Ch.Khurelbaatar: Commercial banks are discussing to decrease loan interest

Translator E.Oyun-Erdene

2020-03-11 18:47 GMT+8

Minister of Finance Ch.Khurelbaatar reported “During the cabinet meeting today, commercial banks of Mongolia expressed their opinions about decreasing loan interest and considering penalty fees”. 

He also stated “The government led by U.Khurelsukh has focused on operating economic policy appropriately and creating savings. Currently, MNT 620 billion is in future heritage and debt of MNT 8.2 trillion paid-off. 

The Monetary Policy Committee held meeting today and reduced monetary policy interest to be 10 from 11. Also, commercial banks are to reduce reserve to be 8.5% from 10.5%. President of Bank of Mongolia and CEOs of Commercial banks attended to the Cabinet meeting, and they discussed to reduce loan interest based on current situations faced with enterprises. Decision will be made soon. 

I hope this actions will be support to enterprises during this period of emergency. The State is unable to participate internal operation of commercial banks, and only supports by making decisions”.  

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