Ch.Khurelbaatar, the Minister of Economy and Development, gave following information at the beginning of today’s cabinet meeting.
At the beginning of the year, Mongolia’s foreign exchange reserves were USD 4.4 billion, but today it is USD 2.4 billion. Therefore, it is necessary to increase the resources. Mongolia’s inflation is increasing and economic growth is slowing down. Therefore, it is necessary to stabilize the economy. In other words, the monetary policy will be tightened and the budget deficit will be reduced by MNT 1.5 trillion. Inflation plays an important role in stabilizing the economy and exchange rate influences on this. We are setting a goal to increase the export amount as before the pandemic. The level of processing of mining and agricultural products will be improved by one level. The reform of the banking sector will continue.
Ch.Khurelbaatar, the Minister of Economy and Development, gave following information at the beginning of today’s cabinet meeting.
At the beginning of the year, Mongolia’s foreign exchange reserves were USD 4.4 billion, but today it is USD 2.4 billion. Therefore, it is necessary to increase the resources. Mongolia’s inflation is increasing and economic growth is slowing down. Therefore, it is necessary to stabilize the economy. In other words, the monetary policy will be tightened and the budget deficit will be reduced by MNT 1.5 trillion. Inflation plays an important role in stabilizing the economy and exchange rate influences on this. We are setting a goal to increase the export amount as before the pandemic. The level of processing of mining and agricultural products will be improved by one level. The reform of the banking sector will continue.