Mongolian Tugriks is the currency of Mongolia. Currency code (MNT). The Mongolian Tugrik is subdivided into 100 möngö. There are coins of 1, 5, 10, 20 and 50 möngö and banknotes of 100, 500, 1000, 5000 and 10 000 tugriks. The first banknotes were issued in 1924 by the State Bank of Mongolia.The Mongolian name for the currency is tugrugiin tughrilagch meaning 'round coin'. It was introduced as a replacement for Russian rubles when Outer Mongolia declared independence from China in 1911 but lost ground to the Chinese yuan during Soviet times due to Moscow's policy of pegging it at par with the ruble. However after 1990 it regained some ground against both currencies as Russia's economy collapsed while China's continued to grow rapidly making their yuan relatively more expensive.In common with other East Asian currencies its value has been kept low relative to Western currencies since WWII partly because cheap exports have been seen as an important source of economic growth but also because East Asian governments have tended to view high levels of foreign reserves (largely held in US dollars) as a key element in maintaining financial stability.
