The ngultrum is the currency of Bhutan, subdivided into 100 chertrums. It is equal in value to the Indian Rupee. As of January 7, 2005, there are 43.8400 Ngultrums to the US dollar or 57.2443 to the Euro.

India was key in assisting the Bhutanese government as it developed its economy in the early sixties. When the Ngultrum was introduced in 1974 the Bhutanese pegged it with the Indian Rupee. It does not exchange independently with other nations, but is exchanged interchangeably with the Indian Rupee.

Before the introduction of the Ngultrum Bhutan didn't have a currency. The people bartered for goods that they couldn't produce themselves.

Coins in circulation

• 5 Chertrum
• 10 Chertrum
• 25 Chertrum
• 50 Chertrum
• 100 Chertrum
• 1 Ngultrum

Banknotes in circulation

• 1 Ngultrum
• 2 Ngultrum
• 5 Ngultrum
• 10 Ngultrum
• 20 Ngultrum
• 50 Ngultrum
• 100 Ngultrum
• 500 Ngultrum

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For further research:

• Analysis of Pegged Exchange Rate Between Bhutan and India (http://www.bhutanstudies.org.bt/journal/vol8/v8-7.pdf)

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