## Bhutan’s Next Ngultrum

## Source details

**Canonical URL:** [Bhutan’s Next Ngultrum](https://www.imf.org/en/publications/fandd/issues/2026/03/currency-notes-bhutans-next-ngultrum-jeff-kearns)

## Other formats

- [Markdown version](/en/publications/fandd/issues/2026/03/currency-notes-bhutans-next-ngultrum-jeff-kearns/index.md)
- [Structured JSON version](/en/publications/fandd/issues/2026/03/currency-notes-bhutans-next-ngultrum-jeff-kearns/index.json)
- [Bundle manifest](/en/publications/fandd/issues/2026/03/currency-notes-bhutans-next-ngultrum-jeff-kearns/bundle-manifest.json)

## Bibliographic details
- Authors: Jeff Kearns
- Published: March 3, 2026

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### Context and historical background
- 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 banknote rollout and timing
- New banknotes (100, 500, and 1,000) circulated in January.
- The redesigned notes were unveiled in November on Jigme Singye Wangchuck’s 70th birthday.

### Denominations and featured portraits
- 1,000 note:
  - Obverse: King Ugyen Wangchuck (reign from 1907 to 1926) wearing his father’s Raven Crown.
  - Reverse: Trongsa Dzong overlooking the Mangde Chhu River; also depicts the official state seal and two great hornbill birds.
- 500 note:
  - Features the fourth king Jigme Singye Wangchuck and a vajra cross (a Buddhist symbol of stability).
- 100 note:
  - Features the fifth king Jigme Khesar Namgyel Wangchuck, who became king at age 26 following the 2006 abdication.

### Symbolism and national themes
- Design highlights Bhutan’s “rich cultural traditions and royal heritage,” per the 2025 annual report.
- Imagery emphasizes:
  - Dynastic continuity and early nation consolidation (Raven Crown; King Ugyen Wangchuck).
  - Bhutan’s biodiversity and varied topography rising to peaks topping 7,000 meters.
  - National happiness and economic stability associated with Jigme Singye Wangchuck’s legacy, including establishment of the Royal Monetary Authority and the Bank of Bhutan.

### Production, design, and security features
- 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 — Jeff Kearns, F&D Magazine, March 2026.*

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## Content in this bundle

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_Source: https://www.imf.org/en/publications/fandd/issues/2026/03/currency-notes-bhutans-next-ngultrum-jeff-kearns_