Mongolian Tugrik

MNT is the currency code for the Mongolian Tugrik, the official currency of Mongolia. The tugrik was introduced in 1925, replacing the silver thaler. The Mongolian name for the tugrik is tugrug, which is derived from the Mongolian word for "circle" or "round". The tugrik is subdivided into 100 möngö, which is also the name of the smallest unit of the currency. Mongolia is a landlocked country in East Asia, bordered by Russia to the north and China to the south. The majority of the population are ethnic Mongols, but there are also sizable minorities of Turkic and Russian peoples. The country has a nomadic history, and its economy is still heavily reliant on agriculture and livestock. The tugrik was originally pegged to the Soviet ruble, but after the collapse of the Soviet Union, it was pegged to the US dollar. In 2009, the peg was switched to a basket of currencies, and in 2015, the peg was abandoned altogether. The value of the tugrik has fluctuated quite a bit since then, but it has generally been on a downward trend. The Mongolian government has been working on plans to transition to a new currency, the tögrög, which would be pegged to a basket of currencies. However, these plans have been delayed, and it is not clear when or if they will be implemented. In the meantime, the tugrik remains the official currency of Mongolia.