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Monday, December 19, 2016

[BREAKING: BoM lowers policy rate by 1% to 14% citing success of hike]

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- BREAKING NEWS -

Monday, December 19, 2016

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Bank of Mongolia lowers policy rate by 1 percentage to 14% effective December 20

December 19 (Cover Mongolia) Summary of the statement (in Mongolian only) on Bank of Mongolia (BoM):

Bank of Mongolia’s Monetary Policy Council met on December 19 and decided to lower the policy rate by 1 percentage point to 14%.

The decision in August to hike interest rate has done its job of preventing currency instability, protecting foreign exchange reserves, and maintaining financial stability.

BoM expects inflation to be below the target in 2017 and demand-side inflation pressures to be low. Better than expected foreign trade environment will positively affect foreign currency inflow, trade balance, and budget revenue.

Therefore, in order to support private sector investment, the policy rate has been lowered. The effect of this decision will depend on the government policy to support FDI, fiscal discipline, foreign debt payment.

Link to BoM statement (in Mongolian)

 

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