The Ngultrum reference article from the English Wikipedia on 24-Apr-2004 (provided by Fixed Reference: snapshots of Wikipedia from wikipedia.org)

Ngultrum

The ngultrum is the currency of Bhutan, subdivided into 100 chertrums. It is equal in value to the Indian Rupee.

India was key in assisting the Bhutanese government as it developed its economy in the early sixties. When the Ngultrum was introduced in 1974 the Bhutanese pegged it with the Indian Rupee. It does not exchange independently with other nations, but is exchanged interchangably with the Indian Rupee.

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For further research:

• Analysis of Pegged Exchange Rate Between Bhutan and India

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