Economy, Currency and Foreign Trade
togrog, Bank of Mongolia, industrial raw materials, cashmere, transport equipment
The country’s central bank is the Bank of Mongolia. Commercial banks also operate. The currency of the Republic of Mongolia is the tugrik (togrog), which consists of 100 mongo (1,077 tugriks equal U.S.$1; 2000 average).
Most of Mongolia’s trade was once with Soviet-bloc countries, but since the early 1990s, the country has made efforts to expand its trade. Leading purchasers of exports now are Switzerland, Russia, China, Japan, and the United Kingdom; chief sources of imports are Russia, Japan, Germany, South Korea, Singapore, and the United States. Principal exports in the mid-1990s were minerals, timber, cashmere, and meat products. Imports consisted mainly of machinery and transport equipment, consumer goods, and industrial raw materials. In 2000 Mongolian imports were valued at $455 million and exports at $435 million.
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