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Mongolia's c.bank cuts benchmark interest rate to 9% from 10% www.reuters.com
BEIJING/SHANGHAI, April 13 (Reuters) - Mongolia’s central bank has cut its benchmark interest rate to 9% from 10% and extended consumer loans by 12 months amid an uncertain environment due to the COVID-19 pandemic, which has seen 17 cases in the country so far.
“The outbreak of the new coronavirus continues to change the external and internal conditions of the economy in a short period of time, increasing uncertainty, reducing economic activity, reducing business activity, and making it difficult for borrowers to repay,” the central bank said in a statement on Monday.
Mongolia’s parliament decided last Thursday on a package of measures to stimulate the economy in the wake of the pandemic, including lower loan rates and deferrals on mortgage payments (Reporting by Shivani Singh and David Stanway; Editing by Mark Potter)
Published Date:2020-04-13
