Item Code: 146/Mn-6
Year
|
1955
|
Obverse
|
Damdiny
Sühbaatar
|
Size
|
146 x 81 mm
|
Obverse description:
Bank of Mongolia
 |
Central bank of
Mongolia
|
The Bank of Mongolia, or Mongolbank, is the central bank of Mongolia. The main objective of the Bank of Mongolia is to ensure stability of the Mongolian togrog. Within its main objective the Bank of Mongolia promotes balanced and sustained development of the national economy, through maintaining the stability of money, financial markets and the banking system.
In order to
implement its objectives as set forth in this law, the Bank
of Mongolia shall conduct the following activities:
- Issuing currencies into circulation.
- Formulation and implementation of monetary policy by coordinating money supply in the economy.
- Acting as the Government's fiscal intermediary.
- Supervision of banking activities.
- Organization of inter-bank payments and settlement.
- Holding and management of the State's reserves of foreign currencies.
History: A joint Mongolian-Russian bank, called the "Trade
and Industry Bank of Mongolia" (Bank
of Mongolia) was opened on June 2, 1924 in Altanbulag with a single branch. At that time,
the bank's capital was 260000 yanchaan (the currency of the period). It
operated with 22 employees, 18 of which were Russian specialists and 4 of them
were Mongolian. At the start, the joint bank was called by two names, "Trade and Industry Bank of Mongolia", and
the "Bank of Mongolia", but it was named the Bank
of Mongolia in official papers and documents. Due to the absence of a
national currency, the bank faced difficulties in fulfilling financial and
monetary-credit policy in the first 18 months, and foreign currencies were used
in circulation.
Consequently, according to the
decision of Ikh Khural, the Government of
Mongolia issued a resolution to conduct monetary reform on February 22, 1925. In
accordance with this resolution, the Bank of Mongolia issued
a new national currency, the Togrog, consisting
of 25% for precious metal and foreign stable currency, and 75% for marketable
goods.
In 1954, the makeup of the Bank
staff had increased to 98% (compare to 18% in 1924). On the basis of this
extension, the former Soviet Union transferred
its own share of capital and stocks in the Bank of
Mongolia to the state of Mongolia.
Following this, the Bank of Mongolia was
renamed as the State Bank of Mongolia. In 1991,
a completely new 2 level banking system was established in Mongolia. Since its establishment, the Bank of Mongolia has been influencing and
contributing efforts on the economy of the country, in maintaining the monetary
policy aimed at the stabilisation of the value of the currency, and reduction
of the inflation rate in the unstable transitional period. In May
2010, the Bank of Mongolia tightened its
monetary policy stance by raising its policy rate by 1.0 percentage points to
11.00 percent to bring CPI inflation down, to reduce the growth of credit and
monetary aggregates. As of April 2012, the Bank of
Mongolia had USD $2.9 billion in foreign reserves. The foreign
reserves on June 30, 2011 contained USD $79 million of U.S governmental
securities.
Reverse description:
Mongolian
Togrog/ Tugrik
The togrog or tugrik (sign: ₮; code: MNT) is the official currency of Mongolia. It was historically subdivided into 100 mongo (мөнгө). Currently, the lowest denomination in regular use is the 10-togrog note and the highest is the 20,000-togrog note. In unicode, the currency sign is U+20AE ₮ Tugrik sign.
In 2010, the togrog rose 15% against the dollar, due to the growth of the mining industry in Mongolia.However, its exchange rate eroded by 24% from early 2013 to June 2014 due to falling foreign investment and mining revenue.
Etymology: The word togrog (төгрөг) refers to "circle", or a "circular object" (i.e. a coin), but now is rarely used outside of referring to the currency, with the exception of the phrase togrog sar (төгрөг сар), meaning "full moon".
History: The togrog was introduced on December 9, 1925 at a value equal to one Soviet ruble, where one ruble or togrog was equal to 18 grams (0.58 ozt) of silver. It replaced the Mongolian dollar and other currencies and became the sole legal currency on April 1, 1928.
Mongo coins are not in circulation as currency any longer, as they are of negligible value. They are sold to tourists and as novelties and collectibles now.
Flag of Mongolia
The flag of Mongolia consists of three equal bands, of alternating red, blue and red, with the Soyombo national symbol centering the first red band in yellow. The central blue band is described as the eternal blue sky, while the side red bands represent the ability of Mongolia to thrive in its harsh environment. The Soyombo is a columnar arrangement of abstract and geometric representations of fire, sun, moon, earth, water, and the taijitu or yin-yang symbol. The current flag was adopted on February 12, 1992, after the transition of Mongolia to a liberal democracy. It is similar to the flag of 1940, except for the removal of the socialist star on top of the Soyombo.
No comments:
Post a Comment