Global Money Week

2017 Bhutan Global Money Week

Leading Organizations:
Royal Monetary Authority

Participating Organizations:
Bank of Bhutan Limited (BOBL), Bhutan Association of Women Entrepreneurs (BAOWE), Bhutan Development Bank Limited(BDBL), Bhutan Insurance Limited (BIL), Bhutan National Bank(BNB), Druk Punjab National Bank (DPNB), Financial Institution Training Institute (FITI), Loden Foundation, Ministry of Education(MOE), Ministry of Labour and Human Resource(MOLHR), Ministry of Agriculture and Forest(MOAF), National Land Commission(NLC), National Pension and Provident Fund (NPPF), Renew Empower Nurture Educate Women (RENEW), Royal Insurance Corporation of Bhutan Limited (RICBL), Royal Securities Exchange of Bhutan Limited (RSEBL), Rural Enterprise Development Corporation(REDCL), Rural Education and Development (READ), Tarayana Foundation, T-Bank, Youth Development Fund (YDF), Credit Information Bureau (CIB),

Royal Monetary Authority (RMA), the Central Bank of Bhutan in collaboration with various Financial Institutions, Micro-Finance Institutions, NGOs, Government Sectors and other stakeholders shall actively celebrate the Global Money Week during the week of 27th to 31st March, 2017 with the global theme of ‘Learn. Save. Earn’. Bhutan plans to reach more than 10,000 children and youth this year.

The Financial Inclusion and Literacy (FIL) Unit at RMA is a newly set up unit to advance with the formulation of the National Financial Inclusion Policy and also frame the FIL Strategy Action Plan 2017-2019. This unit will also take up various Financial Literacy Programs including the Global Money Week 2017.

Importantly, for this year, RMA Bhutan, would ensure that the GMW is a platform and an opportunity to promote His Majesty The King’s Royal Address during the 109th National Day celebration (17th December 2017, http://www.kuenselonline.com/his-majestys-address-to-the-nation-109th-national-day-17-december-2016/) of improving access to finance by the Financial Institutions to the unemployed youth in rural areas for an equitable growth, reducing unemployment, poverty reduction, rural urban migration and private sector development.

RMA is pleased to initiate the nationwide mandate of inclusive finance through: 1) financial advocacy to the youth and rural communities through dynamic stakeholder engagement, 2) inculcating sense of saving habit amongst citizens,3) aspire youth to become young entrepreneur through productive credit schemes (Priority Sector Lending) and 4) easy access to basic finance. Any programs initiated during the GMW 2017 shall ensure sustainability, continuity and innovative approaches.

The programs outlined for the GMW 2017 for Bhutan is as follows:

  1. GMW Financial Fares
  2. Distribution of Financial Literacy Kits for education and initiating on Financial Literacy Clubs in schools in collaboration with MOE
  3. Award ceremonies for the; 1) two best entrepreneur youth project proposal, 2) Four best Little Heroes Game Proposal on ‘Let’s Play Money Money’, 3) four Youth group of Agriculture/rural project proposal and 4) Best Financial Inclusion and Literacy Stakeholder Award
  4. Distribution of Saving Sense Coupons
  5. Thematic talk programs and theatre performance at Schools, Institutes, workplaces, Non-formal Centres, Monastic schools etc.,
  6. Interactive financial education games including selected games from ‘Lets Play Money Money’.
  7. Student and youth including young monks visit programs to Central Bank, Stock Exchange, Financial Institutions, Business and industries and others
  8. Opening of bank account and basic transfer program of the youth including monks and women
  9. Media programs
  10. TOT Programs by the Volunteer Advocacy group; youth and retired senior citizens

During the month of May (24th to 26th), Bhutan is pleased to inform that the RMA in partnership with the Royal Institute for Governance and Strategic Studies (RIGSS) and International Finance Corporation (IFC), World Bank would be organizing an international conference (Summit) called the ‘Bhutan Economic Forum for Innovative Transformation (BEFIT 2017): equitable growth through financial inclusion’.

The Forum, the first of its kind to be initiated, aims to bring together a wide range of expertise to share best practices and discuss innovative solutions to emerging national and regional economic challenges with the overarching objective of transforming and bettering the lives of our citizens. More details can be found at www.befit.bt


2016 Bhutan Money Week

Leading organizations:
Royal Monetary Authority of Bhutan
Participating Organizations:
< Bhutan National Bank Limited < Bhutan Development Bank Limited < Druk PNB Bank Ltd.
Date of the event:
<14th – 20th of March
Total number of children & youth engaged: 1 932

In 2016, the Royal Monetary Authority of Bhutan continued to advance financial education for young people in Bhutan, which was built on the country’s existing Financial Literacy Program of the Central Bank. Specifically for GMW 2016, the Royal Monetary Authority targeted young girls in the urban and rural areas of the country. The Royal Monetary Authority did this through in-class sessions and distribution of materials that focus on expanding the knowledge of young high school students on financial products and the importance of savings.

