20,000 MNT BANKNOTES FROM 2006 TO BE WITHDRAWN FROM CIRCULATION FOR BANKNOTES WITH UPDATED SECURITY ELEMENTS
The Bank of Mongolia is planning to upgrade, modernize, and circulate the 50 and 20,000 MNT banknotes, including updated security elements using the latest technologies.
Updated security features allow citizens to easily identify and recognize counterfeit bills, including 3-D, micro-optical, ribbon with an animated surface and 3-D colors of the fixed element, as well as recognition plates for the visually impaired. The new 20,000 MNT banknote ideally combines the use of the latest technologies with historical and national traditions.
The updated 50 and 20,000 MNT banknotes shall be issued to commercial banks and distributed to customers beginning February 10, 2020.
While maintaining the appropriate structure for the national currency, the Bank of Mongolia also focuses on reissuing, storing and transporting reserves by countering counterfeiting, as well as improving and updating the protective elements of the national currencies.
Accordingly, the 20,000 MNT banknotes issued in 2006 will be withdrawn beginning from March 1, 2020 by the order of the President of the Bank of Mongolia. The 2006 banknotes are often counterfeited due to the lack of public security elements.
Therefore, transactions with these banknotes will cease from March 1st, 2022 and citizens will be able to freely exchange old banknotes with new banknotes in banks and in the Bank of Mongolia until March 1, 2022.
As a reminder to the public, un-forged 20,000 MNT banknotes with 2006 on the bottom left corner without a window or ribbon is eligible to replace the banknote until March 1, 2022.
Source: Bank of Mongolia2020.02.12