Mongolian Tugrik (MNT)
The Mongolian Tugrik (₮), spelled tögrög in Mongolian, is the official currency of Mongolia. With the ISO code MNT and historically subdivided into 100 möngö (though möngö coins no longer circulate), the Tugrik serves about 3.4 million people across the world's second-largest landlocked nation. Issued by the Bank of Mongolia, the MNT operates under a floating exchange rate — its value adjusting based on commodity prices, foreign investment flows, and the health of Mongolia's mining-driven economy.
Currency overview
The Bank of Mongolia (Mongolbank) functions as the country's central monetary authority, responsible for issuing banknotes, overseeing monetary policy, and maintaining financial stability. Originally founded in 1924 as the Mongolian Trade and Industrial Bank (a joint venture with the Soviet Union), the institution was renamed Bank of Mongolia in 1954. The bank occasionally intervenes to stabilize exchange rates, though it generally allows market forces to determine the tugrik's value. When sending money to Mongolia, transfers convert at rates influenced by both official policy and market dynamics.
The Tugrik entered circulation on December 9, 1925, at parity with the Soviet ruble (one ruble or tugrik equaling 18 grams of silver). By April 1, 1928, it had replaced the Mongolian dollar entirely as the sole legal tender. The word tögrög means
Mongolian Tugrik Stats | |
|---|---|
Name | Mongolian Tugrik (Tögrög) |
Symbol | ₮ |
Minor unit | Möngö (obsolete) |
Minor unit symbol | — |
Top MNT conversion | MNT to USD, MNT to CNY, MNT to EUR |
Mongolian Tugrik Profile | |
|---|---|
Local name | Tögrög |
Coins | ₮20, ₮50, ₮100, ₮200, ₮500 |
Bank notes | ₮10, ₮20, ₮50, ₮100, ₮500, ₮1,000, ₮5,000, ₮10,000, ₮20,000 |
Central bank | Bank of Mongolia |
Users | Mongolia |
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