Money and Banks

Money and Banks

Mongolian currency

The Mongolian Tugrug / Tugrik, denoted by the code MNT, is the official currency of Mongolia. Notes of the Tugrug come in denominations of 20'000, 10'000, 5000, 1000, 500, 100, 50, 20, 10, 5, 3 and 1; coins come in 200, 100, 50 and 20 Tg. All notes carry the face of Chinggis Khan or Sukhbaatar on them, and because of their age, can often look alike.

US Dollars are often accepted, especially in Ulaanbaatar, but it is also useful to carry some cash in the local currency, the Tugrik. 1USD=2670 Tugrik /September 2019/ Any bank in Mongolia will be more than happy to exchange your currency, as will most of the hotels you'll stay in. 

Several banks accept and issue a Travelers Check. But Credit cards are preferred over traveler's cheques. You can also withdraw cash from any ATM in all major towns. Visa, MasterCard, American Express and JCB card are acceptable. It is almost impossible to use your credit cards in the countryside.

Mongolian banking system

Prior to 1924, Mongolia lacked a formal banking system of any kind, using the barter system as a means of trade. In that year the Mongol Bank, now known as Bank of Mongolia, was created. Following the creation of the Mongol Bank, the tugrik became the country's national currency and all other forms of currency were slowly phased out over the following decade. The current Mongolian bank system is structured into two tiers - 1) a central bank and 2) several smaller commercial banks.

There are currently twelve commercial banks in the Mongolian market.  Commercial banks are supervised by the central bank, however, the commercial sector has consistently suffered since its creation in the early 1990s. Khan Bank of Mongolia is currently the largest commercial bank in the nation, with branches in many of the country's larger cities.