The symbol to the right of the face is the Soyombo symbol , the national symbol of Mongolia. You can read more about its history and meanings here. Mongolia money: Togrog note. The face on the back of this note is Suhkbaatar, the communist hero who liberated Mongolia from Manchu rule, with the help of the Russians.
A national hero, 'Suhkbaatar square' forms the central meeting place in Ulan Bator. Mongolia currency: The picture on the face of the 10 togrog and togrog note is the same, only the former has a blue tinge and the latter a red tinge. Mongolia currency: the same 'horse picture' on the front of the 50T note, and the same face of Sukhbaatar on the back, only this time it's brown.
You can learn about the all-conquering Mongol on my Mongolian history page. Mongolian Money: the 1, Tughrik note features a picture of Genghis Khan's ger tent that Mongolian nomads live in ; this massive dwelling had to be pulled by a team of oxen. Both the 5, and 10, notes feature Genghis on the back, and a picture of the famous silver drinking fountain in Karakorum, during the reign of Genghis' grandson, Mongke Khan.
It was built by a Frenchman for Mongke, an elaborate design for the serving of alcohol. It was a symbol of pride and technical achievement at the time, and now features in Mongolia money.
In order to do so, immediate regulation and standardization of money in circulation were required; and as a result, in August , "lan" was introduced as a temporary monetary unit to function as a medium of exchange.
One lan was equal to one Chinese silver Yanchaan, 1. The deposit and loan are directly linked to the national money, and in order to understand the financial system, it is essential to know the nature of money, its role and functions. The issue of creating own national currency was raised before the government since the first day of the revolution victory. During the years that followed the Revolution, Mongolia advanced immensely in the political and economic realms.
Mongolia's Trade and Industrial Bank grew stronger, expanded its gold reserves, assets, and clientele. The Bank's rising influence on the nation's economy paved the road to further reforms of improving money transactions and introducing the national currency. Mongolian People's Government released a historic currency reform act on February 22, The act stated:.
In this way, it has been 77 years since the first Togrogs were issued into circulation on December of Banknotes were introduced into circulation along with probes silver coins weighted 18 grams, which was called "Togrog". It was not appropriate if only silver coins were introduced into circulation because of difficulties related with storing and transportation of this heavy metal.
Togrog was initially released into circulation through payroll, and gradually, all expenses of state enterprises began to be noted in the budget report in Togrogs.
Immediately after its release into circulation, Togrog faced severe protests from foreign currencies. From the foreign currencies circulating on the markets, the currencies with relatively small market share were successfully pulled out of the exchange system within a short period of time. However, Chinese yanchaan, due to its large quantity and market role, continued to function as a legal medium of exchange and as a standard of value for the state revenue-and-expense reports, banks' and other enterprises' financial statements throughout the early period of Togrog issuance.
Obtaining acceptability for the new paper currency at the time when people were accustomed to using metal money and had lost faith in depreciating paper currencies of Russia and China was to be troublesome. As of , there were over 20 million foreign banknotes were circulating on the hands of Mongolian and foreign consumers and firms.
From the start when Togrog was issued into circulation, a stark competition arouse between Mongolian Togrog and Chinese yanchaan. Because the monetary reform was considered to be a revolutionary act conducted in the interest of Mongolian people, the new currency eventually received keen support from the people. Both the Government and the Central Bank vigorously prepared for the issuance of the new currency, and were promoting benefits of the new currency to the public, paying special attention to the process of monetary reform, as the results of other economic reforms were to directly depend on the successes of this venture.
As Togrog competed against yanchaan on the markets, yanchaan's rate depreciated, and Togrog's purchasing power rose. Subsequently, Togrog's reputation, as well as its market weight, increased substantially and the This showed the successful entrance of the new currency into the nation's exchange system and that it attained complete dominance on the domestic markets.
As the new currency entered circulation, foreign currency equivalent to 6. Starting from , all of Mongolia's institutions and enterprises were using Togrog as a standard of value in preparing budget reports, financial statements, and tax returns and labeling prices, completely forced Chinese yanchaan out from domestic transactions.
While implementing the monetary reform , the Bank of Mongolia's precious metal reserves rose by 4. Because of changes occurred at the international market during the period from to such as a fall of silver price on world markets and the demand increase for gold, in order to maintain stability of Togrog, State Baga Khural resolved to put Togrog on gold standard starting from April 15, , basing on the gold and foreign reserves held at the Bank of Mongolia.
By doing so, the People's Republic of Mongolia's national currency "Togrog" landed on a firm foundation to become a stable and reliable currency. By August 1, , Togrog was officially put on gold standard and equaled This, in theory, completed the monetary reform process, with the successful entrance of Togrog as the legal and strong monetary unit.
Due to the reform related systematic measures implemented by the Government in , British, American, and other foreign traders, as well as large firms from China, were driven out of the Mongolia's domestic market. Have a question about travelling to North Korea? You'll most likely find it here. Feel free to get in contact with us if you have anymore enquiries. Young Pioneer Tours are the leading budget adventure travel company to off the wall, and off the beaten track destinations.
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