Mongolia economy

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https://www.cia.gov/library/publications/the-world-factbook/geos/mg.html

I was looking through the markets of Ulaanbaatar with only some American currency left over. I spotted something I wanted to buy, so I asked the vendor how much it cost, luckily he spoke sufficient English. He told me the item costed "500 tugriks (or togrogs)". I had no clue what that was in US dollars, so I asked him. He told me the conversion rate for the currencies was 1265.5 tugriks to 1 USD, so I got some paper and a pencil and did the math, rounding up a little since I knew my dollars would definitely go a long way in this economy. It came out to about 40 cents. I bought the item and engaged in inquisitive conversation. I asked him why their currency value was so low. He told me that it started with the recent global recession in 2008. Since then, the country has been able to emerge from the recession. He said that the economy grew a little soon after from recent legislation regarding mining. It essentially founded the Oyu Tolgoi mine,he boasted that it was one of the world's biggest current copper mines. He pointed out that Mongolia's economy is the fastest growing economy in the entire world.(!) He added that some people are afraid that the economy of Mongolia is growing too quickly and that it might "get little bones if not fed good", most of his English is from farmer vocabulary. He also said that he hears people say that Mongolia is too dependent on Russia and China for its gas, electricity, and trade. He said that after the mining legislation and big growth of 2009, the winter (of '09-'10) brought "much cold that butcher animals", about 1/5 of the national livestock, and prices doubled for meat products. This in turn caused inflation, driving down currency value. Increased government spending is suspected to be causing some inflation also. In contrast, once again, Mongolians working abroad bring money into the economy through remittances. Ultimately, he said, "togrog is small, but it sprouts". I think he meant it is growing. I tried to explain the difference between the two, but he didn't see the difference.