Mongolia

The Mongols gained fame in the 13th century when under Chinggis KHAN they established a huge Eurasian empire through conquest. After his death the empire was divided into several powerful Mongol states, but these broke apart in the 14th century. The Mongols eventually retired to their original steppe homelands and in the late 17th century came under Chinese rule. Mongolia won its independence in 1921 with Soviet backing and a Communist regime was installed in 1924. The modern country of Mongolia, however, represents only part of the Mongols' historical homeland; more Mongols live in the Inner Mongolia Autonomous Region in the People's Republic of China than in Mongolia. Following a peaceful democratic revolution, the ex-Communist Mongolian People's Revolutionary Party (MPRP) won elections in 1990 and 1992, but was defeated by the Democratic Union Coalition (DUC) in the 1996 parliamentary election. The MPRP won an overwhelming majority in the 2000 parliamentary election, but the party lost seats in the 2004 election and shared power with democratic coalition parties from 2004-08. The MPRP regained a solid majority in the 2008 parliamentary elections but nevertheless formed a coalition government with the Democratic Party. The prime minister and most cabinet members are MPRP members.

Economical characteristics

 * Currency: Tögrög (ISO code: MNT)
 * Central bank discount rate: 10% (31 December 2009)
 * Commercial banks lending rate: 8% (2009)
 * Stock of money (M1): $451.4 million (31 December 2009)
 * Quasi money (with M1 makes M2): $1.545 billion (31 December 2009)

Links

 * Mongolia on Wikipedia
 * Central bank of Mongolia
 * Country profile (pdf) from the Enterprise Studies page (part of the The World Bank Group)
 * Studies from the Library of Congress (1986-1998)
 * BBC country profile