Balance of payments surplus reaches 846 million USD

The American Chamber of Commerce in Mongolia

2018-01-12 15:59 GMT+8

The Bank of Mongolia (BoM) reports that the balance of payments (BoP) surplus reached 846 million USD as of November 2017.

The central bank noted that the BoP saw a surplus for three consecutive quarters in 2017. The surplus was 90 million USD in the second quarter of 2017. The surplus growth was affected by a surplus in financial account balances.

Exports totaled six billion USD for the first time and foreign trade saw a 1.9 billion USD surplus. Foreign direct investment totaled 1.2 billion USD, gold purchases reached 20 tons, and 2017 saw an influx of financing from international organizations and foreign governments in the scope of the International Monetary Fund’s extended fund facility program.

The BoM and Government of Mongolia issued two bonds on the international market to attract more financing in 2017, the 600 million USD Khuraldai bond in March and the 800 million USD Gerege bond in November. Bond financing was used for the repayment of a 580 million USD Euro bond debt and debt from the 500 million USD Chinggis bond.

The BoM predicts that the BoP surplus will be 377 million USD in 2018. It was also noted by the BoM that macro-economic indicators will improve in the future with BoP growth in 2018.

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