The ngultrum (Dzongkha

Dzongkha language

Dzongkha , occasionally Ngalopkha, is the national language of Bhutan. The word "dzongkha" means the language spoken in the dzong, – dzong being the fortress-like monasteries established throughout Bhutan by Shabdrung Ngawang Namgyal in the 17th century."Bhutani" is not another name for...

: ) has been the currency

Currency

In economics, currency refers to a generally accepted medium of exchange. These are usually the coins and banknotes of a particular government, which comprise the physical aspects of a nation's money supply...

 of Bhutan

Bhutan

Bhutan , officially the Kingdom of Bhutan, is a landlocked state in South Asia, located at the eastern end of the Himalayas and bordered to the south, east and west by the Republic of India and to the north by the People's Republic of China...

 since 1974. It is subdivided into 100 chhertum (called chetrums on coins until 1979).

History

In 1974, the ngultrum was introduced, replacing the rupee

Bhutanese rupee

The rupee was the currency of Bhutan until 1974. It was equivalent to the Indian rupee. Until 1957, it was subdivided into 64 paisa. Bhutan then followed India in decimalizing, with the rupee subdivided into 100 naya paisa. The rupee was replaced by the ngultrum at par.-Coins:Until its closure in...

 at par. The ngultrum is equal in value to the Indian rupee

Indian rupee

The Indian rupee is the official currency of the Republic of India. The issuance of the currency is controlled by the Reserve Bank of India....

.

India

India

India , officially the Republic of India , is a country in South Asia. It is the seventh-largest country by geographical area, the second-most populous country with over 1.2 billion people, and the most populous democracy in the world...

 was key in assisting the Bhutanese government as it developed its economy

Economy of Bhutan

The economy of Bhutan, one of the world's smallest and least developed, is based on agriculture and forestry, which provide the main livelihood for more than 60% of the population. Agriculture consists largely of subsistence farming and animal husbandry. Rugged mountains dominate the terrain and...

 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.

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

On June 2, 1974, 1, 5 and 10 ngultrum notes were introduced by the Royal Government of Bhutan, followed by 2, 20, 50, and 100000 ngultrums in 1978. 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. 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 http://www.rma.org.bt/aboutrma/currency.htm
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 Jigme Singye Wangchuck Jigme Singye Wangchuck is the former King of Bhutan. He was the fourth Dragon King of Bhutan from 1972 until his abdication in favour of his eldest son, Jigme Khesar Namgyel Wangchuck, in 2006...
		Nu.20	152 × 70 mm	Yellow-green	The Government crest, Khorlo (Wheel of Dharma , one of the eight auspicious signs), Jigme Dorji Wangchuck Jigme Dorji Wangchuck Jigme Dorji Wangchuck was the Third Druk Gyalpo of Bhutan.He began to open Bhutan to the outside world, began modernization, and took the first steps toward democratization...	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 Jigme Singye Wangchuck Jigme Singye Wangchuck is the former King of Bhutan. He was the fourth Dragon King of Bhutan from 1972 until his abdication in favour of his eldest son, Jigme Khesar Namgyel Wangchuck, in 2006...	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 Ugyen Wangchuck Gongsa Ugyen Wangchuck was the first King of Bhutan from 1907 to 1926.He was born in 1862 to Jigme Namgyal, penlop of Trongsa and Ashi Pema Choki. He succeeded his father as Penlop of Trongsa...	Punakha Dzong

External links

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