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Bhutanese ngultrum

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Title: Bhutanese ngultrum  
Author: World Heritage Encyclopedia
Language: English
Subject: Energy in Bhutan, Economy of Bhutan, Ap Bokto, Royal Monetary Authority of Bhutan, Indian rupee
Collection: 1974 Introductions, Currencies of Bhutan, Economy of Bhutan, Fixed Exchange Rate
Publisher: World Heritage Encyclopedia

Bhutanese ngultrum

Bhutanese ngultrum
1 ngultrum
ISO 4217 code BTN
Monetary authority Royal Monetary Authority of Bhutan
User(s)  Bhutan (alongside Indian rupee)
Inflation 8.3%
 Source The World Factbook, 2012 est.
Pegged with Indian rupee at par
 1/100 chhertum (chetrum)
Symbol Nu.
 chhertum (chetrum) Ch.
 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][2]

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).


  • Exchange rate 1
  • History 2
    • Coins 2.1
    • Banknotes 2.2
  • See also 3
  • References 4
  • External links 5

Exchange rate


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 nations' currencies but is interchangeable with the Indian rupee.


In 1974, aluminium 5 and 10 chetrums, aluminium-bronze 20 chhertums and cupro-nickel 25 chetrums and 1 ngultrum were introduced. The 5 chhertum was square and the 10 chhertum 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 and 3 ngultrum. Aluminium-bronze 25 chhertum were also issued dated 1979. The 5 and 10 chhertum have largely ceased circulating.


On June 2, 1974,[3] 1, 5 and 10 ngultrum notes were introduced by the Royal Government of Bhutan, followed by 2, 20, 50, and 100 ngultrums in 1978.[3] On August 4, 1982, the Royal Monetary Authority of Bhutan Act was enacted, although the RMA didn't began actual operations until November 1, 1983, and did not issue its own family of notes until 1986.[3] In 2006, the Monetary Authority introduced its latest series of notes, with denominations of 1, 5, 10, 20, 50, 100, 500, and 1000 ngultrum.

Previous series [12]
Image Value Dimensions Main Colour Description
Obverse Reverse Obverse Reverse Watermark
Nu.1 114 x 62 mm 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
2006 and 2008 Series
Image Value Dimensions Main Color Description Date of issue Date of first issue Watermark
Obverse Reverse
[13] 1 ngultrum 120 x 60 mm Blue, red and green Dragons Simtokha Dzong 2006
November 20, 2006 None
[14] 5 ngultrum 125 x 60 mm Yellow, brown and red Birds Taktsang 2006
November 20, 2006 None
[15] 10 ngultrum 125 x 65 mm Dark green and yellow Jigme Singye Wangchuck; Dungkar (conch), one of the eight good luck symbols Paro Rinpung Dzong 2006
2007 Jigme Singye Wangchuck
[16] 20 ngultrum 130 x 65 mm Yellow and green Jigme Khesar Namgyel Wangchuck Punakha Dzong 2006 November 20, 2006 Jigme Khesar Namgyel Wangchuck
[17] 50 ngultrum 145 x 70 mm Pink, orange and green Jigme Khesar Namgyel Wangchuck Trongsa Dzong 2008 November 6, 2008 Jigme Khesar Namgyel Wangchuck
[18] 100 ngultrum 145 x 70 mm Green Jigme Singye Wangchuck; Norbu Rimpochhe, one of the seven auspicious gems Tashichho Dzong, dragons in upper corners 2006
2007 Jigme Singye Wangchuck
[19] 500 ngultrum 155 x 70 mm Pink, orange and green Ugyen Wangchuck with the Raven Crown Punakha Dzong 2006
November 20, 2006 Jigme Singye Wangchuk
[20] 1000 ngultrum 165 x 70 mm Yellow, red and gold Jigme Khesar Namgyel Wangchuck with the Raven Crown Tashichho Dzong 2008 November 6, 2008 Jigme Khesar Namgyel Wangchuck
Commemorative notes
Image Value Dimensions Main Color Description Date of issue Date of first issue Watermark
Obverse Reverse
[21] 100 ngultrum 145 x 70 mm Orange, brown and red Mythical angel carrying the Raven Crown; national emblem; royal wedding logo consisting of khorlo (wheel) signifying royalty, circles with dhar (ceremonial scarf) signifying eternal union of thap (method) and sherab (wisdom), and the dham tshig tsangma and lotus, symbolizing purity of union; Jigme Khesar Namgyel Wangchuck and Queen Jetsun Pema Punakha Dzong (aka Pungtang Dechen Photrang Dzong, meaning “the palace of great happiness or bliss”) 2011 October 13, 2011 None

See also


  • Krause, Chester L., and Clifford Mishler (1991).  
  • Pick, Albert (1994).  
  1. ^ [22] Accessed 2008-11-13
  2. ^ Bhutan issues new 50- and 1,000-ngultrum notes Retrieved 2011-10-15.
  3. ^ a b c Linzmayer, Owen (2011). "Bhutan". The Banknote Book. San Francisco, CA: Retrieved 2011-08-21. 

External links

  • Analysis of Pegged Exchange Rate Between Bhutan and India
  • Bhutan 5 Ngultrum 2006 banknote
  • Bhutan 10 Ngultrum 2006 banknote
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