In a 2 quart saucepan over medium heat melt butter and stir in rice and onion. Cook over medium heat, stirring constantly, until rice turns golden brown, about 8 to 10 minutes.
Slowly add water, green chiles and chicken bouillon. Bring mixture to a boil, reduce heat and cover. Simmer until rice is tender, about 25 to 30 minutes. Stir in cheese, olives, pimientos and parsley.
