Ngultrum- The Bhutanese Currency but does Bhutanese address the money Nu or ?

Email

Ngultrum is pegged at par with the Indian rupee. Ngultrum is the identity of the Bhutanese monetary system. But most Bhutanese refer to the currency as “Rupee”. Perhaps it's due to the close business tie with the neighboring country India.

Ngultrum- The Bhutanese Currency but does Bhutanese address the money Nu or ?
Bhutan had a barter system before the economy was monetized. But coins from the neighboring countries were in circulation long before the introduction of Ngultrum in 1974. Just as every Bhutanese value the unique culture as a symbol of sovereignty, Ngultrum also symbolizes monetary independence and sovereignty of the Himalayan kingdom of Bhutan.

Before the introduction of banknotes in Bhutan, the economy was driven by a barter system and later on, coins gained popularity as a means of trade. The coins from our neighboring countries (Tibet & India) were in circulation then. Indian banknotes were already in circulation in Bhutan long before the introduction of Ngultrum in 1974.

Since its introduction in 1974, the Ngultrum has been pegged at par with the Indian Rupee. The arrangement has been beneficial to Bhutan for achieving and maintaining price stability, trading activities, servicing external debt, and for reference. The one to one peg between the value of Ngultrum and Rupee was maintained just because of the good economic linkages between the two countries, Bhutan and India.

Bhutanese currency is Ngultrum (Nu.) and is officially pegged to the Indian Rupee (Rs.).

Also, Indian Rupee is acceptable all over Bhutan, except for Rs 2000 currency notes. Credit Cards have limited acceptability and payment through credit cards is accepted mainly by deluxe hotels, restaurants, and few selected Handicrafts establishments, located in relatively larger towns.

Nowadays ATMs facilities are available only in towns from where travelers can also withdraw local currency Ngultrum. During the pandemic, the financial institution has been promoting digital transactions of money. The cheque can be easily withdrawn and exchanged in local Bhutanese currency. All prominent currencies can be changed by travelers from banks, or at hotels. For tourists visiting Bhutan, they are also advised to carry a small amount of cash, preferably US Dollars to meet any incidental expenses.

Even some of the Bhutanese handicraft shops and production companies price their product in foreign currencies (USD & INR). Bhutanese must all know that Ngultrum is the national currency and that everyone must refer to it as Ngultrum. Just as Bhutanese value the unique culture as a symbol of sovereignty, Ngultrum is a Bhutanese symbol of monetary independence and sovereignty.


Nu. 100 commemorating the Royal Wedding  

Related Posts

Queen Mother Dorji Wangmo Wangchuck Receives Inaugural Smile Asia...

Over 230 children in Bhutan have received free surgeries for facial deformities through a partnership between Smile...

Aug 19, 2024 14:15

Rifles and Rituals: Satire and Societal Shifts in Bhutan as...

Pawo Choyning Dorji, whose film "The Monk and the Gun" offers insight into the Himalayan nation's modernization process.

Feb 20, 2024 11:04

All You Need to Know About Gelephu Mindfulness City

The kingdom of Bhutan is planning to develop a "mindfulness city" covering about 2.5% of its land, which is larger than...

Feb 08, 2024 10:42

Bhutanese artist wins one of Asia's top art contests

The International Artist Grand Prize Competition is held in Taipei, Taiwan.

Oct 04, 2023 18:19

Art United: A Contemporary Vision' Exhibition Now Open to Public

'Art United: A Contemporary Vision' Exhibition was unveiled by Her Royal Highness Ashi Sonam Dechan Wangchuck

Sep 19, 2023 18:56

Bhutanese Students Get Ready to Compete In First Global Robotic...

Five students from Bhutan will compete in the First Global Robotic Competition in Singapore, which is themed Hydrogen...

Sep 14, 2023 13:51

Latest

News

Royal Inauguration of Changyul Park

On August 23, 2024, Changyul Park in Changzamtok, Thimphu, was officially inaugurated in a grand ceremony graced by His Majesty the King,...

Nov 12, 2024 11:02

Drukair Expands International Network with New Dubai-Paro Route

Drukair officially launched its new twice-weekly flights to Dubai on the 28th October 2024, marking a significant step in expanding the...

Nov 04, 2024 14:46

Features

Queen Mother Dorji Wangmo Wangchuck Receives Inaugural Smile Asia Philanthropic Visionary Award

Over 230 children in Bhutan have received free surgeries for facial deformities through a partnership between Smile Asia, a Singapore-based...

Aug 19, 2024 14:15

Rifles and Rituals: Satire and Societal Shifts in Bhutan as Portrayed in 'The Monk and The Gun

Pawo Choyning Dorji, whose film "The Monk and the Gun" offers insight into the Himalayan nation's modernization process.

Feb 20, 2024 11:04

Business

Brand Bhutan: Karma Yangchen

Karma Yangchen, a distinguished artisan from Bhutan exemplifies a profound commitment to the art of handwoven textiles.

Dec 14, 2023 10:22

Brand Bhutan: Bhutan Herbal Tea

Bhutan Herbal Tea is the brainchild of two Bhutanese individuals who first crossed paths in New York during a Bhutanese New Year gathering...

Nov 25, 2023 13:56

Sports

Bhutan Cricket's New Milestone: The Inaugural Indoor Cricket Academy

The Bhutan Cricket Council Board (BCCB) inaugurated its inaugural indoor cricket academy on 20th December, with the objective of ensuring...

Dec 21, 2023 14:57

Paro FC Clinches Third Consecutive Victory in BOB Bhutan Premier League

Paro FC has once again claimed the BOB Bhutan Premier League championship, marking their third consecutive title victory during the season's...

Dec 12, 2023 10:26

Travel

New Immigration Post Opens in Samdrupjongkhar

International tourists can now enter and exit through the eastern border town of Samdrupjongkhar, following the official inauguration of the...

Nov 08, 2024 15:10

Changi Airports International and BIG Team Up for Bhutan’s Next Regional Hub

Changi Airports International (CAI) of Singapore has been chosen to collaborate with the renowned architectural firm Bjarke Ingels Group...

Oct 08, 2024 10:49

Lifestyle

Chunipa Losar: Bhutan's Timeless Celebration of Traditions and Offerings

Chunipa Losar is a day of offerings, a moment when communities come together to express gratitude, seek blessings, and strengthen bonds.

Jan 12, 2024 12:31

Bhutan's Time-Honored Tradition: Exploring the Nyilo Season and the Lolay Ritual

Approximately 750 children recently took part in the traditional practice known as "lolay" in Bhutan, marking the beginning of the Nyilo...

Jan 04, 2024 14:18

Subscribe to our newsletter

Never miss out on new happenings and news stories!

newsletter

Download Daily Bhutan Mobile App

Connecting with us just got easier!

android app
apple app