MONEY SUPPLY INCREASES BY 10.9 PERCENT

Ulaanbaatar, February 24, 2023, /MONTSAME/.  The money supply (M2) reached MNT 29.7 trillion at the end of January 2023, which increased by MNT 2.9 (10.9%) trillion compared with the same period of the previous year, as reported by the preliminary results. The main reasons for this increase were MNT 2.7 (2.2 times more) trillion increase in the current account in foreign currency and MNT 1.4 (35.7%) trillion increase in time deposits in foreign currency.

Based on the preliminary results, at the end of January 2023, the money supply (M1) amounted to MNT 6.6 trillion, decreased by MNT 568.1 (7.9%) billion from the previous month while increasing by MNT 792.7 (13.6%) billion from the same period of the previous year. In money supply (M1), MNT 5.9 (88.3%) trillion was demand deposits and MNT 775.7 (11.7%) billion was the currency outside depository corporations.

At the end of January 2023, the quasi money amounted to MNT 23.1 trillion, increased by MNT 623.0 (2.8%) billion from the previous month and increased by MNT 2.1 (10.1%) trillion from the same period of the previous year. In the quasi money, MNT 12.8 (55.5%) trillion was time deposits in domestic currency, MNT 5.5 (23.7%) trillion was time deposits in foreign currency, and MNT 4.8 (20.8%) trillion was current accounts in foreign currency.

The national currency in circulation reached MNT 1.0 trillion at the end of January 2023, which decreased by MNT 50.5 (4.6%) billion from the previous month. It decreased by 137.9 (11.7%) billion from the same period of the previous year.

According to the National Statistics Office of Mongolia, at the end of January 2023, the net foreign assets amounted to MNT 3.5 trillion, increased by MNT 974.1 (39.1%) billion from the previous month and increased by MNT 957.0 (38.1%) billion from the same period of the previous year. The net domestic assets amounted to MNT 26.3 trillion, decreased by MNT 919.1 (3.4%) billion from the previous month while increasing by MNT 2.0 (8.0%) trillion from the same period of the previous year. Net domestic assets have been composed of the annual growth of the money supply.