CURRENCY SWAP AGREEMENT EXTENDED FOR THREE YEARS

The bilateral currency swap agreement between the Bank of Mongolia and the People's Bank of China has been successfully renewed on July 31 for another 3 years until 2023.

Until its recent renewal, the agreement was established between the banks with the currency swap amount of CNY 15 billion or MNT 6 trillion to support trade and economic cooperation between the two countries.

It was first signed between the banks in 2011 for CNY 10 billion. Then, in 2014, the amount was increased by CNY 5 billion and the term was extended for 3 years. In 2017, only the term of the agreement was extended by 3 years.

Source: https://montsame.mn/en/read/232740