Mongolian tugrik MNT

The Mongolian tugrik is the official currency of Mongolia. It is issued by the Bank of Mongolia. One tugrik is divided into 100 mongo. Banknotes in circulation include denominations of 10, 20, 50, 100, 500, 1000, 5000, 10,000, and 20,000 tugrik, and coins are available in 1, 5, 20, 50, 100, 200, and 500 tugrik denominations.

History of the Mongolian Tugrik

In 1227, Mongolia introduced the world’s first paper money. Later, due to failed financial reforms, wars, and money reissuances, the Mongolian banking system collapsed. The tugrik was introduced in 1925, with its value pegged to the Soviet ruble.

Interesting Facts about the Mongolian Tugrik

During the socialist period, the denominations of the tugrik were 1, 2, 5, 10, 15, 20, and 25. After the Mongolian People's Republic ended and inflation rose, smaller denominations were discontinued, and new, higher-value coins were introduced.