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Bank gives Bhutan lifeline to the world
A branch of Indian bank Druk Punjab opens in Thimphu, Bhutan.
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People wait outside one of Bhutan's older banks on a Sunday. Sunday hours were added as one of the new competitive pushes by the existing national banks in Bhutan.
Thimphu, Bhutan is the fastest growing capital in Asia, as evidenced by a construction boom, thanks to a growing culture of moneylending.
TEXT OF INTERVIEW
Bill Radke: Between China and India, in the tiny Kingdom of Bhutan, the first commercial bank has just opened its doors. Bhutan has been changing fast since electing its first democratic government a couple of years ago. Now the Indian bank, Druk Punjab, has opened a branch there. Lisa Napoli is in Bhutan's capital, Thimphu, and she joins us now. Hi Lisa.
Lisa Napoli: Hi Bill.
Radke: So what has the banking system in Bhutan been like up until now?
Napoli: Well Bill, this is a place where yaks roam free and where subsistence farming is still a mainstay occupation for 80 percent of the people who live here. So it wasn't very long ago that the barter system was the dominant way of doing business. And currency was only introduced, hard currency, only about 40 years ago.
Radke: And in a country used to the barter system, are they now getting used to things like ATM cards and credit cards?
Napoli: Well they want to. They see us have them and they see outsiders come in with them, wanting to spend money, and they can't. Because unless you have cash, you can't spend it here. So also it's a lifeline to the world. I mean you can't even set up an Internet business if you don't have some sort of credit card, and many people nere are eager to do that -- the entrepreneurial spirit is really booming here in a way that didn't exist even four years ago. So the promise of this bank is really making people very excited.
Radke: You know Lisa, in the States these days, we haven't, it's been awhile since we've said, "Everybody's thrilled about plastic."
Napoli: Hahaha!
Radke: What kind of conversations are people having about the advent of credit?
Napoli: You would think that they'd learn from looking at what's gone on from us. But unfortunately all they're learning is even though they're a peaceful, happy Buddhist kingdom, that they want more stuff. Lots more stuff.
Radke: OK. Lisa Napoli in Thimphu, Bhutan. Thank you so much.
Napoli: Thank you, Bill.
I've been in Thimphu for almost all my adult life and I've never seen yaks roaming around the place. The fact is Thimphu valley is too low for yaks...unless she's been smoking too much of our grass which makes her think our ubiquitous dogs are yaks? This is not about ego as Ugen Namgyel seems to imply. It's about being factual and accurate and not saying something just so your story sounds more interesting.
What happened 40 years ago is not news. It's history. When asked "So what has the banking system in Bhutan been like up until now?
Napoli replied:
"this is a place where yaks roam free ...the barter system was the dominant way of doing business."
This is not true. Why didn't she mention Bank Of Bhutan, Bhutan National Bank, Royal Monntery Authority...
And Ugyen namgyel, I am not sure what you are talking about but you can keep your advise since this has nothing to do with Buddhism or national image. Accurate reporting is the issue.
Looks like some Bhutanese people and others are upset because they don't want to be seen as backwards, and they feel that this article does just that. This desire not be seen backwards seems to be fairly universal. I have heard so many Indians, Chinese, Malaysian and others gripe about the same thing. My personal advice to them is " You will be so much better off if you are confident in your values and your culture, and didn't so much about what other people think about you." I think this advice is especially pertinent to Bhutanese people since we are Buddhist and a big part of Buddhism is about doing away with ego, and sense of self. If you think about it, this whole desire not be seen as backward really comes down to ones ego. Does it really affect you if someone think you around riding a yak? If anything it probably gives you a leg up because they have such low expectations from you.
Personally, I don't think Lisa Napoli said anything that was really wildly off the mark or innaccurate. The barter system was in use not too long ago and yaks do roam free. The financial and economic sectors are developing fast but they still have ways to go. Yes there are quite a few Bhutanese who are jet setting and exchange miles for hotels room but, but the majority of Bhutanese people don't fall into this category. Besides it always makes for a much more interesting news when you juxtapose yaks roaming free with credit cards and atm machines.
Western writers often places Bhutan to the extreme - either as a nation in a medieval era or a country doomed by TV and Internet. Often this is done to sensationalize things and get their stories in.
Truth is I am just back from a holiday in Thailand where I stayed in a house owned by someone in UK that I found advertised on the Net. I paid with a credit card issued by a local bank. As I enjoyed the blue sea and some crabs, I was in constant touch on my Blackberry with my friends disbursed in different parts of Bhutan through SMS and email.
People should stop fantasizing and get the realities out. Bhutan is another place in the world and if it is little more special it is all well thought out and not a victim of circumstances, history or mismanagement.
Truth is I am just back from a holiday from Phuket where I stayed in a house owned by someone in UK that I found advertised on the Net. I paid with my credit card issued by a local bank. As I enjoyed the blue sea and some crabs, I was in constant touch on my Blackberry with my staff members disbursed in different parts of Bhutan through SMS and email.
People should stop fantasising
Lisa Napoli misrepresents Bhutan as still backward and still in the bartering stage without a monetized economy. I am surprised that she can get away with such blatant untruths. There are several financial instiutions in Bhutan like the Bhutan National Bank, initially established with assistance from Citibank in 1980 (http://www.bnb.com.bt/). The Bank of Bhutan was established in 1968 and now offers internet banking, SMS banking etc.. Check out their site at http://www.bob.bt/
As a Bhutanese the last time I bartered anything was when I exchanged frequent flier miles for a hotel room in LA.
