Bank of Mongolia

Brief History

Established in 1924. The Government of Mongolia issued a resolution to conduct monetary reform on 22 February 1925. In accordance with this resolution, the Bank of Mongolia was enacted on authority to issue the national currency, togrog, in circulation, which was approved to consist of 25% for precious metal and foreign stable currency and 75% for marketable goods. In 1954, the Mongolian staff of the bank had increased to 98%, as compared to 18% in 1924. On the basis of this, the

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