Mongolia is a nation bordered by China and Russia, known for its nomadic culture and vast, rough expanses. Ulaanbaatar, the country's capital, centers around Chinggis Khaan (Genghis Khan) Square which was named after the notorious founder of the 13th- and 14th-century Mongol Empire. The Mongolian Tugrug (MNT) which is also called tögrög or tugrik is the official currency of Mongolia The currency uses the symbol is ₮. 1 tugrug can be subdivided into 100 möngö. In December of 1925, the tugrug debuted after a resolution from the Bank of Mongolia which occasionally intervenes to keep stable exchange rates with foreign currencies. Although they generally follow a floating exchange rate policy.
The Mongolian dollar was replaced by the tugrug which started exchanging at par with the Soviet ruble. The MNT became the only legal currency in Mongolia in 1929. The tugrug is composed of 100 möngö, but after decades of high inflation, möngö are now too cheap in value to be used as currency. At present, tugrug coins from 20₮ to 500₮ and banknotes range from 10₮ to 20,000₮. The currency has long been dropping value in the foreign exchange market. The Mongolian Tugrug is the official currency for shares recorded on the Mongolian Stock Exchange (MSE).
The government of Mongolia heavily regulates the export and import of local and foreign currency by capital controls. The import of local currency is restricted to only 815 tugrug, while the import of foreign currency is confined to the equivalent of 2,000 U.S. dollars. In both cases, tourists are only allowed to export as much money as they declared upon their arrival in the country.
Inside the country's borders, all prices must be paid in Mongolian Tugrug and denominated in ₮. The Financial Regulatory Commission and the Bank of Mongolia have the authority to suspend this restriction for special transactions. Transactions that traverse the Mongolian border are not restricted by this mandate and can be settled in foreign currency. The travelers may also be in favor of exchanging foreign cash at hotels or banks and withdraw from their accounts through ATMs, which administer competitive exchange rates. Mongolia is still primarily a cash economy, and foreigners accustomed to swiping their card for each transaction may need to get used to having cash on their person.