In this Spotlight we’ll take a deeper look at the Mongolian togrog (MNT). We’ll also provide some insights into the emerging economy of this oft-overlooked country.
- Mongolian Togrog Symbol: ₮
- Mongolian Currency Code: MNT
- Subunit: möngö (1/100)
- Coins: 20, 50, 100, 200, 500 togrog
- Banknotes: 1, 5, 10, 20, 50, 100, 1000, 5000, 10000, 20000 togrog
- Mongolian GDP (nominal): US$11.735 billion (125th)
- Central Bank: Bank of Mongolia
History of Mongolian Currency
The togrog was first introduced in Mongolia during the year 1925 (replacing the Mongolian dollar), on par with the existing Soviet ruble. Both the togrog and the ruble were equivalent to 18 grams of silver at the time. By 1928, the togrog was the sole currency of Mongolia.
Notes and Coins
The current series of coins were introduced following the fall of the Soviet Union and end of the communist era in Mongolia.
| Value | Obverse | Reverse |
| 20 togrog | Value | Soyombo |
| 50 togrog | Value | Soyombo |
| 100 togrog | Value, Janraisig Temple | Soyombo |
| 200 togrog | Value, the Government House | Soyombo |
| 500 togrog | Value, Soyombo | Damdin Sükhbaatar |
The banknotes that are commonly circulated today were largely introduced from 1993 onwards. Some remain very rare, however most of the higher value notes are still in circulation.
| Value | Colour | Obverse | Reverse |
| 1 togrog (rare) | Yellow-Brown | Lion | Soyombo, Paiza |
| 5 togrog(rare) | Orange | Sükhbaatar, Soyombo, Paiza | Mountainous landscape and horses eating grass |
| 10 togrog | Green | Sükhbaatar, Soyombo, Paiza | Mountainous landscape and horses eating grass |
| 10 togrog (rare) | Pink | Soyombo, Archery | Archery |
| 20 togrog | Reddish Purple | Sükhbaatar, Soyombo, Paiza | Mountainous landscape and horses eating grass |
| 20 togrog(rare) | Yellow-Brown | Soyombo, Wrestling | Wrestling |
| 50 togrog | Brown | Sükhbaatar, Soyombo, Paiza | Mountainous landscape and horses eating grass |
| 50 togrog(rare) | Green-Cyan | Soyombo, Horse riding | Horse riding |
| 100 togrog | Violet | Sükhbaatar, Soyombo, Paiza | Mountainous landscape and horses eating grass |
| 500 togrog | Green | Chinggis Khan, Soyombo, Paiza | Mongolian yurts in motion |
| 1000 togrog | Blue | Chinggis Khan, Soyombo, Paiza | Mongolian yurts in motion |
| 5000 togrog | Pink-Purple | Chinggis Khan, Soyombo, Paiza | “Drinking Fountain” at Genghis Khan’s court |
| 10000 togrog | Orange | Chinggis Khan, Soyombo, Paiza | “Drinking Fountain” at Genghis Khan’s court |
| 20000 togrog | Lime and Purple | Chinggis Khan, Soyombo, Paiza | Nine White Banner |
Value of the MNT
The MNT largely held constant against the USD for most of the 2000’s, around the 1200 to 1 mark. 2008 saw a massive decline to about 1600 MNT to 1 USD, before the mining sector boom caused a slight recovery. Since 2013 however, the exchange rate has been falling once again and the MNT is now sitting around a low of 2000 to 1 USD.
1 USD is currently (12:15PM, Jun 10 2016) valued at 1,979.24 MNT
MNT to 1 USD over the past 5 years (courtesy of Rate Watch)
1 CAD is currently (12:15PM, Jun 10 2016) valued at 1,555.42 MNT
MNT to 1 CAD over the past 5 years (courtesy of Rate Watch)
Mongolian Economy
A communist country for many years, the collapse of the Soviet Union hit Mongolia hard. Political infighting and the disappearance of Soviet aid resulted in a major recession during the 1990’s. After a short period of growth, the Asian financial crisis in the late 90’s once again severely hamstrung the economy. The country has since recovered to a degree thanks to an economy based on agriculture, livestock, and, increasingly, mining, as well as trade with China. That being said, disasters such as a zud, which killed livestock, as well as the larger Global Financial Crisis have impacted growth negatively. Still, some have referred to Mongolia as the ‘Asian Wolf’ before – with the view that economic and industrial growth will continue well into the future. It just remains to be seen whether the country will live up to the moniker going forward.
Communist era Mongolian coins
Final Thoughts
It’s tough to pinpoint exactly where Mongolia will end up. While there are periods of prolonged growth, they are often interrupted by lack of investment, falling resource prices, and other crisis. Still, the country has come a long way since the fall of communism.
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For a broader understanding of Mongolian history and culture check out our Country of the Week profile. For information about traveling to Mongolia then be sure to follow our Travel Guide.
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