The Royal Monetary Authority was established in 1982. The following year, it took on the responsibilities of issuing Bhutanese currency, managing external reserves, and operating foreign exchanges. In 1988, the Authority assumed the role of government banker, holding the bulk of government deposits and providing financing. With the passage of the Financial Institutions Act of 1992, the substantive framework of the Authority was expanded to include licensure, regulation, and inspection of financial institutions in Bhutan. The Constitution of 2008 specifically authorizes the government to manage public finance and the monetary system, affirming previous law. Public finance is backed by the Consolidated Fund, while the monetary system is the purview of the Central Bank.