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The currency of Bhutan, pegged 1:1 to the Indian rupee since 1974. The peg reflects Bhutan’s deep economic integration with India: most of Bhutan’s trade flows through India, hydroelectric exports to India provide a major source of foreign exchange, and the rupee circulates freely alongside the Ngultrum within Bhutan.
Issued by the Royal Monetary Authority of Bhutan, the BTN splits into 100 chhertum. Notes go from 1 to 1,000 BTN. Because of the peg, Bhutan effectively imports Indian monetary policy, which makes sense given the trade structure but limits independent options during shocks that affect the two economies differently.
Example: A traveller crossing from Phuentsholing into Jaigaon (the border towns connecting Bhutan and West Bengal) can spend either currency on either side without exchange. Indian rupees work in Thimphu hotels; Bhutanese ngultrums are accepted in some shops on the Indian side, though less commonly because the BTN isn’t legal tender in India formally.
