Mongolian Tugrik

Overview

The Mongolian Tögrög or Tugrik is the official currency of Mongolia. The banknotes are in denominations of 1, 3, 5, 10, 20, 50, 100, 500, 1,000, 5,000, and 10,000; coins are in denominations of 20, 50, 100, and 200. Importing of local currency is limited to 815 Tugrik. Exporting local and foreign currencies is also limited to 815 Tugrik.

Economy

• Mongolia’s economy has relied on the agricultural and herding sectors.
• The country has extensive mineral deposits.
• The economy improved in 2002–2003 as a result of increased copper and gold production.
• The Mongolian economy is highly sensitive to activity in neighboring countries. For instance, Mongolia relies on Russia for >90% of its petroleum product imports as well as a high proportion of its electric power, making the country very susceptible to price increases.
• Mongolia’s main export trading partner is China, which is also considered Mongolia’s “shadow” economy.
• In 1997 Mongolia joined the World Trade Organization and intends to join Asian regional economic and trade organizations.

History

• On April 1, 1928 the Tugrik replaced the Mongolian Dollar and other currencies and became the only legal currency in Mongolia.
• Before other currencies were used in Mongolia, the mongo was also part of the currency history. It is no longer in the circulation because of its very low value. They became collectibles and novelties for tourists on the country.
• In 2010, the ratio of Tugrik to US Dollar increased by 15% - the highest exchange rate gain in the world.