MCQ Detailed View

The official currency of Mongolia is the Mongolian Tögrög, also spelled Tugrik. The currency code is MNT, and the symbol is ₮. Introduced in 1925, the Tögrög replaced the Mongolian dollar and has served as the backbone of the country’s economy ever since.

Over the years, the Tögrög has reflected both Mongolia’s economic struggles and its development. Initially pegged to the Soviet ruble due to close political ties, it became a fully independent currency after Mongolia transitioned to a market economy in the 1990s.

Key facts about the Mongolian Tögrög:

• Official Name: Tögrög or Tugrik


• Currency Code: MNT


• Symbol: ₮


• Introduced in: 1925


• Subdivision: 1 Tögrög = 100 Möngö (though Möngö coins are now rarely used)

The Bank of Mongolia (Mongolbank) issues and manages the currency. The notes commonly used include denominations such as 1,000, 5,000, 10,000, and 20,000 Tögrög. Due to inflation over the years, smaller denominations have lost practical value and are rarely seen in circulation.

Today, the Tögrög plays a vital role in Mongolia’s trade, especially in sectors like mining, agriculture, and tourism. While Mongolia does not yet have a widely convertible currency, it maintains strong economic relationships with countries like China and Russia. Exchange rates are influenced by these regional ties and global market trends.

The Tögrög reflects Mongolia’s cultural identity, with banknotes often featuring national heroes like Chinggis Khaan (Genghis Khan), traditional Mongolian script, and historic landmarks.