Mongolian Economy and Finance

Mongol bank held its regular Tuesday Foreign Exchange Auction on August 5.

The Central Bank of Mongolia has announced its Monetary Policy Council’s decision to increase the bank’s policy interest rate by 1.5 percent, an increase to 12 percent.

Analysts of Morgan Stanley financial services cooperation, Desmond Lee and Gaurav Singhal reported that Mongolia’s foreign exchange (FX) reserves reached 1.7 billion USD by the end of April. However,

Ulaanbaatar /MONTSAME/ On the Foreign Exchange Auction held Tuesday, the Bank of Mongolia (BoM) received bid offer of USD and CNY from local commercial banks.

The Bank of Mongolia should do more to avoid losing control of the country's rapidly growing economy, as inflation creeps up and financial stability risks rise, the International Monetary Fund (IMF) said yesterday.

At its meeting on 27 February 2013, the Monetary Policy Committee (MPC) of the Bank of Mongolia decided to establish an interest rate corridor based on macroeconomic conditions, demand for money market development and international experiences on monetary policy implementation.

March 29 (Bank of Mongolia) In mid March, Governor of the Bank of Mongolia N.Zoljargal has paid a working visit to the Federal republic of Germany.

March 28 (Mongolian Economy) The Bank of Mongolia has been criticized for several years now for not being able to pursue monetary policies that had effective results.

The central bank of Mongolia cut its policy rate by 75 basis basis points to 12.5 percent due to a decline in demand-pull and supply-driving inflationary pressures but said it was cautious about easing considering uncertainties in foreign trading and foreign investments.

The Bank of Mongolia managed to stabilise inflation without increasing the monetary policy rate.

Mongolia’s central bank cut interest rates for the first time since 2009 after determining that the outlook for inflation is benign and deciding to “cautiously” ease policy, its chief economist said.

As previously reported by BM, the Central Bank of Mongolia has started implementing programs in conjunction with government to stabilize prices of key commodities such as petroleum goods, meat, vegetables, flour, and construction materials.

The Vice President of the Central Bank of Mongolia, E.Batshugar, spoke to our journalists during the parliamentary discussion on the direction of monetary policy for the State in 2013.

N.Zoljargal, the President of Mongolbank (The Central Bank), introduced the draft monetary policy to be pursued next year along with its main directions to the parliament last week.

Mongol Bank held a regular exchange auction sale on October 2nd.

The President of the Bank of Mongolia (BM), N.Zoljargal, has held an informal meeting with journalists to inform people about the main direction of the monetary policy to be implemented in 2013 by the state.

Plenary session of the parliament on Friday approved N.Zoljargal as new President of MongolBank.

President of Mongolbank L.Purevdorj has presented his resignation letter to the Speaker of the parliament Zandaakhuu Enkhbold last Monday.

Ulaanbaatar, Mongolia /MONTSAME/ At a forex auction held on Tuesday, the Bank of Mongolia (BoM) sold USD 56.8 million at closing rate of MNT 1,342.50 after commercial banks put forward their proposals to buy USD 57.8 million.

June 25 (Bank of Mongolia) BoM issues 12 week bills worth MNT 10 billion at a weighted interest rate of 15.8 percent per annum. / For previous auctions click here /