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Mongolia commits to aggressive tightening of Monetary Policy www.news.mn
Yesterday (31 August), Mongolian Cabinet held regular meeting with new structures and new Ministers. Ch.Khurelbaatar, Minister of Economy and Development announced the latest decisions of the Government.
The Government is on a path of tighter monetary policy aimed at bringing inflation, now running at an annual rate of 14.1%, under control. Inflation was 15.7 percent in the first seven months of 2022. Inflation cooled in July as meat and vegetables prices fell. In Mongolia, rising inflation has mainly been driven by external balance on goods and services. The overall fiscal balance reached to USD 1.3 billion. Therefore, Mongolia will continue tightening monetary policy. The country of 3.4 million has raised interest rates by four times since 2022 up to 10 percentage point.
However, higher interest rates are also reducing housing affordability and pricing prospective buyers out of an already tight property market.
Published Date:2022-09-01
