The tögrög or tugrik (Mongolian Cyrillic: төгрөг, Mongolian script:, transcription: tögürig; sign: ₮; code: MNT) is the official currency of Mongolia. It was historically subdivided into 100 möngö (мөнгө / ). Currently, the lowest denomination in regular use is the 10-tögrög note, and the highest is the 20,000-tögrög note. In Unicode, the currency sign is.

Etymology

The word tögrög (төгрөг) refers to "circle", or a "circular object" (i.e., a coin). Today, it is rarely used outside of referring to the currency, with the exception of the phrase tögrög sar (төгрөг сар), meaning 'full moon'.

History

The tögrög was introduced on December 9, 1925, at a value equal to one Soviet ruble, where one ruble or tögrög was equal to 18 g of silver. It replaced the Mongolian dollar and other currencies and became the sole legal currency on April 1, 1928. Möngö coins are no longer in circulation as currency, owing to their negligible value. Today, they are sold online and to tourists as collectibles. In 2010, the tögrög rose 15% against the US dollar, due to the growth of the mining industry in Mongolia. However, its exchange rate eroded by 24% from early 2013 to June 2014 due to falling foreign investment and mining revenue.

Coins

During socialism, the tögrög coin denominations were 1, 2, 5, 10, 15, 20, 50 möngö, and 1 tögrög. After the Mongolian People's Republic came to an end in 1992 and inflation surged, möngö coins were abandoned and larger tögrög values introduced.

Banknotes

Like coins, the tögrög banknotes were very similar to the Soviet ruble during the Mongolian People's Republic era. The similarities included color theme, overall design, and the lineup of the denominations, which were 1, 3, 5, 10, 25, 50, 100 tögrög unless stated otherwise. The color for each value is Formerly, all banknotes were printed in the Soviet Union. Modern tögrög banknotes are generally printed in the United Kingdom.

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