Polling stations have opened in Mongolia in a presidential election with a two-horse race expected between Miyeegombyn Enkhbold of the ruling Mongolian People's Party and Battulga Khaltmaa of the opposition Democratic Party.
Almost two million people are eligible to cast their votes.
After voting early on Monday, investment-friendly Enkhbold said the elections represent an important choice regarding the economic development of Mongolia.
"We encourage our citizens to participate actively in the elections," he told state-owned news agency Montsame.
The other two candidates, Khaltmaa and Sainkhuu Ganbaatar of the breakaway Mongolian People's Revolutionary Party, are expected to cast their votes later in the day.
Businessman Khaltmaa, one of the wealthiest men in the country and a former judo champion, has sparked excitement by running in the elections for the first time.
Ganbaatar is running for the Mongolian People's Revolutionary Party after former president Nambaryn Enkhbayar, who led the country from 2005-2009, was rejected by the Electoral Commission because of his 2012 conviction for corruption.
The Mongolian government will receive $US5.5 billion ($A7.3 billion) from a program led by the International Monetary Fund aimed at stabilising the country's economy, which has suffered in recent years due to the falling price of raw materials.
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