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Balance of payments totals USD 219 million in surplus www.zgm.mn
In the first three months of 2019, the balance of payments (BoP) resulted in a surplus of USD 219 million. The indicator reached entered the positive zone compared to last year's USD 42 million losses.
The current account deficit has risen to USD 297.6 million since the beginning of the year, decreased from the previous year. The surplus of the trading account, which shows export and import reached USD 407 million. However, the service account that registered the flow of traffic, tourism, and other high-paid services accounted for a deficit of USD 553.2 million. This is an increase in the deficit over the previous year. The Bank of Mongolia (BoM) said that the balance of payments will have a surplus of USD 500-600 million this year.
high-paid services accounted for a deficit of USD 553.2 million
When the balance of payment results in a surplus, a certain amount of funding will be reflected in the foreign trade profit and financial account, according to the BoM. For instance, within the framework of the Extended Fund Facility program, about USD 800 million will be allocated to Mongolia. In addition, the Ministry of Finance estimated a direct investment of USD 1.3 billion into the underground development of Oyu Tolgoi LLC.
Published Date:2019-05-03
