All of Mongolia
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The mongolian currency is named Tugrik (symbol: MNT). Hardly any bank outside of Mongolia will stock Tugrik bills or even coins, so that you'll have to change your money after arrival.
As in any development country, many businesses will be happy to accept US dollars or Euros. Especially in the travel industry, prices are normally calculated in dollars.
Warning: Dollar bills should be no older than about 10 years, or nobody will accept them anymore. This is even the case for the big banks.
The big banks in the capital offer practically all services that can be expected, including of course changing money. In addition there are many exchange shops, although those usually don't offer very good rates.
The Tugrik has been stable in relation to the US dollar for
several years. The exchange rate to Euro thus changes with the
rates between Dollar and Euro.
1 USD ~ 1213.00
MNT
1 Euro ~ 1631.97
MNT
(Stand 26. 11. 2005)
All big banks in Ulaanbaatar will accept traveller cheques. But outside of the capital they're not likely to be of any use.
Most larger shops, hotels, and restaurants in Ulaanbaatar will accept the common credit cards. To some lesser degree this is also the case in other large cities. Small shops, merchants on public markets, end everybody on the countryside will only be able to process cash.
The prices for goods and services that are regularly requested by foreigners are often higher than for Mongolians. The factors and reasons for this vary. For touristic offers like Hotels and Theaters, you'll have to expect about doubled prices. Domestic flights are subsidized for national citizens, and foreigners pay about 5 to 7 times as much. To enter a national park or other protected area (often unmarked, no fence or gate) foreigners are required a permit, the price of which can be understood as an entry fee to support the maintenance of the park.