{
  "title": "Bhutan’s Next Ngultrum",
  "sourceUrl": "https://www.imf.org/en/publications/fandd/issues/2026/03/currency-notes-bhutans-next-ngultrum-jeff-kearns",
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  "summary": "The only country with happiness as a formal government policy updates its currency",
  "sections": [
    {
      "heading": "Context and historical background",
      "content": "- Jigme Singye Wangchuck introduced his philosophy of gross national happiness in 1972.\n- His official coronation in 1974 coincided with issuance of the kingdom’s first paper money.\n- The Himalayan nation has a population of 800,000.\n- The Royal Monetary Authority Governor Yangchen Tshogyel described the redesigned notes in the 2025 annual report."
    },
    {
      "heading": "New banknote rollout and timing",
      "content": "- New banknotes (100, 500, and 1,000) circulated in January.\n- The redesigned notes were unveiled in November on Jigme Singye Wangchuck’s 70th birthday."
    },
    {
      "heading": "Denominations and featured portraits",
      "content": "- 1,000 note:\n  - Obverse: King Ugyen Wangchuck (reign from 1907 to 1926) wearing his father’s Raven Crown.\n  - Reverse: Trongsa Dzong overlooking the Mangde Chhu River; also depicts the official state seal and two great hornbill birds.\n- 500 note:\n  - Features the fourth king Jigme Singye Wangchuck and a vajra cross (a Buddhist symbol of stability).\n- 100 note:\n  - Features the fifth king Jigme Khesar Namgyel Wangchuck, who became king at age 26 following the 2006 abdication."
    },
    {
      "heading": "Symbolism and national themes",
      "content": "- Design highlights Bhutan’s “rich cultural traditions and royal heritage,” per the 2025 annual report.\n- Imagery emphasizes:\n  - Dynastic continuity and early nation consolidation (Raven Crown; King Ugyen Wangchuck).\n  - Bhutan’s biodiversity and varied topography rising to peaks topping 7,000 meters.\n  - National happiness and economic stability associated with Jigme Singye Wangchuck’s legacy, including establishment of the Royal Monetary Authority and the Bank of Bhutan."
    },
    {
      "heading": "Production, design, and security features",
      "content": "- Notes were designed by De La Rue (Basingstoke, England).\n- Printed on polymer substrate.\n- Advanced security features include a holographic security stripe on the 500 and 1,000 denominations depicting a dragon grasping jewels.\n- Industry recognition: High Security Printing Asia named the notes best new series last year, citing their design and security features.\n\nBhutan’s Next Ngultrum — Jeff Kearns, F&D Magazine, March 2026.\n\n---\n\n Content in this bundle\n\n- Bhutan’s Next Ngultrum\n  - Bhutan’s Next Ngultrum (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Bhutan’s Next Ngultrum (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/fandd/issues/2026/03/currency-notes-bhutans-next-ngultrum-jeff-kearns"
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    "Authors: Jeff Kearns",
    "Published: March 3, 2026",
    "Jigme Singye Wangchuck introduced his philosophy of gross national happiness in 1972.",
    "His official coronation in 1974 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 described the redesigned notes in the 2025 annual report.",
    "New banknotes (100, 500, and 1,000) circulated in January.",
    "The redesigned notes were unveiled in November on Jigme Singye Wangchuck’s 70th birthday.",
    "1,000 note:",
    "500 note:",
    "100 note:",
    "Design highlights Bhutan’s “rich cultural traditions and royal heritage,” per the 2025 annual report.",
    "Imagery emphasizes:",
    "Notes were designed by De La Rue (Basingstoke, England).",
    "Printed on polymer substrate.",
    "Advanced security features include a holographic security stripe on the 500 and 1,000 denominations depicting a dragon grasping jewels.",
    "Industry recognition: High Security Printing Asia named the notes best new series last year, citing their design and security features.",
    "**Bhutan’s Next Ngultrum**"
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