Bhutan
The widespread use of money in Bhutan only began in the early 1960s with the growth of trade
with India and the initiation of bilateral development aid from India to Bhutan. Even though
Bhutan's economy is highly
Trade (expressed in billions of US$): Bhutan
Exports Imports
1975 N/A N/A
1980 .017 .050
1985 .022 .084
1990 .068 .078
1995 .103 .112
1998 N/A N/A
SOURCE: International Monetary Fund. International Financial Statistics Yearbook 1999.
Exchange rates: Bhutan
ngultrum (Nu) per US$1
Jan 2001 46.540
2000 44.942
1999 43.055
1998 41.259
1997 36.313
1996 35.433
Note: The Bhutanese ngultrum is at par with the Indian rupee which is also legal tender.
SOURCE: CIA World Factbook 2001 [ONLINE].
underdeveloped the price of consumer goods has remained fairly stable. The average percentage
change of prices each year was only 10 percent between 1990 and 1998. Total international
currency reserves by major Bhutanese holders (mainly the Royal Monetary Authority, Bank of
Bhutan, and Bhutan National Bank) rose dramatically in value from US$106.9 million in 1993-94
to US$218.2 million in 1997-98.
Two banks operate in the country: the Bhutan National Bank has offices in Thimpu and a branch
in Phuentsholing, and the Bank of Bhutan has branches in the country's main centers. No restrictions
are placed on the quantity of currencies that can be taken into Bhutan although they are limited to
the main international currencies. In the late 1990s Bhutan National Bank was partly privatized when
the government sold 40 percent of its shares to Citibank and the Asian Development Bank; the
government now owns only 27 percent of the bank. Bhutan has a stock exchange but it is not open
to external investment.
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