Tsakhiagiin Elbegdorj is the current president of Mongolia, as of winning the country's election on election on May 24, 2009.

http://en.wikipedia.org/wiki/Tsakhiagiin_Elbegdorj
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The "leader" of Mongolia is its current president Tsakhiagiin Elbegdorj who was elected on May 24 this year.

His background and policies:

--quote--
Mr Elbegdorj campaigned on promises to fight corruption and to spread the profits of Mongolia's mineral wealth more widely.

To achieve the second aim, he planned to tighten rules for contracts under which foreign mining firms operate.

His message proved popular in the big cities, especially the capital Ulan Bator, and was helped by widespread poverty.

However, he faced a parliament which continued to be dominated by a solid MPRP majority, but the MPRP prime minister, Sanj Bayar, promised to work smoothly with Mr Elbegdorj.

Although the prime minister and parliament exercise real political power, the president heads the armed forces and has the power of veto in parliament. Frequent changes of government have enhanced the role of the presidency.

Born in 1963, Tsakhiagiin Elbegdorj was one of the leaders of the peaceful revolution that ended the Communist dictatorship in 1990.

Since then, he has served as prime minister twice, briefly in 1998, and in 2006-8.
--/quote--
Source(s):
http://news.bbc.co.uk/2/hi/asia-pacific/country_profiles/1235560.stm

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Edited: Sorry, my answer was out of date!
Source(s):
http://www.photius.com/wfb1999/mongolia/mongolia_government.html

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