US Dollar is traded at MNT 2428, according to the Bank of Mongolia (BoM) while currency exchange centers are selling Dollar at MNT 2590 and commercial banks are selling at MNT 2450. US Dollar rate risen by MNT 10-20 only for today.
However, the biggest commercial banks are stopped trading the dollar several days ago. Only currency exchange centers are selling the dollar in Ulaanbaatar city.
Why the dollar has risen sharply against the tugrik today?
BoM regularly holds foreign exchange auction on Tuesday and Thursday. On these days, currency exchange centers set their own rates after observing the auction report. Today commercial banks bid MNT 2425.00-2481.55 for USD71.2 million and MNT 356.50-362.61 for CNY123.0 million respectively.
The BoM did not accept any bid offers, showing that BoM reached its minimum level of dollar reserves.
BoM decided that market law or the demand and supply should be dealt with the dollar rate.
The BoM has not supplied the dollar for last one month. But there is still a demand in dollar for commercial banks. However, the country`s export has not increased, direct foreign investment has not restored as well as the foreign loan and aid has not granted. Thus, the dollar rate is continuously increasing.
Therefore, the Government need to take more extensive and decisive measures. The ministers should rush the negotiations with the authorities of International Monetary Fund and the Government of China.
US Dollar is traded at MNT 2428, according to the Bank of Mongolia (BoM) while currency exchange centers are selling Dollar at MNT 2590 and commercial banks are selling at MNT 2450. US Dollar rate risen by MNT 10-20 only for today.
However, the biggest commercial banks are stopped trading the dollar several days ago. Only currency exchange centers are selling the dollar in Ulaanbaatar city.
Why the dollar has risen sharply against the tugrik today?
BoM regularly holds foreign exchange auction on Tuesday and Thursday. On these days, currency exchange centers set their own rates after observing the auction report. Today commercial banks bid MNT 2425.00-2481.55 for USD71.2 million and MNT 356.50-362.61 for CNY123.0 million respectively.
The BoM did not accept any bid offers, showing that BoM reached its minimum level of dollar reserves.
BoM decided that market law or the demand and supply should be dealt with the dollar rate.
The BoM has not supplied the dollar for last one month. But there is still a demand in dollar for commercial banks. However, the country`s export has not increased, direct foreign investment has not restored as well as the foreign loan and aid has not granted. Thus, the dollar rate is continuously increasing.
Therefore, the Government need to take more extensive and decisive measures. The ministers should rush the negotiations with the authorities of International Monetary Fund and the Government of China.