After Bhutan made the momentous transition to a Democratic Constitutional Monarchy in 2008, the Royal Monetary Authority of Bhutan, Act,1982 was revised in entirety to meet the current needs. Accordingly, the Royal Monetary Authority Act of Bhutan 2010 was enacted by the Parliament of the Kingdom of Bhutan on June,2010 at its 5th Session of the First Parliament replacing the Royal Monetary Authority of Bhutan Act, 1982. With the historic enactment of the Royal Monetary Authority Act of Bhutan 2010, and the appointment of Bhutan's first Central Bank Governor, Dasho Daw Tenzin by the 5th Druk Gyalpo on August 18, 2010, the status of the RMA has been elevated to that of an autonomous Central Bank with greater powers in terms of its mode of functioning and decision making process. It now performs all central bank's functions that are generally performed by the central banks in other countries.