Mongolia's 2024 Inflation Recorded at 9 Percent

Ulaanbaatar, February 3, 2025 /MONTSAME/. At the end of 2024, the annual inflation rate in Mongolia was recorded at 9 percent nationwide and 9.1 percent in Ulaanbaatar City. 

Breaking down the national annual inflation, 4.7 percentage points were contributed by non-food items, while 3.2 percentage points were due to the increase in food prices.

Furthermore, the preliminary balance of payments for 2024 showed a surplus of USD 622 million. According to the Bank of Mongolia, the previous year's preliminary results indicated a current account deficit of USD 2,373 million and a financial account surplus of USD 3,339 million.

Also, the M2 money supply reached MNT 43.3 trillion in December of the previous year, representing a 15.2 percent increase compared to the same period the year before. Net Domestic Assets accounted for 16.2 percentage points of the annual growth in M2 money, while Net Foreign Assets contributed 1.1 percentage points.

Banks' total loan balance increased by 35.5 percent year-on-year in December, reaching MNT 36.8 trillion. As of that month, non-performing loans stood at 5.1 percent.