Mongolia - Foreign Exchange Controls Mongolia - Foreign Exchange Controls
The tugrik (MNT) is the national currency of Mongolia and the only legal currency. Since July 1996 and renewed in 2009 legislation, all cash payments and transactions must be made in tugriks (with exceptions for certain bank and government transactions). Mongolia maintains a floating exchange rate policy, although the central bank does intervene in the foreign currency market to maintain a steady exchange rate. In May 2017, the dollar-MNT exchange rate was approximately $1 = 2420 MNT. Individuals may exchange money at authorized exchange points, including banks and hotels. English language newspapers and radio and TV programs regularly report exchange rates. There are no foreign exchange controls affecting either investment or trade in Mongolia. Infrequently, the commercial banking system has shortages of dollars that slightly delay remittances. Currency transactions over 20 million MNT ($8,200) are subject to government reporting requirements.
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