50 Ngultrum

P#31 covers a long print run split between two of the industry's most established security printers — De La Rue in London and Giesecke+Devrient in Leipzig. Dual-printer series of this kind are common when a central bank hedges supply risk or manages tender contracts across cycles, and the Bhutanese notes from this period show minor but detectable differences between print batches. The Royal Monetary Authority, established in 1982, has historically contracted internationally for all its currency printing, as Bhutan has no domestic banknote production facility.