw Penjo, home secretary Dasho Penden Wangchuk and the chief of protocol, Singye Dorjee were present at the celebration.

Source: Kuenselonline

Paro Festival: Most popular festival in Bhutan

Under a warm spring sun, and dressed in their finest ghos and kiras, Parops, pilgrims, and an almost equal number of tourists, celebrated the first day of Paro tsechu, Nangcham, witnessing sacred dances performed in the cobble-stoned courtyard of the Rinpung dzong.

Events inside Rinpung dzong commenced with monks performing Shingje Yab Yum, the dance of the lord of death (Shingje) and his consort.

This was followed by Durdag, the dance of the lords of the cremation grounds, Shanag, dance of the black hats, Drametse Ngacham, dance of the drum from Drametse, De Gye Mang cham, dance of the eight kinds of spirits, and finally Chhoeshey, a religious song.

Intermingled within these sacred dances, were also zhungdra and boedra dances performed by the dzongkhag’s dancers.

Kuensel spoke to a few tourists, who witnessed the festival. All of them pointed out that the festival was uniquely different from similar festivals in other countries, in that it was not staged for tourists, but conducted for the local people.

“It wasn’t for travellers but for the people,” said Peter Hollingworth, a doctor from England, who witnessed the celebrations for the first time. “It was very natural, genuine.”

“People joked, laughed and interacted, it brought people together and it was very beautiful,” said Australian Peter Davissen, an electrician.

“You could feel the joy and fun, the happiness, and the peaceful atmosphere of the community,” said Christian Gruber, a German IT project manager with Shell.

“I feel privileged to have been able to attend such a magnificent festival,” said Felipe Chirinos from Peru. Paro tsechu continues for another four days.

Source: Kuenselonline

is Majesty the King graced the final day of the Talo Tsechu in Punakha, Bhutan

His Majesty the King graced the final day of the Talo Tsechu in Punakha this morning. His Majesty joined thousands of people from in and around Punakha and neighbouring Dzongkhags. His Majesty also granted audience to the Kidu beneficiaries.

The three-day Tsechu ended with the unfurling of Zhabdrung Phunsum Tshogpai Thongdrel.

His Majesty witnessed the mask dances and offered prayers and butter lamps.

His Majesty the King also interacted with the people who had gathered to witness the Tsechu.

Source: BBS

His Majesty the King granted an audience to the gups of Nation (Bhutan)

His Majesty the King granted an audience to the gups at the Lingkana Palace today

Profits dip by Nu 44 million: Bhutan National Bank

Foreign exchange movement, not performance, led to a slump in Bhutan National bank’s profits, the first time in eight years, say bank officials.

“If you exclude the foreign exchange (forex) component for 2008 and 2009, we’ve actually grown by more than 23 percent,” said BNB’s chief executive officer, Kipchu Tshering.

In 2008, the bank had a windfall of Nu 84 mn through forex and last year it suffered a loss of Nu 19 mn. BNB, like most banks, is required to maintain at least USD 10 mn in foreign exchange to facilitate third country transactions.

According to the bank’s profit and loss account, which was not obtained from bank officials, BNB’s profits fell by about Nu 44 mn in 2009, with profit after tax slipping to Nu 266.2 mn from Nu 310.3 mn in 2008.

While income from interest on loans grew to Nu 1.14 bn from Nu 917 mn, interest paid on fixed deposits shot up to Nu 588.9 mn from Nu 329 mn in 2008.

The bank’s management said that the raise in corporate fixed deposit rates last year to attract more funds had increased the cost of funds. “Our lending was growing but not our deposits, so we raised the fixed deposit rates to avoid a cash crunch,” said Kipchu Tshering.

While this increased deposits to Nu 21.65 bn from Nu 14.60 bn and loans also grew to Nu 11 bn, shareholders pointed out, during the bank’s annual general meeting in Thimphu on March 23, that the huge interest payments on fixed deposits had significantly eaten into the profits.

“The bank has made money, but it could have made much more had it not taken so much deposits,” said a shareholder. “It’s a lapse on the management for not being able to track investment as well as fund flow.”

The bank did the same in 2002 and its profits fell for the first time after it was formed in 1997, said another shareholder. “It’s a repeat of 2002, they took in just too much money.” He also said that the bank could be stuck with paying high interest rates for some time, particularly for long term fixed deposits.

For the Bank of Bhutan, the cost of funds were much cheaper, because most government agencies, for whatever reasons, had their current accounts with them, on which the bank incurred no cost but charged for services rendered.

BNB today has an excess liquidity of about Nu 4 bn, but its officials expect large borrowers only after some hydropower projects are completed. “Domestic power consumption has reached its peak and no new industries can come up without power,” said Kipchu Tshering. There was no land either to set up new industries, although the government has made announcements to develop several industrial estates.

Kipchu Tshering said that there were no investment avenues within the country to utilise the surplus money. “Elsewhere, you have mutual funds, the stock market and government bonds. Here even the issue of government bonds isn’t consistent.”

The bank is waiting to invest several hundred million ngultrums as consortium financing to the Dungsam cement project, which announced earlier this year that it would borrow about Nu 2 bn domestically.

Despite the drip in profits, the bank declared a dividend of Nu 28.50 a share, the same as the previous year. It will paying Nu 101 mn as dividend, Nu 79 mn will go into reserves. As in 2008, Nu 50 mn has been set aside as reserve to build an office complex.

Source: Kuenselonline