Central Bank of Mongolia Committed to Maintaining Economic Growth at 7 Percent

Ulaanbaatar, April 10, 2024 /MONTSAME/ Governor of the Bank of Mongolia Lkhagvasuren Byadran stated that the central bank is striving to maintain Mongolia’s economic growth at 7 percent this year. He made this statement on April 9, 2024, when receiving representatives of foreign media working in our country, in connection with the 100th anniversary of the Bank of Mongolia.

The Mongolian economy grew by 7 percent last year, with a surplus balance of payments and a balance of trade, which indicates that the economy is stabilizing. The positive tendency is driven by the growth in the mining and transport sectors. Currently,

Mongolia has foreign reserves of USD 5.2 billion, leading to the exchange rate being stable. The exchange rate tightened by 2 percent last year, and this trend will continue this year. Inflation reached 7 percent in March of this year, which is the target level of the central bank’s policy. Therefore, the tight monetary policy has been loosed, lowering the policy interest rate from 13 percent to 12 percent. If the situation continues to be stable, there is a possibility to reduce it again, noted the Governor of the Bank of Mongolia.

In addition, commercial banks launched an IPO totaling MNT 470 billion last year, thereby improving the bank’s financial capabilities.