MNT (Mongolian Tugrug)

DEFINITION of 'MNT (Mongolian Tugrug)'

The currency abbreviation for the Mongolian tugrug (or tögrög) (MNT), the currency for Mongolia. The Mongolian tugrug is made up of 100 möngö and is often presented with a symbol that looks like the letter "T" with two horizontal slashes through the stem, or Tg preceding the number (i.e. Tg100). Möngö are not used anymore because inflation has rendered them worthless.

BREAKING DOWN 'MNT (Mongolian Tugrug)'

First introduced in December of 1925, the tugrug replaced the Mongolian dollar at a rate at par with the Soviet ruble.

There are heavy restrictions on the import and export of currency in Mongolia. The import of local currency is limited to Tg815, and the import of foreign currency is limited to US$2,000 or the equivalent of another currency. Only the amount of currency declared upon arrival is permitted to be exported upon departure from the country.

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