BoM to cut Interest rate supporting savings and export

B.Erdenechimeg

2016-01-27 12:32 GMT+8

MPP group seated at State Great Hural submitted requirement to Speaker of the Parliament, Prime Minister and the President of the Bank of Mongolia to come up with decision to cut the interest rate of all types of loans including pension, salary, and herder loan to single digit, as well as to extend the repayment periods, before Tsagaan Sar celebration.

In scope of this requirement, the BoM made statement today at the Economy Standing Committee meeting. 

BoM has been following the policy to reduce interest rate over the last three years in order to increase middle-class savings and stimulate the gross capital formation in the economy. 

Further, BoM is to follow policy directed at reducing interest rate with the aim to support savings, export and increasing work places in order to provide stable economic growth based on middle-class savings and stabilie the inflation.

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