The Millar Report on the rationale and legal framework for the Monetary Authority was presented to the National Assembly during its 56th Session and on 4 August 1982 the Royal Monetary Authority of Bhutan Act,1982 was enacted. Immediately after the enactment Her Royal Highness HRH Ashi Sonam Chhoden Wangchuck, Representative of His Majesty in the Ministry of Finance was appointed as its first Chairman while the current Minister of Work and Housing Lyonpo Yeshey Zimba became the founder Managing Director of the RMA. However, due to lack of appropriate and adequate manpower, it took about a year for the RMA to finally emerge as an organization. During the initial stages of RMAâ€™s development, various central banking functions continued to remain with the Ministry of Finance. As organizational capacities developed, particularly after the appointment of Mr Rabenath Mitra, a retired Executive Director of RBI in August 1983 as General Advisor under the IMF Technical Assistance, these responsibilities were gradually shifted to the RMA in a phase manner.