Mongolian Tugrik (MNT)

The Mongolian Tugrik (MNT) is the official currency of Mongolia. It is issued by the Bank of Mongolia and is represented by the symbol “₮”. The Tugrik is subdivided into 100 möngö.

Banknotes in denominations of 1, 5, 10, 20, 50, 100, 500, 1000, 5000, 10,000, 20,000, and 50,000 Tugrik are commonly used in Mongolia. There are also coins available in denominations of 10, 20, 50, 100, and 200 Tugrik.

Mongolia’s economy is heavily reliant on agriculture and mining sectors. The country possesses significant reserves of coal, copper, and gold, making it one of the largest holders of these resources globally. Fluctuations in the prices of natural resources can impact the value of the Tugrik.

The exchange rate of the Mongolian Tugrik is determined in the free market and can be influenced by interventions from the Bank of Mongolia. The Tugrik is commonly traded against currencies such as the US Dollar and the Chinese Yuan.

Foreign investors engaged in sectors like tourism, mining, and agriculture in Mongolia often conduct their transactions using the local currency, the Tugrik. However, more commonly used currencies such as the US Dollar are preferred in international trade.

The value of the Mongolian Tugrik can fluctuate in the foreign exchange market, influenced by changes in exchange rates. Therefore, individuals conducting transactions or traveling to Mongolia may benefit from monitoring exchange rates.

The Mongolian Tugrik serves as the currency of Mongolia for domestic transactions and international trade. The Bank of Mongolia utilizes monetary policy tools and manages foreign exchange reserves to maintain the value and stability of the Tugrik.