ULAN BATOR, Mongolia, March 23 (NNN-MONGOLIA WEB) – Mongolia’s central bank has decided to leave the benchmark interest rate unchanged at 11 percent, local media reported today (Saturday).
“The decision aims to bolster economic growth and cope with the inflation target framework, in the medium term,” said Bayarsaikhan Bayardavaa, head of the bank’s monetary policy council.
The central bank has set a goal to stabilise inflation around the target rate of eight percent in the medium term, Bayardavaa said, adding that, annual inflation was at around 6.9 percent in Feb.
In addition, Mongolia’s central bank has maintained its forecast for economic growth to be at least 6.9 percent this year.
Foreign direct investment in the resource-rich country, an increase in coal exports, and activity in non-mining sectors, will be the main drivers of the country’s economic growth this year, according to experts of the central bank.
The landlocked Asian country’s gross domestic product in 2018 expanded 6.9 percent, year on year, to reach 18.1 trillion Mongolian tugriks (6.8 billion U.S. dollars).– NNN-MONGOLIA WEB
