Bhutanese Ngultrum

The Bhutanese ngultrum is the official currency of Bhutan. It is subdivided into 100 chhetrum. The Ngultrum was introduced in 1974, replacing the earlier ngultrum. The ngultrum is pegged to the Indian rupee at par. Bhutan had no formal currency before the introduction of the ngultrum in 1974. Foreign trade was conducted using the Indian rupee, with a Bhutanese coinage, which was also used as currency, being minted in Cooch Behar in India. The Bhutanese government introduced the ngultrum in 1974 to replace the earlier Bhutanese coinage. The ngultrum was pegged to the Indian rupee at par. The Ngultrum is subdivided into 100 chhetrum. The ngultrum is minted by the Royal Monetary Authority of Bhutan. Coins are minted in denominations of 1, 2, 5, 10 and 25 chhetrum, and 1, 2 and 5 ngultrum. Banknotes are issued in denominations of 1, 2, 5, 10, 20, 50 and 100 ngultrum.