DEFINITION of 'Bhutan Ngultrum (BTN)'
The currency of Bhutan. The Bhutan Ngultrum, abbreviated as BTN or Nu, was introduced in 1974 and is issued as colorful paper currency in denominations of 1, 5, 10, 20, 50, 100 and 500. The BTN is pegged to the Indian rupee, and rupees are also widely used as currency in Bhutan. One ngultrum is subdivided into 100 chhertum, which come in the form of 25 and 50 chhertum coins. In 2011, approximately 50 ngultrum could be exchanged for US$1.
BREAKING DOWN 'Bhutan Ngultrum (BTN)'
Bhutan is a small country surrounded by China to the north and India to the south. It is a constitutional monarchy that gained independence from Britain in 1907. Its economy, based on subsistence agriculture, animal husbandry and forestry, is one of the world's smallest and most underdeveloped. Per capita, GDP was about $6,000 in 2011. Bhutan depends heavily on India for trade and financial assistance, and the International Monetary Fund considers Bhutan a net debtor.