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 interchangeably with the Indian Rupee.
Before the introduction of the Ngultrum Bhutan didn't have a currency. The people bartered for goods that they couldn't produce themselves.
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