Mongolian Tugrik (MNT)

Basic Concepts of Mongolian Currency

Mongolian currency is the official currency of Mongolia, issued and managed by the Bank of Mongolia, and is mainly used for domestic economic transactions and international trade settlement.

Countries of Use

The Mongolian currency circulates mainly within Mongolia as the country's legal tender for all day-to-day transactions, business activities and government financial operations.

Unit and Denomination

The basic unit of Mongolian currency is the Tugrik, and the secondary unit is the Mongo, with 1 Tugrik equaling 100 Mongo. Common denominations of banknotes include 1, 5, 10, 20, 50, 100, 500, 1000, 5000, 10000, 20000 MNT, and coins are available in denominations of 20, 50, 100, 200, 500 MNT.

Historical Background

The Mongolian currency was first issued in 1925, replacing the original Chinese silver dollar and marking the transition from a traditional economy to a modern monetary system. Historically, it was pegged to the Soviet ruble, and after Mongolia's economic transition in the 1990s, a free-floating exchange rate system was gradually realized.