PROGRAM BACKED FOR REDUCING CREDIT INTEREST

Ulaanbaatar, Mongolia /MONTSAME/ The cabinet has backed in principle a draft program on creating a market environment for reducing credit interest. Related Ministers and heads of agencies have been ordered to approve the program and to take measures for the implementation. They will introduce the program's implementation to the cabinet every year as well. In order to fully realize the program, requirements have emerged to keep the inflation rate in a low and sustainable level, to ensure fair and proper conditions of commercial banks as well as the financial stability, to accelerate development of the capital market and to improve the infrastructure and legal environment for the sector. The program will be implemented from the present through 2013, and it is calculated the inflation rate will be decreased coming down to at least nine per cent within this year, eight per cent--in 2012, and five per cent--in 2013. B.Khuder