## Currency Notes — Bhutan’s Next Ngultrum

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**Canonical URL:** [Currency Notes — Bhutan’s Next Ngultrum](https://www.imf.org/-/media/files/publications/fandd/article/2026/03/currency-notes.pdf)

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### Background and context
- Bhutan is described as "the only country with happiness as a formal government policy."
- Jigme Singye Wangchuck introduced his philosophy of gross national happiness when he became the fourth king of Bhutan in 1972; his official coronation was in 1974, which coincided with issuance of the kingdom’s first paper money.
- The Himalayan nation has a population of 800,000.
- The Royal Monetary Authority Governor Yangchen Tshogyel wrote about the redesign in the 2025 annual report.

### Redesign overview
- In January, the nation circulated new banknotes in one of the most significant redesigns of the currency, the ngultrum, in the half-century since the first notes.
- The redesigned denominations are the 100, 500, and 1,000 notes.
- The redesigned notes were unveiled in November on Wangchuck’s 70th birthday.

### Imagery and symbolism on the notes
- 1,000 bill:
  - Features the country’s founding ruler, King Ugyen Wangchuck (reign from 1907 to 1926).
  - Depicts him wearing his father’s Raven Crown.
  - Reverse shows Trongsa Dzong, the country’s largest fortress, overlooking the Mangde Chhu River.
  - Also depicts the official state seal and two great hornbill birds.
- 500 bill:
  - Depicts the nation’s fourth monarch, Jigme Singye Wangchuck.
  - Includes a vajra cross, a Buddhist symbol of stability representing his legacy of national happiness and new governance.
  - The central bank stated the new note “not only carries his image but also circulates the very economic stability he helped build.”
- 100 bill:
  - Features the portrait of the fifth king, Jigme Khesar Namgyel Wangchuck, who became king at age 26 following his father’s 2006 abdication.

### Design, production, and security features
- The notes were designed by De La Rue, Basingstoke, England-based.
- They are printed on polymer substrate.
- Advanced security features include a holographic security stripe on the 500 and 1,000 denominations that depicts a dragon grasping jewels.
- The industry group High Security Printing Asia named the notes best new series last year, citing their design and security features.

### Cultural and geographic references
- The notes highlight “Bhutan’s rich cultural traditions and royal heritage.”
- The country ranges geographically from low plains along the border with India to peaks topping 7,000 meters on China’s southern edge.
- The two great hornbill birds symbolize the biodiversity of the country.

*Source: Currency Notes — Bhutan’s Next Ngultrum (currency-notes PDF).*

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_Source: https://www.imf.org/-/media/files/publications/fandd/article/2026/03/currency-notes.pdf_