In a milestone blending national identity with modern financial innovation, the Royal Monetary Authority of Bhutan (RMA) on 12 November 2025 unveiled a New Generation series of Ngultrum banknotes in honor of the 70th Birth Anniversary of His Majesty the Fourth Druk Gyalpo, Jigme Singye Wangchuck. The new notes will enter circulation beginning January 2026, marking one of the most significant upgrades to Bhutan’s currency system in decades.
Polymer Notes Introduced for the First Time
For the first time in Bhutan’s history, the new banknotes will be printed on polymer substrate, a shift that aligns the country with global standards in currency durability and sustainability. Polymer notes outlast traditional paper banknotes, are recyclable, and enable the incorporation of advanced anti-counterfeiting features.
While polymer production costs are initially higher, RMA officials emphasize that the longer lifespan, reduced replacement frequency, and improved cleanliness of the notes make the transition economically sound. All existing Ngultrum notes will remain legal tender, ensuring stability during the changeover.
Enhanced Security Features
The new series incorporates cutting-edge, multi-layered security technologies aimed at strengthening the integrity of Bhutan’s cash-based economy. Key features include: a dynamic foil stripe depicting a dragon clutching jewels, advanced watermarks featuring His Majesty The King and the cross-Vajra, enhanced tactile elements to support visually impaired users, and state-of-the-art anti-counterfeit systems embedded within the polymer substrate.
These innovations are expected to significantly reduce fraudulent activity and reinforce public confidence in the national currency.
Denomination Highlights
Nu. 1000: Honouring the First Monarch
The highest denomination in the series pays tribute to His Majesty King Ugyen Wangchuck, Bhutan’s first monarch. The obverse showcases a detailed portrait of the King adorned with the Raven Crown, while the reverse features Tongsa Dzong alongside great hornbills and the State Seal—symbolizing unity and the nation’s rich biodiversity. The note is designed to support large-value transactions with improved authentication features for businesses and financial institutions.
Nu. 500: Celebrating the Fourth Druk Gyalpo
Dedicated to His Majesty the Fourth Druk Gyalpo, the Nu. 500 note recognizes his transformative contributions, including the establishment of the Royal Monetary Authority as Bhutan’s central bank and the evolution of the Bank of Bhutan as the country’s first financial institution.
The obverse portrays His Majesty against the cross-vajra, symbolizing institutional stability and governance reforms. The reverse features Punakha Dzong, the State Seal, and Bhutan Glory butterflies—a nod to the nation’s deep commitment to environmental conservation. Given its wide circulation, the enhanced security of this denomination is expected to deter counterfeiting.
Nu. 100: Honouring Modern Leadership
The Nu. 100 note celebrates His Majesty King Jigme Khesar Namgyel Wangchuck, the Fifth Druk Gyalpo. The obverse presents His Majesty wearing the Raven Crown against a cosmic mandala, while the reverse highlights Tashichho Dzong under the watch of the Garuda, symbolizing protection and sovereignty. As a high-use denomination, the switch to polymer is expected to reduce replacement costs and improve handling efficiency across the economy.
A Blend of Economic Advancement and Cultural Tribute
The launch of the New Generation Ngultrum series marks a pivotal moment in Bhutan’s financial evolution. Benefits to the financial sector include reduced long-term currency replacement costs, improved durability in rural and moisture-prone environments, and a currency system aligned with international best practices.
Beyond economic considerations, the new banknotes serve as a tribute to the visionary leadership of His Majesty the Fourth Druk Gyalpo. Each note reflects Bhutan’s historical journey, cultural identity, and governance values—symbolically carried by every citizen in their daily lives.
Prime Minister Tshering Tobgay, who officiated the launch, remarked that the new banknotes embody “the harmony between Bhutan’s rich heritage and its evolving history,” describing the series as “a celebration of both tradition and culture.”
As the New Generation Ngultrum enters circulation in January 2026, it promises to strengthen Bhutan’s financial infrastructure while preserving and celebrating the legacy of its monarchs.
Sherab Dorji
FromThimphu
