During a visit to the Bank of Mongolia, D.Amarbayasgalan, Speaker of the Parliament received a detailed presentation on the country’s macroeconomic situation from the management of the Central Bank.
B.Lkhagvasuren, the President of the Bank of Mongolia, noted that inflation is gradually decreasing, allowing the Central Bank to lower the policy interest rate to 11%. Economic growth has slowed, dropping from 7.9% to an expected 6% by the end of the year, partly due to the loss of 8 million livestock earlier in the year. Despite the slowdown, the mining sector has boosted income in the transport sector.
Foreign currency reserves currently stand at USD 4.7 billion, sufficient to cover three months of imports. B.Lkhagvasuren mentioned that since 2011, Mongolia has used RMB 12 billion through a currency swap agreement with the People's Bank of China, which is recorded as part of the Central Bank's USD 2.2 billion debt. Half of this debt has already been repaid, and the remainder will be paid off if foreign exchange reserves increase. Mongolia’s total debt is around USD 30 billion, with USD 7 billion of the government debt.
Additionally, only 20% of total mortgage loans were previously granted to rural areas, but since last year, this has increased to 44%, reflecting the government's efforts to extend more financial support to rural areas.
During a visit to the Bank of Mongolia, D.Amarbayasgalan, Speaker of the Parliament received a detailed presentation on the country’s macroeconomic situation from the management of the Central Bank.
B.Lkhagvasuren, the President of the Bank of Mongolia, noted that inflation is gradually decreasing, allowing the Central Bank to lower the policy interest rate to 11%. Economic growth has slowed, dropping from 7.9% to an expected 6% by the end of the year, partly due to the loss of 8 million livestock earlier in the year. Despite the slowdown, the mining sector has boosted income in the transport sector.
Foreign currency reserves currently stand at USD 4.7 billion, sufficient to cover three months of imports. B.Lkhagvasuren mentioned that since 2011, Mongolia has used RMB 12 billion through a currency swap agreement with the People's Bank of China, which is recorded as part of the Central Bank's USD 2.2 billion debt. Half of this debt has already been repaid, and the remainder will be paid off if foreign exchange reserves increase. Mongolia’s total debt is around USD 30 billion, with USD 7 billion of the government debt.
Additionally, only 20% of total mortgage loans were previously granted to rural areas, but since last year, this has increased to 44%, reflecting the government's efforts to extend more financial support to rural areas.