Mongolian money consists of banknotes and coins. The banknotes and the coins are available in different denominations.
Banknotes come in denominations of 50, 20,100, 10,5,3, 500, 5000, 1000, 10,000, 20000. Coins are available in denominations of 20Tg, 50Tg, 100Tg, and 200Tg.
Mongolian money comprising the banknotes have images of Sukhbaatar Damdin or Chinggis Khaan printed on one side.
The other side of the banknotes has images of the general lifestyle of the people of Mongolia, horses of Mongolia, landscape of Mongolia.
The symbol of Soyombo is present in all the banknotes of Mongolian money. The 1 togrog is the banknote with the smallest denomination and has the image of a lion on the front side of the banknote.
Bank of Mongolia issues Mongolian money:
The Bank of Mongolia is the central bank of the country. The Bank is entrusted with the responsibility of issuing banknotes in Mongolia.
Bank of Mongolia issued few banknotes, which were circulated during 1993 to 1994. The Bank of Mongolia has embraced certain designs in the banknotes, which ensure security against counterfeiting.
Exchange rates differ on a day-to-day basis. Exchange rates are determined by a number of factors. Prominent factors being, the prevailing economic status of the country, demand and supply of currency in the market, interest rates prevailing in the market etc.
In order to travel to Mongolia, one is required to get their home currency converted to the Mongolian currency.
There are many local agencies, which get foreign currencies exchanged but these agencies usually charge exorbitant fees. The best place to get the foreign currency changed is the central bank of Mongolia.
One can also surf the Internet for checking the exchange rates. All the websites may not show the same exchange rates. One can also avail of the currency converter tool available in a majority of the websites.