Mongolian Tugrik

Overview

Economy

• Mongolia is a member of ASEM, ARF, Non-Aligned Movement.
• Main industries include: Construction and construction materials, Mining (coal, copper, molybdenum, fluorspar, tin, tungsten, gold), Oil, Food and beverages, Processing of animal products, Cashmere and natural fiber manufacturing.
• Mongolia is part of the World Trade Organization.
• Imports are machinery, equipment, fuel, cars, food products, industrial consumer goods, chemicals, building materials, sugar, tea.
• Major exports include copper, apparel, livestock, animal products, cashmere, wool, hides, fluorspar, other nonferrous metals, coal, crude oil.
• GDP: $17.1 billion (2023 est.).
• GDP per capita: $5,063 (2023 est.).
• Unemployment rate: 7.9% (2023 est.).
• Inflation rate: 12.8% (2023 est.).
• Main trading partners: China, Russia, Japan, South Korea, United States, Germany.
• Trade agreements: Mongolia-Japan EPA, Various bilateral agreements with China and Russia.

History

• Previous currencies used: Mongolian dollar, Chinese silver dollars, Russian rubles.
• The tögrög was introduced in 1925, replacing the Mongolian dollar. The name means 'round' in Mongolian, referring to the round shape of coins.
• 1925: Tögrög introduced, replacing Mongolian dollar
• 1940s: Soviet influence on monetary system
• 1990: Transition to market economy
• 1991: Bank of Mongolia established
• 2009: Global financial crisis impact
• 2011-2013: Mining boom period
• Exchange rate peg: Free floating since 1990s transition.

General Information

• ISO 4217 Code: MNT
• Symbols: MNT/₮
• Currency Subunits: 100 möngö
• Central Bank: Bank of Mongolia
• Monetary Policy: Inflation targeting with flexible exchange rate. Focus on price stability and supporting mining-dependent economy.
• Bills: 1 MNT, 5 MNT, 10 MNT, 20 MNT, 50 MNT, 100 MNT, 500 MNT, 1000 MNT, 5000 MNT, 10000 MNT, 20000 MNT
• Coins: 20 möngö, 50 möngö, 100 möngö, 200 möngö, 500 möngö
• USD Exchange Rate: Variable (approximately 3400-3500 MNT per USD)
• Pegged To: None (Floating)
• Capital: Ulaanbaatar
• Population: 3,398,366 (2023 est.)
• Area: 1,564,110 km²
• Languages: Mongolian (official), Turkic, Russian
• Time Zones: UTC+7/+8 (Mongolia has 2 time zones)
• Government Type: Semi-presidential republic
• Head of Government: President (head of state), Prime Minister (head of government)
• Independence: July 11, 1921 (from China)
• Ethnic Groups: Khalkh 83.8%, Kazak 3.8%, Dorvod 2.6%, Bayad 2%, Buryat-Bouriates 1.4%, Zakhchin 1.2%, Dariganga 1%, Uriankhai 1%, Other 3.2%
• Religions: Buddhist 51.7%, Not religious 40.6%, Tengrist 2.5%, Christian 1.3%, Muslim 3.2%, Other 0.7%
• Literacy Rate: 98.4% (2018 est.)
• Transport: Chinggis Khaan International Airport, Trans-Mongolian Railway, limited road network, landlocked
• Communications: Good telecommunications, 84% internet penetration, wide mobile coverage
• Energy: Coal 85%, Hydroelectric 2%, Other 13%
• Countries Using This Currency: Mongolia
• Data Sources: Central Bank: Bank of Mongolia (mongolbank.mn), Economic Data: National Statistics Office Mongolia, World Bank, IMF, Trade Data: General Authority for State Registration, Demographic Data: National Statistics Office Mongolia, Geographic Data: Information and Research Institute of Meteorology, Historical Data: Bank of Mongolia archives
• Last Updated: 2025