Mongolia is a parliamentary state in Central Asia. Tourists traveling to this country should be aware that credit cards are widely used only in its capital, Ulan Bator. In other cities, especially in provincial, it is better to go with cash. In the article we will tell you what the currency of Mongolia is called and which bills are best to get before traveling.
A bit of history
The past of the named country is very rich and interesting, but, despite this, own money appeared here only in 1921. Until that time, the official currency of Mongolia was not fixed, the calculations were carried out with the money of various countries. The most popular were Russian rubles, as well as Chinese yuan.
In order to somehow tidy up the country's monetary system, in 1921 the Mongolian dollar was put into circulation. At its core, such a currency of Mongolia represented a treasury bill at 6% per annum. Paper dollars of different denominations were issued. The bills depicted various animals.
Only four years later (in 1925) a monetary reform was carried out in the country, and the existing official currency of Mongolia, the Tugrik, appeared in circulation. The first banknotes were printed in Moscow. Then the banknotes began to issue Mongolobank. The first print of national money in the country occurred only in 1939.
The modern currency of Mongolia
The Mongolian Tugrik remains the national currency today. In the use of the population there are paper banknotes of various types. In the international monetary table, the Tugrik of Mongolia has its own designation: MNT.
Nowadays, paper banknotes in denominations of 10, 20, 50, 100, 500, 1000, 10000 MNT are in use. The smallest banknote is 10, and the largest is 20,000 tugriks. Tourists traveling to this country should be aware that Russian rubles are also accepted in Mongolia, but only in large shopping centers or hotels. American dollars are more widely used.
Currency exchange
It is possible to exchange money in Mongolia in various institutions. Banks and exchange points are most often open from 9:00 to 12:30 and from 14:00 to 17:00. This is a general schedule, and in certain places it is slightly different.
The exchange is carried out by the banks of a country that have official authority to conduct such operations. Do not try to exchange money on the street with private individuals: you can be deceived. Official points are located quite densely, especially in large cities and towns of the country.
Most hotels have their own exchangers. True, it is worth noting that it is very difficult to carry out such operations outside the territory of cities - for the most part, this is simply not possible. It is easiest to make a currency exchange in the banks of Mongolia with US dollars, but only with those banknotes that were issued after 1988.
Debit and credit cards can be accepted for payment only in commercial banking institutions, as well as in some hotels and the most significant shopping centers. The Bank of Development and Trade of Ulan Bator conducts work with tourists' checks. So that when exchanging these checks, extra fees do not appear, it is worth having not only checks, but also US dollars.
Outside the capital, using cards for calculating is practically not possible. The exception is some of the largest cities.
Conclusion
As additional information, it is worth noting that the economy of Mongolia was very dependent on the USSR and suffered greatly after its collapse.The country is constantly present at a rather high level of inflation, and so far there is no way to create enough jobs for the population. The currency of Mongolia goes through its difficult path, which began with Mongolian dollars and continued with the modern tugrik.
