As of today, one USD exchange rate is equal to MNT 3415. Above picture shows that the exchange rate of MNT has been steadily strengthening against the USD since July. And it was impacted by the following factors.
- According to the National Statistics Committee, the foreign trade profit reached USD 5.4 billion, equal to doubling the foreign trade balance in 2021. At the end of 2021, the foreign trade balance of Mongolia reached USD 2.6 billion, and it reached USD 3.2 billion at the end of 2022.
- According to the Bank of Mongolia, foreign currency reserves (not net reserves) reached USD 4.3 billion and have been increasing since August, 2022.
- As of the initial 11 months of this year, the balance of payments showed a profit of USD 697 million. In the previous two years, it was -568 million and -1.3 billion (USD).
- In 2021 and 2022, the state budget balance has a deficit of about MNT 1 trillion. However, as of the initial 11 months of this year, the revenue exceeded MNT 1.9 trillion, which is a rare case in the history of the budget.
In addition, monetary policy, government and company activities and interventions, global and domestic markets, and competitiveness influenced the exchange rate. In December 2022, USD was equal to MNT 3,406, and it was equal to MNT 2,848 MNT in 2021. When USD currency exchange decreases, the prices of the goods we buy in USD will decrease. While the yuan rate increased to MNT 478.
As of today, one USD exchange rate is equal to MNT 3415. Above picture shows that the exchange rate of MNT has been steadily strengthening against the USD since July. And it was impacted by the following factors.
- According to the National Statistics Committee, the foreign trade profit reached USD 5.4 billion, equal to doubling the foreign trade balance in 2021. At the end of 2021, the foreign trade balance of Mongolia reached USD 2.6 billion, and it reached USD 3.2 billion at the end of 2022.
- According to the Bank of Mongolia, foreign currency reserves (not net reserves) reached USD 4.3 billion and have been increasing since August, 2022.
- As of the initial 11 months of this year, the balance of payments showed a profit of USD 697 million. In the previous two years, it was -568 million and -1.3 billion (USD).
- In 2021 and 2022, the state budget balance has a deficit of about MNT 1 trillion. However, as of the initial 11 months of this year, the revenue exceeded MNT 1.9 trillion, which is a rare case in the history of the budget.
In addition, monetary policy, government and company activities and interventions, global and domestic markets, and competitiveness influenced the exchange rate. In December 2022, USD was equal to MNT 3,406, and it was equal to MNT 2,848 MNT in 2021. When USD currency exchange decreases, the prices of the goods we buy in USD will decrease. While the yuan rate increased to MNT 478.