BoM: Foreign currency reserves sufficient to limit sudden exchange fluctuations

The American Chamber of Commerce in Mongolia

2018-06-25 16:37 GMT+8

On June 22, Bank of Mongolia held an irregular foreign currency auction and supplied 88.7 million USD to commercial banks.

Since June 15, the central bank has received requests from commercial banks to purchase a combined 290 million USD in foreign currency. The Bank of Mongolia reported that Mongolia's foreign currency reserves are sufficient to prevent sudden fluctuations in the currency market. As of April 2018, the official reserves had reached 2.98 billion USD, an increase of 142 percent compared to the same period in 2017.

Analysts forecast that Mongolia's foreign currency inflow could increase as 836 million USD will come through the financing scheme for the International Monetary Fund’s extended fund facility program.    

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