MNT 1.7 TRILLION TO BE SPENT IN 2021 ON CURBING THE PANDEMIC

In 2020, MNT 2.4 trillion was spent from the state budget on preventing and combating COVID-19 pandemic and reducing its adverse impacts to the society and economy while MNT 1.7 trillion is budgeted for this year.

At its irregular meeting dated on February 1, the Financial Stability Council discussed this matter as well as measures taken within it by the Government, the Bank of Mongolia (BoM) and the Financial Regulatory Commission (FRC), their results, current condition of thestate budget and economy and further planned actions.

In addition to how to effectively activate economy in the future, they talked over the outcomes of the ongoing decisions including decreasing monetary policy rate and banks’ reserve requirement ratio each to 6 percent, putting off loan repayment by the citizens and entities until July 1, 2021, postponing repayment of mortgage loan and encouraging SMEs and non-mining exports by providing loan source with long-term re-financing.

Minister of Finance B.Javkhlan, President of the BoM B.Lkhagvasuren, Chairman of the FRC D.Bayarsaikhan, Executive Director of the Deposit Insurance Corporation D.Duulal and other officials attended the meeting.

Source: https://montsame.mn/en/read/252212