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Bhutanese ngultrum
(Dzongkha)
1 ngultrum
ISO 4217 Code	BTN
User(s)	Bhutan (alongside Indian rupee)
Inflation	5.5%
Source	The World Factbook, 2005 est.
Pegged with	Indian rupee at par
Subunit
1/100	chhertum (chetrum)
Symbol	Nu.
chhertum (chetrum)	Ch.
Coins
Freq. used	Ch.20, Ch.25, Ch.50, Nu.1.
Rarely used	Ch.5, Ch.10
Banknotes	Nu.1, Nu.5, Nu.10, Nu.20, Nu.50, Nu.100, Nu.500, Nu.1000[1]
Monetary authority	Royal Monetary Authority of Bhutan
Website	www.rma.org.bt

The ngultrum (ISO 4217 code BTN) (Dzongkha: དངུལ་ཀྲམ) has been the currency of Bhutan since 1974. It is subdivided into 100 chhertum (called chetrums on coins until 1979).

History

In 1974, the ngultrum was introduced, replacing the rupee at par. The ngultrum is equal in value to the Indian rupee.

India was key in assisting the Bhutanese government as it developed its economy in the early 1960s. When the ngultrum was introduced, it retained the peg to the Indian rupee which the Bhutanese rupee had maintained. The ngultrum does not exchange independently with other nation's currencies but is interchangeable with the Indian rupee.

Bhutanese 20 chetrums, 25 chhertum, 50 chhertum and 1 ngultrum

Coins

In 1974, aluminium 5 and 10 chetrums, aluminium-bronze 20 chetrums and cupro-nickel 25 chetrums and 1 ngultrum were introduced. The 5 chetrum was square and the 10 chetrum was scallop-shaped. A new coinage was introduced in 1979, consisting of bronze 5 and 10 chhertum, and cupro-nickel 25 and 50 chhertum and 1 ngultrum. Aluminium-bronze 25 chhertum were also issued dated 1979. The 5 and 10 chhertum have largely ceased circulating.

Banknotes

In 1974, 1, 5 and 10 ngultrum notes were introduced by the Royal Government, followed by 100 ngultrums in 1978 and 2, 20 and 50 ngultrums in 1981. The Royal Monetary Authority took over the issuance of paper money in 1986. In 2006, the Monetary Authority introduced a new series of notes, including a 1 ngultrum.^[2]

Previous series [1]
Image		Value	Dimensions	Main Colour	Description
Obverse	Reverse				Obverse	Reverse	Watermark
		Nu.1		Blue	The Government crest, two dragons	Simtokha Dzong	"Royal Monetary Authority" in top and bottom margin
		Nu.5	130 × 62 mm	Orange	The Government crest, two mythical bird (Bja Tshering) (the bird of long life)	Paro Rinpung Dzong
		Nu.10	140 × 70 mm	Purple	The Government crest, Dungkar (conch) (one of the eight lucky signs), Jigme Singye Wangchuck
		Nu.20	152 × 70 mm	Yellow-green	The Government crest, Khorlo (Wheel of Dharma , one of the eight auspicious signs), Jigme Dorji Wangchuck	Punakha Dzong
		Nu.50	155 × 70 mm	Pink		Trongsa Dzong, two mythical birds Bja Tshering (bird of long life)
		Nu.100	161 × 70 mm	Green	Norbu Rimpochhe (one of the seven auspicious gems), Jigme Singye Wangchuck	Tashichho Dzong	Crossed Dorji (Dorji jardrum)
		Nu.500	160 × 70 mm	Red	Norbu Rimpochhe encircled by two Dragons (one of the seven auspicious gems), Ugyen Wangchuck	Punakha Dzong
For table standards, see the banknote specification table.

See also

• Economy of Bhutan
• Bhutan

References

External links

• Analysis of Pegged Exchange Rate Between Bhutan and India