BoM: USD 200 million has been funded under EFF since 2020 www.zgm.mn
According to the Bank of Mongolia (BoM), USD 200 million in funding from the International Monetary Fund’s Extended Fund Facility (EFF) has come from donors in December 2019 and January 3, 6, 2020. The finance had already been settled by the issuing countries but the Ministry of Finance accepted officially on the mentioned dates. Specifically, the Asian Development Bank (ADB) has provided USD 100 million and the World Bank has provided USD 100 million respectively. The central bank highlighted that foreign exchange reserves exceeded USD four billion, reaching a record high.
The increasing foreign exchange reserves play an important role in maintaining the stability of the exchange rate and thriving settlement of foreign debt payable in the medium term. It also encourages maintaining a steady upgrade in credit ratings. Mongolia’s foreign trade surplus reached USD 1.5 billion as of November 2019. Thus, the increase in foreign trade surplus had a positive effect on the accumulation of foreign currency reserves. BoM also announced that it will continue to implement policies and measures aimed at maintaining the stability of the national currency and stabilizing economic growth.