The tugrik is the official currency of Mongolia. It is denoted by the symbol "₮" and the currency code MNT. Derived from the Mongolian word "tögrög," the tugrik refers to the primary unit of currency used in this East Asian country.
As a medium of exchange, the tugrik is subdivided into smaller units called möngö, with 1 tugrik equivalent to 100 möngö. Banknotes are issued in denominations of 10, 20, 50, 100, 500, 1,000, 5,000, 10,000, 20,000, and 50,000 tugriks, while coins come in 20, 50, 100, and 200 möngö. These various denominations facilitate easy transactions in Mongolia's economy.
The tugrik has gone through several changes since its introduction in 1925. Initially pegged to the Soviet ruble, it became a floating currency in 1991 after the collapse of the Soviet Union. Since then, its value has fluctuated relative to other major currencies.
Besides being used for general transactions, the tugrik plays a crucial role in Mongolia's economic stability and international trade. It promotes domestic commerce and facilitates both imports and exports. Additionally, the exchange rate of the tugrik affects factors such as inflation and foreign investments, impacting the overall economic conditions of the country.
Overall, the tugrik refers to the currency unit of Mongolia, consisting of möngö as its smaller subunits. It is essential to the functioning of the Mongolian economy and is used for various purposes, including trade, investments, and day-to-day financial transactions.