From the private sector, the Bhutan National Bank Ltd. continued their annual campaign of making visits to various schools across the country. As part of these school visits, the managers of the Bhutan National Bank branch conducted classes with children and also opened bank accounts for those who were able to acquire approval from their parents. This provided the children both financial education and access to a savings account, thus helping them to learn by doing.

The Bhutan Development Bank and Druk PNB Bank Ltd. have also organized some school visits to teach about financial concepts, particularly what the function of a bank is and the importance of savings. Both banks have also distributed various financial literacy materials.

 

2015 Bhutan Money Week

Participants:
<Royal Monetary Authority of Bhutan <Bhutan National Bank Limited <Bhutan Development Bank Limited <Druk PNB Bank Ltd.
Date of the event:
<9th – 13th of March
Number of children reached:
<3 100

Building on the pioneering work done by the Royal Monetary Authority of Bhutan in 2013 and 2014, Global Money Week continued to be celebrated by various institutions in line with the Financial Literacy Program of the Royal Monetary Authority of Bhutan in 2015. During the celebrations, the participating institutions focused on highlighting the importance of savings, education and basic understanding of banking, and how these contribute to futures.

The Bhutan National Bank Limited, the Bhutan Development Bank Limited, and Druk PNB Bank Ltd continued their participation through various activities in 2015. These three banks are among the largest in the country. They highlighted the active role that the private sector has been taking in advancing empowerment of children and youth as economic citizens in Bhutan.

The Bhutan National Bank, in particular, has adopted schools where they have set up Banking Clubs. The members of the club conducted a field trip which included a visit to the head office of the bank, an interactive program with officers of the bank, and the opportunity to observe the weekly operations of a branch. Through this program, the bank also had a chance to inform and introduce Global Money Week to customers who visited their bank branches and participated in the campaign.

The information session hosted by the Bhutan National Bank Limited, the Bhutan Development Bank Limited, and the Druk PNK Bank Ltd., also gave an opportunity for children to open a child savings bank account promoting the behavior of saving at a young age.

 

2014 Bhutan Money Week

Participants:
<Bhutan Royal Monetary Authority <Royal Insurance Corporation of Bhutan <Bhutan National Bank Limited <Bhutan Development Bank Limited <Bhutan Insurance Limited <T-Bank <Druk PNB
Date of the event:
<10th – 12th of March
Number of children reached:
<300

Bhutan Royal Monetary Authority led this year’s GMW Celebrations, in association with Royal Insurance Corporation of Bhutan Bhutan National Bank Limited, Bhutan Development Bank Limited, Bhutan Insurance Limited, T-Bank and Druk PNB. As part of the Financial Literacy Program exciting events were hosted ranging from visits by the Financial Literacy Program team to schools, opening banks accounts under RMA’s guidance and an essay writing contest.

Representatives of Royal Monetary Authority and the Financial Literacy Program visited schools in Paro to speak to students about financial education.

A host of banks, namely the Royal Monetary Authority, Bhutan National Bank Limited, Bhutan Development Bank Limited, Bhutan Insurance Limited, T-Bank and Druk PNB, all visited schools to help children open saving accounts. The participating schools received all the necessary information and education material beforehand.

The Royal Money Authority in association with the local schools organized a financial-themed essay writing contest. The winners of the contest received rewards and letters of recognition.

 

2013 Bhutan Money Week

Name of organizing entity - Royal Monetary Authority of Bhutan's Partners: - Bhutan National Bank Ltd.
Date of the event - 15th - 21st of March
Number of children reached - 500

The Royal Monetary Authority initiated different programs to create financial awareness among the youth and general public. During the Global Money Week a “Financial Literacy Education and Awareness Campaign” was held in 20 districts, spearheaded by the Central bank in collaboration with the financial institutions in Bhutan, with financial assistance from the World Bank. The main aim of the campaign was to educate youngsters on the roles and responsibilities of central bank and the services and products provided by the financial institutions.

On the 21st March 2013, the RMA Governor launched a financial education comic book for primary-school children and for high-school students. Television, radio programs and music video, themed on financial literacy, were also launched. Audiovisuals on counterfeit currency notes were produced to enhance the level of understanding of Ngultrum currency notes in Bhutan by the general public. On the 22nd March 2013, RMA – along with the Bhutan National Bank – also conducted various school educational programs in few schools where piggy bank accounts were discussed, comic books were read and quiz competitions were held where prizes comprising of color pencils, art books, comic books, and notebooks were distributed.

Click an image for full size