Mongolian Tugrik

About Mongolian Tugrik

Introduced when Mongolia established its central bank in 1925. The tugrik replaced Chinese and Russian coins that had circulated. Mongolia was a Soviet satellite state and the tugrik was pegged to the Soviet ruble. After the fall of communism in 1990, the tugrik became freely floating. Mongolian banknotes feature Genghis Khan, who was rehabilitated as a national hero after communist rule ended. The tugrik has depreciated significantly since 1990.