BoM: Outstanding loans of banks grew 17 percent yoy www.zgm.mn
The Bank of Mongolia (BoM) held its regular press conferences, releasing the monthly financial and economic statistics and the policy and decision of the BoM. According to the report, banks outstanding loans increased by 17 percent to MNT 18.1 trillion compared to the same period of last year.
As of July 2019, the money supply rose 17.9 percent, to MNT 20.3 trillion which is 0.3 percent or MNT 60.4 billion increase from the previous month. The main driver in the money supply rise was foreign exchange increase. In other words, the income of the exporting entities has grown. The daily turnover of banks fell by MNT 311.9 billion in the last seven months due to tax payments of large enterprises.
In terms of money supply, tugriks deposits accounted for 53.7 percent, domestic currency 15.5 percent, foreign currency 14.4 percent and foreign currency deposits 13.2 percent.
In the reporting period, banks issued loans of MNT 57.3 billion to 741 borrowers, of which 45.5 percent from the program and 54.5 percent from banks. The weighted average price of new mortgage loans decreased by 0.6 percent from the same period of last year.
23 percent of total loans are salaries loan, 16 percent for trade loans, 11 percent for real estate, and 9 percent for construction.
Growth in small and mediumsized businesses increased competition among banks. The gold purchase program has decreased by 2.2 tons compared to last year, due to the royalty fee.
Published Date:2019-08-30